next-generation data storage Market

The next-generation data storage market size was valued at US$ 56.12 billion in 2022 and is expected to reach US$ 109.41 billion by 2030. The market is estimated to record a CAGR of 8.7% from 2022 to 2030.

The Middle East & Africa (MEA) consists of South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The Middle East & Africa is home to a large number of IT industries, which is a key factor driving the next-generation data storage market. These industries require robust and scalable storage infrastructure to manage and store their increasing volumes of data. Nations in the Middle East and Africa are undergoing rapid digital transformation, with businesses shifting to online operations, e-commerce, and digital services. In conclusion, the Middle East and Africa is experiencing significant growth and advancements in the next-generation data storage market. Factors such as increasing demand for data storage, investments, economic development, technological adoption, and the growth of the data center market contribute to the expansion of the market in the region. For instance, in September 2023, Netskope, a secure access service edge company, expanded its presence in the Middle East with the addition of four NewEdge data centers across the United Arab Emirates (UAE) and Saudi Arabia (KSA). This expansion aims to serve both in-region and multinational enterprise customers better while complementing the growing GCC data center market in the Middle East. Netskope's expansion of the NewEdge network with four data centers across the UAE and KSA in the Middle East reflects the growing demand for next-generation data storage solutions in the region.

The global next-generation data storage market is segmented by storage deployment into on-premise, cloud-based, and hybrid. In the context of next-generation data storage, the on-premise segment refers to storing and managing data within an organization's own physical infrastructure or data centers. It involves maintaining and controlling the storage resources and data within the organization's premises rather than relying on external cloud-based storage solutions. On-premise data storage offers several advantages. It gives organizations full control over their infrastructure, allowing them to customize and optimize their storage environment according to their needs. This level of control can be particularly important for industries with strict compliance and security requirements. On-premise storage also allows direct access to data, which can be favorable for applications requiring low latency or specific performance requirements. Keeping data within the organization's premises reduces the reliance on network connectivity and potential latency issues associated with accessing data from remote cloud storage. Furthermore, on-premise storage provides organizations with the ability to maintain data sovereignty and data privacy. Some industries, such as healthcare or government sectors, may have regulatory or legal requirements that necessitate keeping data within their infrastructure.

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-generation data storage market report. The overall next-generation data storage market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the next-generation data storage market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the market.