Next-Generation Data Storage Market expected to reach a value of approximately USD 104.3 billion by the year 2025
Published | June 2019
According to BlueWeave Consulting, the Global Next-Generation Data Storage market expected to grow at a CAGR of 12.6% from 2018 to reach a value of approximately USD 104.3 billion by the year 2025. Due to the increasing demand for innovative, time-saving technology, including automated systems, smart devices, online shopping, and the internet of things, etc.
In addition, the main driving force for market growth is the increasing need for better data storage and management across various vertical sectors, including banking, financial services, insurance (BFSI), retail, I.T., governments; healthcare; manufacturing; and others. In particular, lower solid-state drive costs, higher reliability, other cost-effective advantages of solid-state technology, and longer storage device life will accelerate the growth of the Next Generation Data Storage market.
Increasing demand for cloud storage worldwide will contribute to the growth of the Next-Generation Data Storage market during the forecast period, due to its low cost of deployment and easy availability. It is also anticipated that the increasing demand for input and output devices in each sector and the ever-increasing need to handle, analyze and store these huge amounts of data will boost the next-generation data storage market in the coming year. Additionally, an increase in demand for next-generation data to manage rising file sizes and the huge amount of unstructured data will fuel the global next-generation data storage market in the forecast period.
Cloud storage system of Next-Generation Data Storage Market expected to lead the global next-generation data storage market during the forecast period
The Next-Generation Data Storage market segmented into Direct-Attached, Network-Attached, and Cloud dependent upon storage systems. Owing to its cost-effective advantages over traditional storage systems and accessibility to stored data from any location, Cloud dominates the global Next-Generation Data Storage, reducing data portability issues. Network-Attached will activate small and medium-sized businesses with cost-effective data storage solutions.
File & Object-Based Storage Architecture of Next-Generation Data Storage Market propelling the market during the forecast period
Based on storage architecture, the next-generation data storage market bifurcated into a file & object-based and block-based. The File & Object-Based segment would lead the global Next-Generation Data Storage market due to the growing volume of data that led to the need for architecture based on files and artifacts.
Next Generation Cloud-based Data Storage anticipated witnessing significant growth in upcoming years
On the basis of Storage Technology, the Next-Generation Data Storage market globally fragmented into Magnetic Storage, Solid-state Storage, Cloud-based Storage, Holographic, and Hybrid Array. The Cloud-based Storage segment will lead the market by device technology due to low deployment costs and easy accessibility.
During the forecast period, the BFSI end-user segment projected to lead the industry for utilizing Next-Generation Data Storage applications
The global Next-Generation Data Storage market segmented into BFSI, Retail, I.T., based on the end-user industry. & Telecom, Healthcare, Education, Business, and Media & Entertainment. The BFSI segment will lead the market by End-User Industry due to the installation of on-premise deployment, and the growth in private and hybrid cloud adoption. By implementing next-generation data storage, the government sector will drive better data management, higher productivity, and improved project management and content management in the public sector.
North America accounts to dominate the global Next-Generation Data Storage market during the anticipated period.
Based on the regional sector, the Next-Generation Data Storage market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Due to increased demand for smartphones and smart devices coupled with the launch of IoT, North America dominates the world's next-generation data storage market over the forecast period, along with the massive development of social media channels. The Asia Pacific market will witness growth to the rise in low-cost smartphones and tablets, which provides increased potential for the adoption of storage devices of the next generation.
Global Competitive Landscape of Next-Generation Data Storage Market
Leading players of global Next-Generation Data Storage market are Dell Inc., Avago Technologies, EMC Corporation, Hitachi Data Systems, IBM Corporation, NetApp, Inc., Drobo, Inc., Hewlett-Packard Development Company, L.P., HGST, Inc., Fujitsu Ltd., VMware, Inc., NetApp, Inc., Toshiba Corporation, Pure Storage, Inc., Nutanix, Inc., Scality, Tintri, Inc., Cloudian, Inc., Drobo, Inc. Quantum Corporation, Western Digital Corporation, Samsung Electronics, Nexenta Systems, Inc., and Netgear Inc., and Inspur .and Micron Technology Corporation.
Browse Detailed Analysis with TOC, “Global Next Generation Data Storage Market Size, By Storage System (Direct-Attached, Network-Attached and Cloud), By Storage Architecture (File- & Object-Based, Block), By Storage Technology(Magnetic Storage, Solid-state Storage, Cloud-based Storage, Holographic and Hybrid Array), End-user Industry (BFSI, Retail, IT &Telecom, Healthcare, Government, Education, Media & Entertainment), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Growth Potential, Trends Analysis, Competitive Market Size and Forecast, 2015-2025”