Next-Generation Data Storage Market: Overview by Increasing Demands and Sales 2024 to 2027

The Next-Generation Data Storage market is projected to grow from USD 60.7 billion in 2023 and is projected to reach USD 86.2 billion by 2028; it is expected to grow at a CAGR of 7.3% from 2023 to 2028. The growth of this market is driven by factors such as increasing adoption of NVMe in enterprise storage systems, increasing traction of industrial-grade flash memories, and rising use of 5G technology.

Key strategies adopted by the players in the Next-Generation Data Storage market to uphold their position and ensure long-term growth and market success are product launches, acquisitions, collaborations, and partnerships. For instance:

Micron Technology, Inc. (US) launched the industry’s first 176-layer NAND SATA SSD, Micron 5400 SATA SSD, for data centers. This product is available in two variants with storage options for 240 GB to 7.68 TB and the 5400 Max ranging from 480 GB to 3.84 GB.

DNN (US) launched Secular 6.1, a file storage solution delivering optimized AI integration and data security.

Huawei Technologies Co., Ltd. (China) has launched OceanProtect Backup Storage. Huawei OceanProtect Backup Storage features fast backup and recovery, efficient data reduction, and a high-reliability backup storage system designed to protect key application data for large enterprises.

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Dell Technologies Inc. (US) is a leading IT hardware, software, and service provider. The company uses emerging technologies such as data management, autonomous operations, 5G, intrinsic security, edge, and cloud computing to stay competitive. It has a strong operational presence in the US — over 46% of the total revenue generated from the country in FY 2022. The company has a strong patent portfolio, with over 18,570 granted patents worldwide. In addition, Dell Technologies Inc. (US) has 7,619 pending patent applications as of January 2022.

HPE (US) is a global edge-to-cloud company that provides information technology, technology and enterprise products, solutions, and services. The company offers storage solutions such as primary storage with HPE Alletra, which offers cloud-native data infrastructure, HPE Primera, HPE Nimble Storage, and HPE 3PAR. Its Storage segment also provides solutions for secondary workloads and traditional tapes, storages, networking, and disk products, such as HPE Modular Storage Arrays (MSA) and HPE XP. The company offers storage platforms for enterprise, small and medium-scale businesses.

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