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Next-generation Data Storage Market Trends

Report ID: GMI5677
Published Date: May 2023
Report Format: PDF

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Next-Generation Data Storage Market Trends

Explosive growth in digital data, significant advancements in IoT, the proliferation of smartphones, tablets & laptops, and the increasing penetration of high-end cloud computing are some of the key factors driving market growth. The deployment of next-generation data storage to boost general databases for future use and optimize databases in various verticals, such as BFSI, healthcare, and government, is expected to drive significant growth in the storage industry during the forecast period.

Rapid advancements in areas including Big Data, cloud computing, and mobile services are expected to boost market growth. Currently, traditional data storage technologies are incapable of handling the massive amounts of data generated every day, whereas next-generation data storage with benefits such as improved reliability, efficiency, and cost-effectiveness can meet the growing demand for data storage.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

Market size for next-generation data storage was over USD 57 billion in 2022 and is estimated to showcase over 10% CAGR from 2023-2032 driven by the rising number of internet users worldwide

Next-generation data storage industry size from the BFSI end-use segment may record over 12% CAGR from 2023-2032 propelled by the increasing popularity of mobile banking, digital wallets, and chatbot-supported customer assistance services.

Demand for on-premise next-generation data storage will observe over 8% CAGR from 2023-2032 owing to the surging need for lower costs and backup & recovery capabilities

North America held over 35% of the next-generation data storage market share in 2022 due to the rising deployment of advanced data-storage technologies in the region