Next-Generation Data Storage Market expected to reach a value of approximately USD 104.3 billion by the year 2025
Published | 24 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”
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Publish Date: September 2021
Because of the growing data volume among various end-user industries such as healthcare, telecom, IT, banking, financial services and insurance (BFSI), and others, global next generation data storage market is growing at a high CAGR.
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