Europe Next Generation Data Storage Market Revenue to cross US$ 31,729.53 Million by 2030

At 9.0% CAGR, Europe Next Generation Data Storage Market is Projected to be Worth US$ 31,729.53 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe next generation data storage market was valued at US$ 15,870.81 million in 2022 and is expected to reach US$ 31,729.53 million by 2030, registering a CAGR of 9.0% from 2022 to 2030. DAS to witness significant growth and increasing use of SSD are among the critical factors attributed to drive the Europe next generation data storage market growth.

Solid-state drives (SSDs) offer significantly faster reading and writing speeds compared to traditional hard disk drives (HDDs). This opens doors for faster boot times, application loading, and overall system responsiveness. Moreover, SSDs have much lower latency, which implies that it requires less time for data to be accessed. This is crucial for real-time applications, database operations, and high-performance computing. As data generation and processing continue to grow, new applications requiring fast and efficient storage are expected to emerge, creating exciting opportunities for SSD manufacturers and storage solution providers. Further, several companies are engaged in expanding their portfolio by launching SSDs in the market.

• In January 2024, TEAMGROUP announced the new generation of Gen 5 SSD, the T-FORCE GE PRO PCIe 5.0 SSD, which uses the PCIe Gen 5x4 interface and NVMe 2.0 standard. The new multi-core, low-wattage Gen 5 SSD is designed for extreme storage speeds and is perfect for gamers and users who desire ultimate performance.
  
  
• In October 2023, Samsung launched a new portable solid-state drive (SSD) T9, specially designed for content creators. The device comes with up to 4TB storage a USB 3.2 Gen 2x2 interface, with up to 2,000 MB/s read or write speed.
  
  
• In July 2023, Micron Technology, Inc. announced the Crucial X9 Pro Portable SSD and Crucial X10 Pro Portable SSD, two new performance offerings in the Crucial Pro Series product portfolio designed for content creators such as videographers, photographers, designers, or any performance-seeking consumer.
  
  
• In October 2022, WD introduced the Fast SanDisk Pro SSD, which has a twin Thunderbolt/USB port. Western Digital's latest super-fast SSD is one of the company's San Disk Pro line of goods. The PRO-G40 SSD combines Thunderbolt 3 (40Gbps) with USB 3.2 Gen 2 (10Gbps) through a single interface.
  
  Thus, the increasing use of SSDs presents a significant opportunity for the next-generation data storage market.
  
  On the contrary, data security concerns hurdle the growth of Europe next generation data storage market.
  
  Based on storage system, the Europe next generation data storage market is segmented into direct attached storage (DAS), network attached storage (NAS), and storage area network (SAN). The direct attached storage (DAS) segment held 49.7% market share in 2022, amassing US$ 7,882.40 million. It is projected to garner US$ 14,597.31 million by 2030 to register 8.0% CAGR during 2022-2030.
  
  In terms of end user, the Europe next generation data storage market is segmented into BFSI, retail, IT and telecom, healthcare, media and entertainment, and others. The BFSI segment held 35.1% share of Europe next generation data storage market in 2022, amassing US$ 5,577.79 million. It is anticipated to garner US$ 11,637.41 million by 2030 to expand at 9.6% CAGR during 2022-2030.
  
  By storage medium, the Europe next generation data storage market is divided into hard disk drive, solid-state drive, and tape. The solid-state drive segment held 63.2% share of Europe next generation data storage market in 2022, amassing US$ 10,028.99 million. It is projected to garner US$ 21,241.96 million by 2030 to expand at 9.8% CAGR from 2022 to 2030.
  
  Based on storage architecture, the Europe next generation data storage market is bifurcated into file-object based storage and block storage. The file-object based storage segment held 66.0% share of Europe next generation data storage market in 2022, amassing US$ 10,482.54 million. It is predicted to garner US$ 21,473.09 million by 2030 to expand at 9.4% CAGR between 2022 and 2030.
  
  By deployment, the Europe next generation data storage market is categorized into on-premise, cloud-based, and hybrid. The on-premise segment held 47.4% share of Europe next generation data storage market in 2022, amassing US$ 7,527.37 million. It is estimated to garner US$ 14,304.28 million by 2030 to expand at 8.4% CAGR during 2022-2030.
  
  Based on country, the Europe next generation data storage market is categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 26.6% share of Europe next generation data storage market in 2022. It was assessed at US$ 4,213.85 million in 2022 and is likely to hit US$ 9,662.66 million by 2030, registering a CAGR of 10.9% during 2022-2030.
  
  Key players operating in the Europe next generation data storage market are Dell Technologies Inc, Hewlett Packard Enterprise Co, NetApp Inc, Hitachi Ltd, International Business Machines Corp, DataDirect Networks Inc, Fujitsu Ltd, NETGEAR, and Huawei Technologies Co Ltd, among others.
  
  
• In 2023, IBM introduced the new IBM Storage Scale System 6000, a cloud-scale global data platform designed to meet today's data-intensive and A.I. workload demands, and the latest offering in the IBM Storage for Data and A.I. portfolio. The new IBM Storage Scale System 6000 was built on IBM's leadership position with an enhanced high-performance parallel file system designed for data-intensive use cases. It provides up to 7M IOPs and up to 256GB/s throughput for read-only workloads per system in a 4U (four rack units) footprint.
  
  
• In 2023, NETGEAR, Inc. the leading provider of award-winning connected products designed to simplify and improve people's lives, launched the first WiFi 7 router with its new addition to the award-winning Nighthawk line. The router includes link aggregation for concurrent multi-gig internet and LAN access, which offers a graceful transition for a home network to upgrade to a multi-gig network. A USB hard drive can be connected for network attached Storage to facilitate large file backup or sharing as well as high-quality media streaming.
  
  

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