Global Next-Generation Data Storage Market was valued at USD 68.98 billion in 2021 and is expected to reach USD 134.45 billion by 2029, registering a CAGR of 8.70% during the forecast period of 2022-2029. Network Attached Storage (NAS) is expected to witness high growth in the respective market owing to their ease and beneficial features. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Analytical study of this Next-Generation Data Storage Market report aids in formulating growth strategies to augment sales and build brand image in the market. The report analyses and estimates general market drivers in the form of consumer demand, government policy and demand which are related to consumer buying pattern and thereby market growth and development. Next-Generation Data Storage Market Research Report is a vital part of planning a business and organized way to bring together and document information about this industry, market, or potential customers. This Next-Generation Data Storage market research report also contains strategic profiling of major players in the market, meticulously analysing their core competencies, and drawing a competitive landscape for the market.
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Next-Generation Data Storage Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Penetration of IoT in Industries
The increase in the penetration of IoT in industries such as healthcare, manufacturing and retail, among others supporting the adoption of cloud computing acts as one of the major factors driving the next-generation data storage market.
- Rapid Digitization
The rise in digitization of information in residential and commercial places due to the increased use of mobile computing devices such as smartphones, tablets, and laptops, among others. Also, the rise in generation of digital information across industry verticals such as retail, and BFSI, among others has a positive impact on the market.
- Development of Effective Cloud Platforms
The development of effective, flexible and scalable cloud platforms owing to the information generated across the enterprise sector rapidly rising accelerate the market growth. Also, rise in the number of customers seeking for improved options for storing and managing their information has a positive impact on the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the next-generation data storage market.
Opportunities
Furthermore, increased need for data analytics extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, adoption of cloud storage and solid-state drives will further expand the market.
Restraints/Challenges
On the other hand, concerns regarding breach in data security in cloud and server-based services are expected to obstruct market growth. Also, high cost associated with cloud storage and delivering robust and high-speed data storage are projected to challenge the next-generation data storage market in the forecast period of 2022-2029.
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Leading Key Players Operating in the Next-Generation Data Storage Market Includes:
4DS Memory Limited (Australia), Adesto Technologies Corporation. (US), Avalanche Technology (US), Cypress Semiconductor Corporation. (US), Everspin Technologies Inc. (US), FUJITSU (Japan), IBM (US), Microchip Technology Inc. (US), Nantero. (US), SAMSUNG (South Korea), Rambus (US), SK HYNIX INC. (South Korea), Spin Memory Inc. (US), NXP Semiconductors. (Netherlands), Toshiba CORPORATION (Japan), Texas Instruments Incorporated. (US), Western Digital Corporation (US), and Viking Technology (US), among others.
Recent Developments
- Dell Technologies announced regarding Dell EMC PowerScale in June’2020. This is a new family of storage systems engineered with industry-leading storage software and server hardware. This will set set a new industry standard associated how organizations capture and capitalize on unstructured data.
- Pure Storage Pure Storage partnered with Google Cloud’s Anthos Ready Storage Initiative in February’2020. The partnership assists in the expansion of Pure’s existing partnership with Google Cloud to help customers modernize existing applications.
Key Market Segments:
Type
- Direct Attached Storage (DAS)
- Network Attached Storage (NAS)
- Storage Area Network (SAN)
- Others
Architecture
- File-Based
- Object-Based
- Block Storage
- Others
Storage Technology
- Hard Disk Drive
- Magnetic Tape
- All-Flash Array
- Hybrid Flash Array
Application
- BFSI
- Retail
- Healthcare
- Media and Entertainment
- Manufacturing
- Government
- Telecom and IT
- Others
Next-Generation Data Storage Market, By Region:
- North America (USA, Canada and Mexico)
- Europe (Germany, France, the United Kingdom, Netherlands, Russia, Italy and Rest of Europe)
- Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Colombia, rest of countries etc.)
- Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Nigeria and South Africa)
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