The Global Next Generation Data Storage Market was valued at US$ 66644.1 Million in 2021 and is expected to surpass US$ 174457.8 Million by 2030, registering a CAGR of 11.5% during the forecast period (2022-2030), according to the Global Next Generation Data Storage Market, By Type (Direct Attached Storage (DAS), Network Attached Storage (NAS) and Storage Area Network (SAN)), By Architecture (File Storage, Object Storage and Block Storage), By Storage Medium (Tape, Hard Disk Drive(HDD) and Solid State Drive (SSD)), By Deployment (On Premise and Cloud), By Industry Vertical (BFSI, Government, Retail, IT and Telecommunication, Manufacturing, Healthcare, Education and Media and Entertainment), and by Region (North America, Latin America, Europe, APAC and Middle East & Africa), published by Coherent Market Insights.
The next generation data storage is a type of storage technology that provides storage and prompt recovery of data in an efficient way. It is an emerging data storage solution that has been adopted in numerous sectors including healthcare, retail, manufacturing, BFSI, and more. Many industries are preferring next generation data storage solutions since conventional data storage is not capable of handling the massive amount of data that is generated on daily basis.
Over the years, the volume of digital data generated has increased massively. In fact, both the volume and complexity of digital data generated has increased significantly in the recent past. This is typically due to growing mobile traffic, constant development, and adoption of technologies such as IoT and AI, rising cloud-computing traffic, etc. End-use industries such as healthcare and retail are generating a massive amount of data in unstructured forms such as audio, videos, and images that require adequate storage and handling. Furthermore, the rapid proliferation of social media platforms such as Facebook, Instagram, and Twitter has led to rise in the generation of unstructured data. Next-generation data storage solutions can offer a faster, secure, scalable, reliable, and more cost-efficient method to store data. Thus, these factors are expected to drive growth of the global next generation data storage market during the forecast period.
Key Developments
- Major companies are focused on product launches, in order to enhance their product portfolio. For instance, in June 2020, Dell Technologies introduced Dell EMC PowerScale, a new storage system with storage software and server hardware.
- Key market players are involved in product development, in order to expand the product portfolio. For instance, in July 2020, IBM Corporation introduced a new all-disk data storage system “Elastic Storage System 5000”.
Next Generation Data Storage Market - Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has positively impacted the next-generation data storage market. The lockdown was imposed across the globe as a precautionary measure by governments. This led to the temporary suspension of all businesses in healthcare, retail, manufacturing, BFSI, and other industries. But several companies started the work-from-home (WFO) as a cost-efficient model to run a business. And to adopt to work from the home model, the company required cloud-based storage solutions. So the new generation data storage market witnessed increasing demand during the forecast period, which drove the growth of the Next Generation Data Storage Market.
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https://www.coherentmarketinsights.com/market-insight/next-generation-data-storage-market-4281
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Key Trends and Analysis of the Global Next Generation Data Storage Market:
- Among regions, North America is expected to witness significant growth in the global next generation data storage market during the forecast period. This is owing to the generation of a large volume of unstructured data across multiple industry verticals and rising need for secure economic solutions to store data in the region. Furthermore, the easy availability of technologically advanced products such as molecular and 3D storage is expected to propel the regional market growth over the forecast period.
- Asia Pacific is expected to register a robust growth rate in the global next generation data storage market growth over the forecast period. This is owing to a rapid increase in the number of smartphones and laptop users combined with rising disposable income across the region. Furthermore, increasing number of small and medium-sized enterprises in various industries is expected to boost the regional market growth during the forecast period.
- Key players operating in the global next generation data storage market include Avago Technologies, Dell, IBM Corporation, EMC Corporation, Hitachi Data Systems, Micron Technology, Hewlett-Packard Development Company, Nutanix, Toshiba Corporation, Drobo, Quantum Corporation, and SimpliVity Corporation.
