Next-Generation Data Storage Market: Growth 2024 Demand Status, Growth Dynamic, Key Players, Business Prospects
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 a