19-Mar-2020: 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.
In
depth research report on Next-Generation Data Storage Market
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)
·
Magnetic Storage
·
SSD
·
Hybrid Flash Array
Next-Generation
Data Storage Technique Outlook (Revenue, USD Million, 2014 - 2025)
·
Direct-Attached Storage
·
Network-Attached Storage
·
Storage Area Network
·
Others
Next-Generation
Data Storage Type Outlook (Revenue, USD Million, 2014 - 2025)
·
Local (on-premise)
·
Remote (cloud)
·
Hybrid
Next-Generation
Data Storage End User Outlook (Revenue, USD Million, 2014 - 2025)
·
Home
·
Business
·
BFSI
·
Retail
·
Healthcare
·
Government Bodies
·
Telecom Companies
·
Cloud Service Providers
·
Others
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
