According to this latest publication from Meticulous Research, the Next-Generation Data Storage Market is projected to reach a value of $56.7 billion by 2027, growing at a CAGR of 10.1% during the forecast period. This market is majorly driven by the explosive growth in digital data, significant growth in the adoption of the IoT, the proliferation of smartphones, tablets, and laptops, and the increasing penetration of high-end cloud computing.
The increasing number of internet users are generating large volumes of digital data from platforms such as online payments, websites, media & entertainment, online retail, education, connected devices, and Artificial Intelligence. These factors are creating a rapid spike in demand for next-generation data storage. Moreover, government initiatives for digitization, growth of data centers, and rapid transition towards cloud computing are also fueling the market growth.
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However, data security breaches in cloud-based services and scalability issues are factors expected to hamper the growth of this market to some extent. Factors such as the rising need for data analytics and the growing demand for SSDs are also creating opportunities for the growth of the next-generation data storage market.
The next-generation data storage market study presents historical market data in terms of value (2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on storage type (DAS, NAS, SANs), storage medium (HDDs, SSDs, Magnetic Tape), architecture (file & object-based storage, block storage), and end user (BFSI, retail, healthcare, manufacturing, government, IT & telecom, and other end users). The study also evaluates industry competitors and analyzes the market at a country level.
Based on storage type, the next-generation data storage market is segmented into Direct Attached Storage (DAS), Network-Attached Storage (NAS), and Storage Area Networks (SANs). The NAS segment is expected to grow at the highest CAGR during the forecast period due to the advantages offered by this technology, such as easy access to stored data from any networked device, strategies for backup, capabilities for addressing redundancy needs, and quick and simple setup architecture. Also, NAS does not require a dedicated IT professional for its maintenance and management, thus reducing cost. However, the SANs segment is estimated to account for the largest revenue share of the next-generation data storage market in 2020.
Based on storage medium, the next-generation data storage market is segmented into Hard Disk Drives (HDDs), Solid State Drives (SSDs), and magnetic tape. The SSDs segment is expected to record the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the SDDs’ higher performance and lower power consumption compared to HDDs. SSDs enable the consolidation of servers and reduce the storage rack’s overall physical footprint. The proliferation of data centers has further triggered the demand for SSDs.
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Based on architecture, the next-generation data storage market is segmented into file & object-based storage and block storage. The block storage segment is expected to grow at a higher CAGR during the forecast period. Block storage is considered faster compared to other forms of data storage. Each block has its own address through which the data can be called up. However, the file & object-based storage segment is expected to account for the larger revenue share in 2020.
Based on end user, the next-generation data storage market is segmented into BFSI, retail, healthcare, manufacturing, government, IT & telecom, and other end users. In 2020, the government segment is expected to record the highest CAGR. Increased digitization efforts by the governments of various countries in sectors such as healthcare, education, and BFSI are contributing to the rapid growth of the segment. However, the BFSI segment is expected to generate the largest revenue in 2020.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (France, Germany, Italy, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. In 2020, the Asia-Pacific next-generation data storage market is poised to grow at the highest CAGR due to the region’s rapid digitization and the emergence of new small & medium enterprises due to favorable government initiatives. Furthermore, many businesses are relocating to Southeast Asia, making it a hotbed for global data centers. However, North America is estimated to contribute the largest revenue share to the next-generation data storage market.
The key players operating in the next-generation data storage market are IBM Corporation (U.S.), Dell Technologies (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Hitachi Ltd. (Japan), Huawei Technologies Co., Ltd. (China), NetApp (U.S.), Cloudian Inc. (U.S.), Drobo Inc. (U.S.), Inspur (China), Fujitsu (Japan), Pure Storage, Inc. (U.S.), NetGear (U.S.), Samsung (South Korea), Western Digital Corporation (U.S.), and Nutanix (U.S.).
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Key Questions Answered in the Report-
Which are the high-growth market segments in terms of storage type/storage medium/architecture/end user/region?
What was the historical market size for next-generation data storage globally?
What are the market forecasts and estimates for the period 2020–2027?
What are the major drivers, restraints, and opportunities in the global next-generation data storage market?
Who are the major players in the next-generation data storage market?
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