Connect with us

Technology

Next-Generation Data Storage Market to Grow by USD 29.2 Billion from 2024-2028, Driven by IoT and Big Data Demand, AI-Powered Report- Technavio

Published

on

NEW YORK, Sept. 10, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global next-generation data storage market size is estimated to grow by USD 29.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.08% during the forecast period. Growing demand for iot and big data operations is driving market growth, with a trend towards software-defined storage. However, high operating expenses for vendors poses a challenge. Key market players include Cloudian Inc., DataDirect Networks Inc., Dell Technologies Inc., Drobo Inc., Furukawa Electric Co. Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Inspur Group, International Business Machines Corp., Micron Technology Inc., NetApp Inc., Netgear Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Quantum Corp., Samsung Electronics Co. Ltd., Scality Inc., Toshiba Corp., and Western Digital Corp..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Next-Generation Data Storage Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 8.08%

Market growth 2024-2028

USD 29.2 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.32

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 33%

Key countries

US, China, UK, France, and Japan

Key companies profiled

Cloudian Inc., DataDirect Networks Inc., Dell Technologies Inc., Drobo Inc., Furukawa Electric Co. Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Inspur Group, International Business Machines Corp., Micron Technology Inc., NetApp Inc., Netgear Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Quantum Corp., Samsung Electronics Co. Ltd., Scality Inc., Toshiba Corp., and Western Digital Corp.

 

Market Driver

Next-Generation Software Defined Storage (SDS) is a modern approach to enterprise data storage that separates software services, such as data administration, safety, and input/output capabilities, from hardware services. This separation enhances infrastructure flexibility, scalability, and automation capabilities. SDS also pools resources, abstracts hardware, and automates management, while supporting legacy applications, big data analytics, and cloud-based data apps. Vendors like EMC, NetApp, and IBM offer SDS-enabled infrastructure, making it a cost-effective alternative to reconfiguring existing arrays. Adopting new SSD arrays is more affordable than upgrading existing ones. SDS is increasingly essential due to the growing need for efficient data storage. 

The Next-Generation Data Storage Market is experiencing significant growth due to the exponential increase in digital data production from mobile devices, smart wearables, connected devices, and the Internet of Things. With the rollout of 5G technology, faster data transfer and lower latency are becoming essential for data-driven applications, analytics, and automated systems. The expansion of e-commerce, banking services, financial services, and online shopping is leading to massive amounts of less structured data. Security breaches, configuration errors, and poor user rights pose serious data security issues, making cloud storage and server services increasingly popular. Higher storage capacity, scalability, and flexibility are key requirements for large-scale industries handling corporate information, patient information, and financial data. The market is responding with high-speed data storage solutions, automatic cloud backups, and ransomware attack protection. The industry is poised for continued expansion as the world becomes more digitized. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

 Market Challenges

Next-generation data storage market requires customized solutions based on end-user needs, resulting in costly research and development processes. Cloud service providers face demand fluctuations due to consumer trends, leading to potential oversupply or shortage situations. Complexity in designing next-generation storage solutions also poses a challenge to market growth. Vendors aim to align production with revenue, but unexpected changes in demand can disrupt manufacturing costs.The Next-Generation Data Storage Market is facing numerous challenges in today’s business landscape. Compliance with data protection regulations is a major concern for businesses, especially those in the BFSI, manufacturing, and consumer goods sectors. Data centers need to store vast amounts of data for cloud computing, big data, AI, machine learning, and social media, requiring efficient and secure storage solutions. Cyber threats such as malware, ransomware, viruses, worms, botnets, spam, spoofing, phishing, hacktivism, and state-sanctioned cyberwarfare pose significant risks to data integrity and privacy. Flash memory and HDDs from non-volatile manufacturers are crucial for addressing latency issues in mobile payments and tablets/laptops. On-premises storage systems must contend with FOBS systems and the need for high-performance, low-latency solutions. The market must adapt to these challenges to meet the evolving needs of businesses. PAC Storage (US) and other leading players are investing in advanced technologies to ensure secure, efficient, and cost-effective data storage solutions.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview

This next-generation data storage market report extensively covers market segmentation by

Application 1.1 SAN1.2 NAS1.3 DASDeployment 2.1 On-premise2.2 CloudGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 SAN- A Storage Area Network (SAN) is a dedicated high-speed network that connects next-generation storage devices to multiple servers. It moves data from the common user network and organizes it into an independent high-speed network, allowing each server to access storage devices. Enterprises are the primary adopters of SAN storage due to its better flexibility, availability, and performance compared to Direct Attached Storage (DAS) or Network Attached Storage (NAS). SAN is a local area network designed for handling large data volumes. It supports data storage, retrieval, and replication using high-end servers and multiple disk arrays. Vendors like Dell Technologies, Hewlett Packard Enterprise, and IBM offer SAN equipment, with costs ranging from hundreds to thousands of dollars. SAN solutions come in two types: Fibre Channel (FC) for mission-critical applications and iSCSI for IP networks. SAN offers advantages such as storage virtualization, high-speed disk technologies, centralized backup, and dynamic failover protection. The construction of data centers in developing countries is increasing, driving the adoption of SAN storage arrays. SAN solutions include Virtual SAN, Unified SAN, and Converged SAN, each offering unique benefits. Virtual SAN is implemented on a hypervisor, providing ease of management and scalability. Unified SAN exposes file and block storage through a single device. Converged SAN uses a common network infrastructure for different networks and keeps it separate from Ethernet networks.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Next-Generation Data Storage market is experiencing exponential growth due to the growth in data production from mobile devices, smart wearables, and connected devices. With the rollout of 5G technology, faster data transfer and processing speeds are enabling new applications in e-commerce, mobile payments, and cloud computing. Smart technologies and automated systems are generating massive amounts of data, leading to an increased demand for efficient and secure data storage solutions. Security breaches and cyber threats are major concerns, driving the need for advanced encryption and data protection technologies. Cloud storage and data centers are becoming the go-to solutions for businesses and individuals seeking cost-effective and scalable storage solutions. Big data, analytics, AI, and machine learning are driving the need for high-performance storage solutions with low latency, such as Flash memory and non-volatile manufacturers. Social media, healthcare, and other data-intensive industries are also fueling the growth of the Next-Generation Data Storage market. HDDs continue to dominate the market due to their affordability and high storage capacity, but Flash memory is gaining popularity due to its faster read and write speeds. Distributed denial-of-service attacks and other cyber threats are also pushing the market towards more secure storage solutions. Overall, the Next-Generation Data Storage market is poised for significant growth in the coming years, driven by the increasing demand for efficient, secure, and scalable storage solutions for data generated by mobile devices, smart technologies, and other digital applications.

Market Research Overview

The next-generation data storage market is experiencing exponential growth due to the increasing production of digital data from mobile devices, smart wearables, connected devices, and the implementation of 5G technology. The expansion of e-commerce, smart technologies, and automated systems is also contributing to the industry’s growth. However, this growth brings new challenges such as security breaches, configuration errors, poor user rights, and data security issues. Large-scale industries, including healthcare, banking services, and financial services, generate vast amounts of less structured data that require scalable and flexible storage solutions. The healthcare sector, in particular, deals with sensitive patient information, making data protection and compliance essential. Cloud storage and server services are popular solutions for managing data, but they come with their own set of challenges, including data transfer, backup, and high-speed data storage. Ransomware attacks and other cyber threats pose significant risks, making data security a top priority. Direct-attached storage, network-attached storage, and storage area networks are on-premise solutions, while cloud, hybrid, and IT specialists offer installation and configuration services. The use of databases in retail, healthcare, and telecom companies, as well as in data centers, is increasing, making data security and compliance critical. The rise of mobile payments, cloud computing, big data, AI, machine learning, social media, and the Internet of Things is generating even more data, requiring new and innovative storage solutions to keep up with the demand. The market is expected to continue expanding as businesses and individuals seek to manage and protect their digital assets.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationSANNASDASDeploymentOn-premiseCloudGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/next-generation-data-storage-market-to-grow-by-usd-29-2-billion-from-2024-2028–driven-by-iot-and-big-data-demand-ai-powered-report–technavio-302242266.html

SOURCE Technavio

Continue Reading

Technology

ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

on

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

Continue Reading

Technology

ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

on

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

Continue Reading

Technology

Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

Published

on

By

RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/global-security–technology-summit-unveils-month-long-program-of-activities-ahead-of-december-event-302918695.html

Continue Reading

Trending