Storage Market to Reach $90 Billion by 2029

Published on July 9, 2024, this market report was written by ResearchAndMarkets.com.

The Next-Generation Data Storage Market is Estimated to Reach $90.0 Billion by 2029

The Global Next-Generation Data Storage Market Size by Storage System (Direct-Attached, Network-Attached, Storage Area Network), Storage Medium (SSD, HDD, Tape), Storage Architecture (File-& Object-based Storage, Block Storage) & Region – Forecast to 2029 report (345 pages, $3,154) has been added to ResearchAndMarkets.com’s offering.

The next-gen storage market is witnessing substantial growth, driven by several factors shaping its future. Valued at $65.1 billion in 2024, it is expected to grow to $90.0 billion by 2029 at a CAGR of 6.7%. This article highlights the key drivers behind this growth and industry trends.

SSD Segment to Lead the Next-Gen Storage Market
The SSD segment will secure the most significant share for the forecast period, owing to its superior speed, reliability, and efficiency over traditional storage options like HDDs. SSDs significantly enhance system performance and productivity, making them ideal for data-driven environments. The growing need for storage capacity and the adoption of NVMe technology further contribute to the SSD market’s growth. For example, Samsung’s 2024 launch of the SSD 990 EVO caters to consumer demands for faster computing tasks like gaming and video editing.

Increasing Adoption of NVMe in Enterprise Storage Systems
NVMe technology is changing enterprise storage systems. The NVMe market is estimated to grow at a CAGR of 25.8% and reach $412 billion by 2031. NVMe offers faster data transfer speeds than traditional storage protocols like SATA and SAS. This makes it ideal for businesses that need to handle large volumes of data quickly and efficiently. With the increasing amount of data businesses generate, there is a pressing need for storage systems to keep up with the demand.

NAS Segment to Dominate the Market
The NAS segment is projected to grab a significant market chunk during the forecast period, driven by the rising demand for centralized, flexible, and scalable storage solutions. NAS is widely used for file sharing, backup, and collaborative work across various environments, from homes to large enterprises. Companies are continually innovating NAS solutions, like TerraMaster’s 2024 launch of the F4-424 Pro, which offers enhanced performance and versatility for diverse user needs.

The Impact of 5G Technology on Storage
The rollout of 5G technology is another significant factor contributing to the growth of the next-generation data storage market. 5G promises faster internet speeds, lower latency, and the ability to connect many devices simultaneously. This increased connectivity is expected to lead to an explosion in data generation, with more devices and applications requiring storage solutions that can handle the increased load.

Next-gen storage solutions are well-positioned to meet this demand, providing the capacity and speed needed to support the data-intensive nature of 5G applications.

Outlook: Challenges and Opportunities
While the next-gen storage market is poised for growth, it has challenges. Companies must navigate the high costs of advanced storage solutions and the complexities of integrating new technologies into existing systems.

High Costs of Advanced Storage Solutions
One of the main challenges is the cost of advanced storage solutions. NVMe and other cutting-edge technologies offer superior performance but come with a higher price tag. Upgrading to next-gen storage solutions may be prohibitive for some small and medium-sized enterprises.

Need for Skilled Personnel
Another challenge is the need for skilled personnel to manage and maintain these advanced storage systems. As storage technologies become more complex, there is a growing need for professionals well-versed in the latest developments in the field. This could pose a challenge for businesses that need more expertise.

Opportunities for Innovation and Growth
However, these challenges also present opportunities for innovation and growth. As the market evolves, we can expect new solutions that address these challenges, making advanced storage technologies more accessible and easier to manage. Additionally, the growing demand for storage will spur further advancements in the industry, leading to the development of even more efficient and robust storage solutions.

Conclusion
The next-gen storage market will experience significant growth over the next 5 years. The increase in demand for energy-efficient and compact storage solutions, the widespread adoption of NVMe technology in enterprise environments, and the rise of 5G technology are driving this growth. While challenges persist, the opportunities for innovation and advancement in this field are vast. As the market grows, businesses and consumers will benefit from next-gen storage solutions’ enhanced performance and capabilities.

Companies Featured

• Dell Inc.
• Hewlett Packard Enterprise Company
• Netapp, Inc.
• Huawei Technologies Co. Ltd.
• Pure Storage, Inc.
• Hitachi, Ltd.
• Fujitsu
• IBM Corp.
• Datadirect Networks
• Micron Technology, Inc.
• Cloudian
• Infortrend Technology Inc.
• Quantum Corp.
• Western Digital Corp.
• Samsung Electronics Co. Ltd.
• Nutanix
• Seagate Technology LLC
• Scality
• Netgear, Inc.
• Inspur Group
• Sk hynix
• Lucidlink
• Datacore
• Kioxia Holdings Corp.
• Infinidat