Next-Generation Data Storage Market size is set to observe lucrative growth from 2021 to 2027 on account of the rising influx of advanced technologies coupled with the surge in R&D investments. Increasing globalization has led to the growing adoption of smartphones, and tablets. There are rising volumes of unstructured data generated across a gamut of industry verticals. Growing usage of internet and the rising government support for digitalization are other paramount factors supporting the expansion of the market.
The demand for next-generation data storage solutions will also exhibit progression with the rising advancements across the e-commerce sector and the increase in the number of data centers.
On the basis of type, the market is bifurcated into Network Attached Storage (NAS), Direct Attached Storage (DAS), and Storage Area Network (SAN). Out of these, the industry size from the NAS segment will witness progression owing to the growing need for more storage space as well as affordable data storage solutions. As these systems do not make use of a dedicated IT professional for management and maintenance, they are built on a simple setup architecture and offer backup and ease of access to the stored data. Increasing acceptance across small businesses is another ideal prospect contributing towards the market growth.
With regards to storage medium, the next-generation data storage industry remuneration from the solid-state drive (SSD) segment is expected to grow considerably with the increasing number of data centers. Given their advantages, such as lower power consumption and elongated lifespan, SSDs are increasingly used over their HDD counterparts. Higher scope for safer data encryption and the growing obligation for consolidation of servers will stimulate the market expansion.
Based on end-use, the deployment of next-generation data storage across the healthcare sector will see expansion driven by the higher adoption of cloud space to store important patient information. Next-gen cloud computing is largely preferred in hospitals to attain efficiencies and to personalize patient care. The rising incursion of hybrid cloud in healthcare will further enhance the industry application outlook.
Regionally, North America is projected to hold a significant share in the next-generation data storage market due to the increasing need for secure, and reliable storage solutions. The region is home to numerous cutting-edge data storage technologies and products. The higher acceptance of 3D and molecular storage systems will also drive the regional growth.
Prominent participants in the market are taking up inorganic strategic measures, including acquisitions, partnerships, investments, mergers together with technological advancements and introductions to sustain competition.
For instance, in September 2020, Hewlett Packard Enterprise (HPE), disclosed its next generation HPE MSA Gen 6 and HPE Modular Smart Array (MSA) to assist small as well as medium-sized businesses (SMBs) to grow their business through a hybrid-flash storage solution.
In another instance, Pure Storage, in February 2020, unveiled its third-generation, Evergreen Storage model, all-NVMe FlashArray//X, to deliver higher performance and access to continuous innovation to its customers.
Hitachi, Quantum, Cloudian, Vmware (Dell Technologies), Samsung, Nutanix, Tintri, IBM, Nexenta Systems (DataDirect Networks), Netgear, Micron Technology, Toshiba, Drobo, Western Digital, Netapp, Fujitsu, Inspur, Scality, and Dell (Dell Technologies) are some other major market players.
The ongoing COVID-19 crisis took a massive toll on the global economy and posed numerous challenges on numerous industry verticals. The industry also experienced the heat of the outbreak considering the barriers laid out on the manufacturing, media, and entertainment and telecom & IT sectors. However, the market share saw a potential rise from healthcare applications given the rising infection count and the greater need to maintain patient records.
Market, By Product, 2016-2027 (USD Million)
Market, By Function, 2016-2027 (USD Million)
Market, By Deployment, 2016-2027 (USD Million)
Market, By End-use, 2016-2027 (USD Million)
The above information is provided for the following regions and countries: