Surging Adoption of IoT and Connected Devices to Fuel Next-Gen Data Storage Market Growth During Forecast Period
The increasing penetration of the Internet of Things (IoT) in industries such as manufacturing, healthcare, and retail is supporting the implementation of cloud computing. IoT is an important aspect of various applications as it can be utilized to simplify remote management and monitor mobile assets. For instance, an organization that leases out powerful inverters can use IoT to manage inventory, track machinery, model its supply chain, bill clients, and more. Additionally, manufacturing is one of the business verticals benefitting majorly from IoT. Floor managers and workers can gain unprecedented insights related to their facilities and equipment by deploying a multitude of sensors. It can also reduce the need for employees to access or inspect equipment physically in potentially hazardous situations.
Billions of IoT devices continuously generate sensor data, which is anticipated to create an unprecedented data deluge. Traditional storage solutions won’t be enough to push demand for scalable, cost-effective next-gen technologies. According to ZScaler analysis, globally, there will be more than 29 billion connected IoT devices by 2027, up from 16.7 billion in 2023. The manufacturing sector generated the highest IoT device traffic volume, as companies use smart technology to fulfill modern demands for supply chain innovation. Thus, the increasing adoption of IoT-connected devices drives the next-gen data storage market.
Next-Gen Data Storage Market: Industry Overview
The next-gen data storage market report emphasizes the key factors driving the market and showcases the developments of prominent players. The market has been segmented on the basis of storage system, end user, storage medium, storage architecture, deployment, and geography. Based on storage system, the market is segmented into direct attached storage (DAS), network attached storage (NAS), and storage area network (SAN). Based on end-user, the market is divided into BFSI, Retail, IT and telecom, healthcare, media and entertainment, and others. In terms of storage medium, the market is categorized into hard disk drive, solid-state drive, and tape. Based on storage architecture, the market is bifurcated into file-object based storage and block storage. By deployment, the market is divided into on-premise, cloud-based, and hybrid. Based on geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
The UK held the largest next-gen data storage market share in Europe. The increasing adoption of cloud computing and the internet of things (IoT) in industries such as retail, healthcare, and manufacturing is contributing to the next-gen data storage market growth in Europe. The next-gen data storage market in Europe encompasses various storage systems and architectures. Storage systems include direct-attached storage (DAS), network-attached storage (NAS), and Storage Area Network (SAN). Storage architectures include file and object-based storage (FOBS) and block storage. These systems and architectures provide flexible and scalable solutions to meet the diverse storage needs of organizations.
The focus on digital transformation initiatives and the need for secure and interoperable cloud infrastructures and services are also driving the demand for next-gen data storage solutions in the region. In August 2023, Pure Storage Inc. introduced a unified block and file storage service, providing organizations access to native block and file services from a single, global pool of resources. In November 2022, Scality Inc. released RING9, a solution that enables the building and running of a modern hybrid cloud data storage infrastructure with higher efficiency and performance. These developments demonstrate the continuous efforts to enhance storage capabilities and meet the evolving demands of businesses in Europe.
Next-Gen Data Storage Market: Competitive Landscape and Key Developments
Dell Technologies Inc, Hewlett Packard Enterprise Co, NetApp Inc, Hitachi Ltd, International Business Machines Corp, Pure Storage Inc, DataDirect Networks Inc, Fujitsu Ltd, NETGEAR, and Huawei Technologies Co Ltd are among the prominent players profiled in the next-gen data storage market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. As per company press releases, below are a few key developments:
- In November 2023, Sandia National Laboratories and DataDirect Networks (DDN) partnered for last 3.5+ years to design a next-generation parallel storage system to fulfill the needs of current and future scientific workloads executing on large-scale High Performance Computing (HPC) systems. This partnership successfully resulted in designing extensions for their new product, Infinia, which targets HPC storage workloads with simplicity and strong data management features as its core principles.
- In November 2023, DDN, the global leader in artificial intelligence (AI)and multi-cloud data management solutions, announced impressive performance results of its AI storage platform for the inaugural AI storage benchmarks released by the MLCommons Association. The MLPerf Storage v0.5 benchmark results confirm DDN storage solutions as the gold standard for AI and machine learning applications.
- In October 2023, Pure Storage, the IT pioneer that delivered the world’s most advanced data storage technology and services, advanced its Evergreen portfolio with the introduction of a first-of-its-kind commitment to pay its customers’ power and rack space costs for the Evergreen//One Storage-as-a-Service (STaaS) and Evergreen//Flex subscriptions.