The global next-generation data storage market size is expected to reach USD 118.22 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to record a CAGR of 12.5% from 2019 to 2025. The market growth is driven chiefly by the rising consumer need for reliable, secure, and cost-efficient ways of storing and managing information.
Increase in digitization of information is also one of the key drivers of the market. Furthermore, IoT and embedded devices generate information, log files, and metadata. Securely storing large-scale datasets is the need of the hour and cloud computing is positioned to cater to this need of the market efficiently. Advancements and the increased adoption of cloud computing technologies and services such as hybrid cloud, IoT, BDaaS, and PaaS are also expected to play a crucial role in the growth of the market in the near future.
The demand for next-generation data storing platform and technologies is also expected to rise in the face of the emergence of smart machines such as self-driving cars and robots. Connectivity with the internet and the presence of a variety of sensors and data storing systems in these machines make them a good source of an unprecedented volume of digital information that can be collected and analyzed for a range of purposes. These software-enabled machines are often controlled and operated from centralized remote points, necessitating the use of advanced and reliable solutions for storing information. Thus, the rising adoption of such machines is expected to drive the market in the near future.
The storing, management, and organization of data across various industries and sectors are often subject to specific data requirements of operations and processes specific to the industry or sector. Moreover, industrial expertise and technological advancements must be combined to achieve high-speed, large-scale, efficient, and secure data storage. These complex requirements could hinder the adoption of a variety of next-generation data storing solutions, especially in small- and medium-sized companies that lack the required infrastructure. Nevertheless, the emergence of advanced and economical technologies —backed by an increase in funding for R&D in emerging and investigational products —indicate a promising future for the global next-generation data storage market.
The competitive landscape of the market is highly competitive owing to the presence of a number of well-established companies. Some of the leading companies in the market are Hewlett Packard Enterprise Company, Hitachi, Ltd., NetApp, Inc., Dell Inc., IBM Corporation, Micron Technology, Inc., Netgear Inc., and Inspur.
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Further key findings from the study suggest:
Penetration of next-generation data storing devices in developing countries could be challenged by financial constraints
The Network-Attached Storage (NAS) technology segment is positioned to witness the fastest growth over the forecast period
The growing need to manage large volumes of structured and unstructured data will promote the growth of the NAS technology segment
The Solid State Drive (SDD) technology offers more secure data encryption and storage using electronic chips, driving the demand for SSDs across a rising set of applications
The Asia Pacific regional next-generation data storage market is likely to witness the fastest growth, driven by a rise in disposable income and growing consumer awareness regarding the benefits of next-generation data storing devices
Grand View Research has segmented the global next-generation data storage market based on technology, technique, type, end user, and region.
Next-Generation Data Storage Technology Outlook (Revenue, USD Million, 2014 - 2025)
Hybrid Flash Array
Next-Generation Data Storage Technique Outlook (Revenue, USD Million, 2014 - 2025)
Storage Area Network
Next-Generation Data Storage Type Outlook (Revenue, USD Million, 2014 - 2025)
Next-Generation Data Storage End User Outlook (Revenue, USD Million, 2014 - 2025)
Cloud Service Providers
Next-Generation Data Storage Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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