Next-Generation Data Storage Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3426
Next-Generation Data Storage Market size is poised to grow at a double digit CAGR from 2019 to 2025 propelled by massive growth in digital data volumes. With the increase in globalization and digitalization, there is a massive increase in the volume of file and unstructured data. The next-generation data storage market offers a faster, reliable, secure, scalable, and cost-efficient way to store data. The next-generation storage is a group of products and solutions that solves the problem of data storage for sectors such as IT, automotive, and data centers. The continuously growing information needs space for storage and its maintenance are factors driving the growth of the market.
The increasing adoption of cloud storage and solid-state drivers will act as a driver for the next-generation data storage market. The solid-state driver is a technology that works on integrated circuit assembly, such as electronic chips, to store data digitally rather than on any magnetized material. It offers many advantages such as low noise, low heat production, fast operational speed, longer life, and less turnaround time. The increasing preference for cloud storage is growing due to its cost efficiency, global access, and easy deployment. Cloud storage is also gaining importance in businesses, such as retail and healthcare, where data storage and retrieval is very important.
The steadily growing number of digital devices is increasing the demand for data storage devices. Currently, the data is being produced virtually in every sector, forcing manufacturers to develop cost-efficient ways to store and process the data. For instance, HP has developed affordable flash drives that work on high speed, Intel and Micron have developed 3D NAND technology that reduces the processing time in solid state drives, and EMC has developed a new technology solution to solve the data storage problem for enterprises. NetApp and EMC are focusing on developing more efficient cloud solutions.
On the basis of type, the next-generation data storage market is divided into three types, Direct Attached Storage (DAS), Network Attached Storage, (NAS) and Storage Area Network (SAN). The NAS market is anticipated to grow substantially over the forecast period due to its cost-efficient data storage and accessibility from any connected device to multiple authorized users. SMEs are increasingly adopting the cloud-based storage system on the NAS facility due to the ease and beneficial features for the business.
North America is anticipated to hold the largest market share in the next-generation data storage market. The rise in the amount of unstructured data across all sectors and speedy growth of technology have increased the demand for better storage solutions. Being an early adopter of advanced technologies, North America is capturing more and more data, which is eventually going to raise the demand for next-generation data storage devices. The presence of global players in the region and the demand for digital device have forced organizations to take measures for developing more efficient data storage devices.
Asia Pacific is expected to grow at a significant rate in the next-generation data storage market due to vast and speedily increasing consumption of smartphone users. Another factor, which is driving this market, is the rise in low-cost tablets, wearables devices, and smartphones. As most of the regions are price sensitive, they offer extremely suitable condition for the adoption of next-generation data storage devices specifically solid-state drive. In addition, the growing demand for data storage in SMEs and government initiatives for multimillion-dollar technology investments in various business verticals will help the market to grow.
Some of the key players in the next-generation data storage market are Dell, IBM, Nutanix, HP, Toshiba, Scality, Samsung, Netapp, Quantum, Hitachi, Pure Storage, Tintri, Cloudian, Inspur, Vmware, Micron Technology, Western Digital, Drobo, Nexenta Systems, Fujitsu, and Netgear.
Next-Generation Data Storage Market, By Type, 2014-2025 (USD Million)
- Direct Attached Storage (DAS)
- Network Attached Storage (NAS)
- Storage Area Network (SAN)
Next-Generation Data Storage Market, By Architecture, 2014-2025 (USD Million)
- Block Storage
Next-Generation Data Storage Market, By Storage Technology, 2014-2025 (USD Million)
- Hard Disk Drive
- Magnetic Tape
- All-flash Array
- Hybrid Flash Array
Next-Generation Data Storage Market, By Application, 2014-2025 (USD Million)
- Media and entertainment
- Telecom & IT
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Micron Technology
- Nexenta Systems
- Pure Storage
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