Report Description

Forecast Period


Market Size (2023)

USD 5.9 billion

CAGR (2024-2029)


Fastest Growing Segment

Software-Defined Storage

Largest Market

South Region

Market Overview

India's Next Generation Storage Market, valued at USD 5.9 Billion in 2023, is set to experience substantial growth in the coming years, with a projected CAGR of 15.2% through 2029. This growth is primarily driven by the increasing utilization of data and evolving business requirements. As organizations embrace digitalization and advanced technologies, there is a growing demand for efficient storage solutions. This market encompasses innovations like flash storage, software-defined storage, and hybrid cloud solutions to cater to diverse industries. Factors such as the expanding e-commerce sector, integration of the Internet of Things (IoT), and government initiatives like "Digital India" are propelling market growth.

Despite challenges such as data security and skill gaps, both established companies and startups are addressing these concerns with innovative storage offerings. This market presents investment opportunities for domestic and international stakeholders and is poised to play a pivotal role in shaping India's digital business landscape.

Key Market Drivers

1. Rising IoT Expansion: The rapid growth of the Internet of Things (IoT) is significantly impacting India's Next Generation Storage Market. IoT generates vast amounts of real-time data from various sources like sensors, wearables, and smart devices. Traditional storage systems struggle to efficiently manage this data influx. To address this challenge, businesses are turning to next-gen storage solutions like flash storage and software-defined storage, which offer scalability and performance needed to handle IoT-generated data. Additionally, IoT's distributed computing approach is driving demand for edge storage solutions, further boosting the market.

2. Growing E-commerce: The burgeoning e-commerce sector is transforming India's storage requirements. The surge in transactional data, customer profiles, and product information necessitates advanced storage solutions. Technologies like flash storage and software-defined storage offer the rapid data retrieval and scalability essential for delivering seamless user experiences, optimizing supply chain operations, and personalizing customer interactions in real time. As e-commerce continues to grow, the demand for innovative storage technologies will increase.

3. The Data Proliferation: The relentless growth of data, fueled by online activities, social media interactions, IoT devices, and business transactions, is a driving force behind the India Next Generation Storage Market. This surge in data creation has shifted storage requirements, with organizations seeking advanced solutions to efficiently manage and harness vast datasets. Technologies like flash storage, software-defined storage, and cloud-based solutions are crucial in this data-driven landscape.

4. Cloud Adoption: The rapid adoption of cloud computing is shaping the India Next Generation Storage Market. Cloud adoption offers flexibility, scalability, and cost-efficiency. Cloud-based storage solutions are in high demand, as they seamlessly integrate with cloud platforms and provide businesses with dynamic storage capacities. This synergy between cloud computing and advanced storage technologies enhances the effectiveness of cloud-based services, fostering innovation and technological progress in the market.

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Key Market Challenges

1. Data Security and Privacy Concerns: Data security and privacy concerns pose a significant challenge to the India Next Generation Storage Market. The growth in data storage and sharing increases the risk of breaches and unauthorized access. Robust encryption, access controls, and cybersecurity measures are essential to address these concerns and ensure data protection and compliance with regulations.

2. Infrastructure Limitations: Inadequate technological infrastructure, especially in remote and underserved areas, hinders the efficient implementation and utilization of advanced storage solutions. High-speed internet, reliable power supply, and robust connectivity are critical for optimal storage system performance. Bridging the digital divide through infrastructure development is necessary to ensure equitable access to advanced storage capabilities.

Key Market Trends

1. Rise of Hybrid Cloud Solutions: Hybrid cloud solutions are gaining prominence as businesses seek to balance localized and cloud-based storage. This trend reflects the need for flexible and scalable storage options, allowing organizations to adapt to evolving data requirements seamlessly.

2. Data Management and Analytics Integration: Integration of data management and analytics tools is a driving trend, empowering businesses to extract actionable insights from stored data. This integration enhances decision-making capabilities and supports data-driven strategies.

3. Focus on Data Security: Data security remains a top priority, driving innovation in encryption protocols, access controls, and compliance mechanisms. Storage solution providers are developing advanced security features to protect sensitive information, aligning storage technologies with the growing need for data integrity and confidentiality.

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Segmental Insights

1. Storage System Type Insights: In 2023, Direct Attached Storage (DAS) is expected to dominate India's next-generation storage market. DAS provides a cost-effective solution suitable for small and medium enterprises. Its popularity is attributed to the growing adoption of cloud computing, where DAS is offered as a service. Additionally, the proliferation of IoT devices drives demand for localized storage solutions, making DAS a prominent choice.

2. Storage Architecture Type Insights: In 2023, the File and Object Based Storage sector is projected to lead the market, driven by the surge in cloud computing and the Internet of Things (IoT). File and object-based storage efficiently manage IoT-generated data and are offered as cost-effective cloud services.

3. Vertical Type Insights: The Banking, Financial Services, and Insurance (BFSI) sector are expected to dominate the market due to its substantial data requirements. The integration of digital technologies and regulatory compliance are driving the demand for advanced storage solutions within the BFSI sector.

Regional Insights

South India is expected to dominate the India next-generation storage market in 2023 and maintain its dominance. This region, home to major IT hubs, is attracting investments from global companies, driving the demand for next-gen storage solutions. The growth of cloud computing and big data analytics further contributes to the demand for advanced storage technologies in South India.

Recent Developments

  • In July 2022, India Data Centre Policy launch the policy aims to make India a global hub for data storage and processing. It provides incentives for companies to set up data centres in India and to invest in next-generation storage technologies.
  • In April 2022, the increasing adoption of artificial intelligence and machine learning: Artificial intelligence and machine learning are being used to develop new storage technologies that are more efficient and reliable. For example, AI can be used to optimize data placement and retrieval, and to detect and prevent data corruption.

Key Market Players

  • Dell Technologies
  • IBM Corporation
  • Hitachi Ltd.
  • Hewlett Packard Enterprise Development LP
  • NetApp
  • Huawei Technologies Co. Ltd.
  • Fujitsu
  • Cloudian Inc.
  • NetGear
  • Pure Storage Inc.
  • Western Digital Corporation
  • Samsung
  • Nutanix

 By Storage System

By Storage Architecture

By Storage Technology

By Vertical

By Region

  • DAS
  • NAS
  • Cloud Storage
  • Unified Storage
  • SAN
  • SDS
  • File and Object Based Storage
  • Block Storage
  • Magnetic Storage
  • Solid State Storage
  • Others
  • BFSI
  • Retail
  • IT & Telecom
  • Healthcare
  • Media
  • Others
  • East
  • West
  • North
  • South


Report Scope:

In this report, the India Next Generation Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • India Next Generation Storage Market, By Storage System:

o   DAS

o   NAS

o   Cloud Storage

o   Unified Storage

o   SAN

o   SDS

  • India Next Generation Storage Market, By Storage Architecture:

o   File and Object Based Storage

o   Block Storage

  • India Next Generation Storage Market, By Storage Technology:

o   Magnetic Storage

o   Solid State Storage

o   Others

  • India Next Generation Storage Market, By Vertical:

o   BFSI

o   Retail

o   IT & Telecom

o   Healthcare

o   Media

o   Others

  • India Next Generation Storage Market, By Region:

o   North India

o   South India

o   West India

o   East India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Next Generation Storage Market.

Available Customizations:

India Next Generation Storage Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

India Next Generation Storage Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.  Markets Covered

1.2.2.  Years Considered for Study

1.2.3.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Impact of COVID-19 on India Next Generation Storage Market

5.    Voice of Customer

6.    India Next Generation Storage Market Overview

7.    India Next Generation Storage Market Outlook

7.1.  Market Size & Forecast

7.1.1.       By Value

7.2.  Market Share & Forecast

7.2.1.       By Storage System (DAS, NAS, Cloud Storage, Unified Storage, SAN, SDS)

7.2.2.       By Storage Architecture (File and Object Based Storage & Block Storage)

7.2.3.       By Storage Technology (Magnetic Storage, Solid State Storage & Others)

7.2.4.       By Vertical (BFSI, Retail, IT & Telecom; Healthcare, Media & Others)

7.2.5.       By Region

7.3.  By Company (2023)

7.4.  Market Map

8.    East India Next Generation Storage Market Outlook

8.1.  Market Size & Forecast

8.1.1.       By Value

8.2.  Market Share & Forecast

8.2.1.       By Storage System

8.2.2.       By Storage Architecture

8.2.3.       By Storage Technology

8.2.4.       By Vertical

9.    West India Next Generation Storage Market Outlook

9.1.  Market Size & Forecast

9.1.1.       By Value

9.2.  Market Share & Forecast

9.2.1.       By Storage System

9.2.2.       By Storage Architecture

9.2.3.       By Storage Technology

9.2.4.       By Vertical

10. North India Next Generation Storage Market Outlook

10.1.   Market Size & Forecast

10.1.1.    By Value

10.2.   Market Share & Forecast

10.2.1.    By Storage System

10.2.2.    By Storage Architecture

10.2.3.    By Storage Technology

10.2.4.    By Vertical

11. South India Next Generation Storage Market Outlook

11.1.   Market Size & Forecast

11.1.1.    By Value

11.2.   Market Share & Forecast

11.2.1.    By Storage System

11.2.2.    By Storage Architecture

11.2.3.    By Storage Technology

11.2.4.    By Vertical

12. Market Dynamics

12.1.   Drivers

12.2.   Challenges

13. Market Trends and Developments

14. Policy and Regulatory Landscape

15. India Economic Profile

16. Company Profiles

16.1.   Dell Technologies

16.1.1.     Business Overview

16.1.2.     Key Financials & Revenue (If Available)

16.1.3.     Key Contact Person

16.1.4.     Headquarters Address

16.1.5.     Key Product/Service Offered

16.2.   IBM Corporation

16.2.1.     Business Overview

16.2.2.     Key Financials & Revenue (If Available)

16.2.3.     Key Contact Person

16.2.4.     Headquarters Address

16.2.5.     Key Product/Service Offered

16.3.   Hitachi Ltd.

16.3.1.     Business Overview

16.3.2.     Key Financials & Revenue (If Available)

16.3.3.     Key Contact Person

16.3.4.     Headquarters Address

16.3.5.     Key Product/Service Offered

16.4.   Hewlett Packard Enterprise Development LP

16.4.1.     Business Overview

16.4.2.     Key Financials & Revenue (If Available)

16.4.3.     Key Contact Person

16.4.4.     Headquarters Address

16.4.5.     Key Product/Service Offered

16.5.   NetApp

16.5.1.     Business Overview

16.5.2.     Key Financials & Revenue (If Available)

16.5.3.     Key Contact Person

16.5.4.     Headquarters Address

16.5.5.     Key Product/Service Offered

16.6.   Huawei Technologies Co. Ltd.

16.6.1.     Business Overview

16.6.2.     Key Financials & Revenue (If Available)

16.6.3.     Key Contact Person

16.6.4.     Headquarters Address

16.6.5.     Key Product/Service Offered

16.7.   Fujitsu

16.7.1.     Business Overview

16.7.2.     Key Financials & Revenue (If Available)

16.7.3.     Key Contact Person

16.7.4.     Headquarters Address

16.7.5.     Key Product/Service Offered

16.8.   Cloudian Inc.

16.8.1.     Business Overview

16.8.2.     Key Financials & Revenue (If Available)

16.8.3.     Key Contact Person

16.8.4.     Headquarters Address

16.8.5.     Key Product/Service Offered

16.9.   NetGear

16.9.1.     Business Overview

16.9.2.     Key Financials & Revenue (If Available)

16.9.3.     Key Contact Person

16.9.4.     Headquarters Address

16.9.5.     Key Product/Service Offered

16.10.Pure Storage Inc.

16.10.1.  Business Overview

16.10.2.  Key Financials & Revenue (If Available)

16.10.3.  Key Contact Person

16.10.4.  Headquarters Address

16.10.5.  Key Product/Service Offered

16.11.Western Digital Corporation

16.11.1.  Business Overview

16.11.2.  Key Financials & Revenue (If Available)

16.11.3.  Key Contact Person

16.11.4.  Headquarters Address

16.11.5.  Key Product/Service Offered


16.12.1.  Business Overview

16.12.2.  Key Financials & Revenue (If Available)

16.12.3.  Key Contact Person

16.12.4.  Headquarters Address

16.12.5.  Key Product/Service Offered


16.13.1.  Business Overview

16.13.2.  Key Financials & Revenue (If Available)

16.13.3.  Key Contact Person

16.13.4.  Headquarters Address

16.13.5.  Key Product/Service Offered

17. Strategic Recommendations

About Us & Disclaimer

Figures and Tables

Frequently asked questions


The market size of the India Next Generation Storage Market was estimated to be USD 5.9 billion in 2023.


In 2023 and beyond, the BFSI (Banking, Financial Services, and Insurance) sector is poised to prominently lead the India next-generation storage market, a dominance set to endure. Renowned as a significant data consumer, the sector's data flow encompasses customer transactions, financial records, and market data, necessitating effective storage and processing to bolster operational efficacy.


The India Next Generation Storage Market faces challenges like data security concerns amid growing cyber threats, integration complexities with existing infrastructure, scalability requirements to accommodate data growth, and the need for skilled professionals to manage advanced storage technologies efficiently. Additionally, budget constraints and ensuring regulatory compliance add further hurdles to the market's development.


The India Next Generation Storage Market is propelled by escalating data volumes due to digitalization, increasing demand for high-performance and scalable storage solutions, adoption of cloud computing, advancements in data analytics and AI, and the growth of IoT applications. These drivers are reshaping storage requirements, encouraging businesses to adopt innovative storage technologies to efficiently manage, process, and derive value from their expanding datasets.


Sakshi Bajaal

Business Consultant
Press Release

India Next Generation Storage Market to be Led by Increasing Data Volumes and Emergence of AI and Big Data solutions throughout 2029

Nov, 2023

The expansion of data-driven applications and digital transformation initiatives is propelling the growth of the India Next Generation Storage Market in the forecast period 2025-2029.