Next-Generation Data Storage Market Size, Share, Growth, Trends, and Global Industry Analysis: By Storage system (Direct attached storage, Network attached storage, and Storage Area Network), By Storage architecture (FOBS and Block storage), By Storage medium (SSD, HDD, and Tape), By End-user (Enterprise, Government, Cloud service providers, and Telecom), and Region Forecast 2020-2031

Next-Generation Data Storage Market size was valued at US$ 62.50 billion in 2024 and is expected to reach US$ 110.63 billion by 2031, growing at a significant CAGR of 8.5% from 2025-2031. The rapidly increasing amount of digital data as a rising number of users of Smartphones, laptops and tablets and the increasing preference of organizations for cloud computing services are major factors that are expected to drive global market growth over the forecast period. Furthermore, growing demand for time-saving technology and services, automated systems, IoT devices and online shopping activities are some of the other factors that are expected to further fuel the target market's growth over the forecast period. Increasing investment by target market players in R&D activities to build cost-effective solutions for different industries, and increasing strategic mergers and acquisitions to expand their offerings and global footprint. For example, EMC acquired Virtustream to broaden its cloud services.

However, a lack of protection in cloud and server-based services is a key factor expected over the forecast period to limit global market growth. This study analyses the global market dynamics in a detailed manner to identify current trends and drivers, growth opportunities, and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across regions and consumer unmet needs.  

Key Developments:

• In April 2019, Dell Technologies announced new and enhanced storage, data management, and data protection solutions that directly affect an organization's data capital.
• In February 2020, Pure Storage Pure Storage partnered with Google Clouds Anthos Ready Storage Initiative for data storage solutions.
• In June 2020, Dell Technologies announced Dell EMC PowerScale, a new family of storage systems engineered with industry-leading storage software and server hardware to set a new industry standard for how organizations capture and capitalize on unstructured data, such as documents, images, videos, and social media content.