At 6.9% CAGR, Middle East & Africa Next Generation Data Storage Market is Projected to be Worth US$ 6,017.67 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa next generation data storage market was valued at US$ 3,535.58 million in 2022 and is expected to reach US$ 6,017.67 million by 2030, registering a CAGR of 6.9% from 2022 to 2030. Surging adoption of IoT and connected devices and increasing use of SSD are among the critical factors attributed to drive the Middle East & Africa next generation data storage market growth.

The increasing penetration of the Internet of Things (IoT) in industries such as manufacturing, healthcare, and retail is supporting the implementation of cloud computing. IoT is an important aspect of various applications as it can be utilized to simplify remote management and monitor mobile assets. For instance, an organization that leases out powerful inverters can use IoT to manage inventory, track machinery, model its supply chain, bill clients, and more. Additionally, manufacturing is one of the business verticals benefitting majorly from IoT. Floor managers and workers can gain unprecedented insights related to their facilities and equipment by deploying a multitude of sensors. It can also reduce the need for employees to access or inspect equipment physically in potentially hazardous situations.

Billions of IoT devices continuously generate sensor data, which is anticipated to create an unprecedented data deluge. Traditional storage solutions won't be enough for pushing demand for scalable, cost-effective next-gen technologies.

According to a ZScaler analysis, globally, there will be more than 29 billion connected IoT devices by 2027, up from 16.7 billion in 2023. The manufacturing sector generated the highest IoT device traffic volume, as companies use smart technology to fulfill modern demands for supply chain innovation. Thus, the increasing adoption of IoT-connected devices drives the next-generation data storage market.

On the contrary, data security concerns hurdle the growth of Middle East & Africa next generation data storage market.

Based on storage system, the Middle East & Africa 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 54.8% market share in 2022, amassing US$ 1,938.74 million. It is projected to garner US$ 3,127.92 million by 2030 to register 6.2% CAGR during 2022-2030.

In terms of end user, the Middle East & Africa next generation data storage market is segmented into BFSI, retail, IT and telecom, healthcare, media and entertainment, and others. The BFSI segment held 39.9% share of Middle East & Africa next generation data storage market in 2022, amassing US$ 1,411.37 million. It is anticipated to garner US$ 2,549.87 million by 2030 to expand at 7.7% CAGR during 2022-2030.

By storage medium, the Middle East & Africa next generation data storage market is divided into hard disk drive, solid-state drive, and tape. The solid-state drive segment held 59.9% share of Middle East & Africa next generation data storage market in 2022, amassing US$ 2,117.76 million. It is projected to garner US$ 3,893.49 million by 2030 to expand at 7.9% CAGR from 2022 to 2030.

Based on storage architecture, the Middle East & Africa next generation data storage market is bifurcated into file-object based storage and block storage. The file-object based storage segment held 58.6% share of Middle East & Africa next generation data storage market in 2022, amassing US$ 2,072.19 million. It is predicted to garner US$ 3,617.93 million by 2030 to expand at 7.2% CAGR between 2022 and 2030.

By deployment, the Middle East & Africa next generation data storage market is categorized into on-premise, cloud-based, and hybrid. The on-premise segment held 53.6% share of Middle East & Africa next generation data storage market in 2022, amassing US$ 1,894.01 million. It is estimated to garner US$ 3,052.57 million by 2030 to expand at 6.1% CAGR during 2022-2030.

Based on country, the Middle East & Africa next generation data storage market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 40.4% share of Middle East & Africa next generation data storage market in 2022. It was assessed at US$ 1,428.56 million in 2022 and is likely to hit US$ 2,739.92 million by 2030, registering a CAGR of 8.5% during 2022-2030.

Key players operating in the Middle East & Africa 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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