By 2029, the new data storage market is expected to reach 90 billion US dollars.

According to the latest "2029 global new data storage market Scale Forecast Report", the market is based on storage systems (DAS, NAS, SAN), storage media (SSD, HDD, tape), the storage architecture (file and object storage, block storage) and region are subdivided.

The new storage market is growing strongly, driven by multiple factors. It is estimated that the market size will increase from US $65.1 billion in 2024 to US $90 billion in 2029, with an annual compound growth rate of 6.7%. This article will focus on the key factors and industry trends that promote market growth.

SSD leads new storage market

with significant advantages over traditional HDD in speed, reliability and efficiency, SSD will occupy the largest market share in the forecast period. SSD greatly improves system performance and production efficiency, becoming the first choice for data-intensive environments. The continuous growth of storage capacity demand and the application of NVMe technology have further promoted the development of SSD market. For example, Samsung plans to launch SSD 990 EVO in 2024 to meet users' demand for higher performance in computing-intensive tasks such as games and video editing.

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the SSD 990 EVO launched by Samsung in 2024 aims to meet consumers' demand for faster computing tasks, such as games and video editing. The SSD provides a sequential read speed of up to 5000 MB/s and a write speed of 4200 MB/s, which improves the performance by 43% compared with the previous generation of 970 EVO Plus. In addition, 990 EVO also has a significant improvement in power consumption efficiency. Compared with 970 EVO Plus, power consumption is reduced by 70%, which makes users less worried about battery life when using laptops. The SSD supports PCIe 4.0 and 5.0 interfaces. It is suitable for current and future computing requirements and can meet the requirements of multitasking. It is suitable for various purposes such as games, business work and creative work.

enterprise-level storage system acceleration adopts NVMe Technology

NVMe technology is reshaping the architecture of enterprise-level storage systems. The NVMe market is expected to grow at a compound annual growth rate of 25.8 percent, reaching US $412 billion in 2031. Compared with traditional storage protocols such as SATA and SAS, NVMe provides faster data transmission speed and is an ideal choice for enterprises that need to process massive amounts of data quickly. As the volume of enterprise data increases sharply, the storage system must keep up with this demand.

NAS dominant market pattern

NAS is expected to occupy a significant market share in the forecast period, mainly driven by increased demand for centralized, flexible, and scalable storage solutions. NAS is widely used in file sharing, backup, and collaboration in various environments from home to large enterprises. Manufacturers continue to innovate NAS solutions, such as F4-424 Pro, which TerraMaster plans to launch in 2024, to provide higher performance and multi-functionality for different user needs.

Impact of 5G technology on storage

the popularization of 5G technology is another key factor driving the growth of the new data storage market. 5G provides faster network speed, lower latency, and can connect more devices at the same time. This enhanced connectivity is expected to lead to an explosive increase in data generation, and more devices and applications will need storage solutions that can handle this load.

The new storage solution is capable of meeting this requirement and provides sufficient capacity and speed to support the data-intensive features of 5g applications.

Prospects: Challenges and Opportunities

although the new storage market has broad prospects, it still faces many challenges. Enterprises need to cope with the high cost of advanced storage solutions and the complexity of integration with existing systems.

High cost of advanced storage solutions

one of the major challenges is the cost of advanced storage solutions. Although advanced technologies such as NVMe have excellent performance, they are expensive. For some small and medium-sized enterprises, upgrading to a new storage solution may exceed the budget.

Demand for professional and technical personnel

another challenge is the need for professionals with professional skills to manage and maintain these advanced storage systems. With the increasing complexity of storage technology, the industry's demand for professionals proficient in the latest technology is increasing day by day. This may pose a challenge for enterprises that lack relevant professional knowledge.

Innovation and Growth Opportunities

however, these challenges also bring opportunities for innovation and growth. With the development of the market, new solutions specifically to these challenges are expected to emerge, making advanced storage technologies easier to obtain and manage. In addition, the growth of storage demand will further promote the development of the industry and promote the research and development of more efficient and powerful storage solutions.

Conclusion

in the next five years, the new storage market will experience significant growth. The increasing demand for energy-saving compact storage solutions, the wide application of NVMe technology in enterprise environments, and the rise of 5G technology are the key factors driving this growth. Despite challenges, there are broad opportunities for innovation and progress in this field. With the development of the market, enterprises and consumers will benefit from the performance improvement and functionality enhancement of new storage solutions.

Note: the content comes from the charge report of ResearchAndMarkets.com, which is tendentious.

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