According to the report, the global next-generation data storage market was $50.4 billion in 2018 and is expected to reach approximately $114.9 billion by 2025, growing at a CAGR of slightly above 12.49% between 2019 and 2025.
Zion Market Research has recently published a new report titled “Global Next-Generation Data Storage Market: Size, Trends, Industry Share and Forecast, 2018–2025”. The report analyses the data storage market by Storage Architecture (Block, File, and Object), Technology (All-Flash Storage Arrays, Hybrid Arrays, Holographic Data Storage, Cloud-Based Disaster Recovery, and Heat Assisted Magnetic Recording), Storage Medium (Tape, Hard Disk Drive, and Solid State Drive), Storage System (Storage Area Network, Network-Attached, Direct-Attached, Software-Defined Storage, and Unified Storage) and By End-User (BFSI, Government, Retail, IT & Telecommunication, Manufacturing, Healthcare, Education, Media & Entertainment, and Others).
As highlighted in the report, next-generation data storage involves technically-advanced products and solutions portfolio that effectively supports data storage in diversified industry verticals. Industries are relying on the next-generation data storage technologies, as conventional data storage solutions are inefficient in handling voluminous information on a daily basis.
The major factor driving the next-generation data storage market globally is the rapidly escalating digital content dependency on numerous cloud storage platforms. The globally increasing number of cloud-based solutions is propelling the next-generation data storage market growth to a great extent. The worldwide adoption of cloud-based network-attached storage solutions is flourishing, as it can be accessed easily, irrespective of time and location. Cloud-based technologies can be utilized without any requirement of being physically installed on an organization’s system. With an increase in the number of cloud-based solutions, the demand for storing large amounts of backup storage is also rising. Various other benefits that are propelling this market are built-in data resiliency, reduction in overall expenditure, elimination of legacy NAS systems refresh, and performance flexibility. However, the requirement of high-speed internet and the huge risk of data security may hamper the next-generation data storage market growth to some extent.
The next-generation data storage market is fragmented based on storage architecture, technology, storage medium, storage system, and end-user. Storage architecture segment includes block, file, and object storage. The technology segment is majorly classified into all-flash storage arrays, cloud-based disaster recovery, heat-assisted magnetic recording, holographic data storage, and hybrid arrays. By storage medium, the market is categorized into the tape, solid state drive, and hard disk drive. On the basis of the storage system, the market is divided into a storage area network, network-attached, direct-attached, software-defined storage, and unified storage. The storage area network segment is anticipated to hold the largest market share over the forecast timeframe. The end-user segment of the market comprises media and entertainment, IT and telecommunication, government, healthcare, retail, manufacturing, education, BFSI, and others. The rapidly increasing online transactions and flourishing e-commerce activities will majorly contribute to the BFSI segment’s growth over the forthcoming years.
North America will hold a substantial share of the next-generation data storage market globally, owing to the early and rapid adoption of the latest technological advancements. The U.S. dominated the region and is projected to contribute significantly to both the global well regional market for next-generation data storage. This is due to the country being the corporate headquarters of a majority of renowned market participants, such as Dell, NetApp, Pure Storage, Nutanix, Hewlett Packard and International Business Machines.
The flourishing big data analytics is primarily driving the next-generation data storage market in Europe. Rapidly rising adoption of big data analytics applications in European countries has increased the volume of unstructured data, such as audio files, videos, photos, and various other media files. These voluminous unstructured data has escalated the need for effective data storage and management solutions, thereby extensively driving the region’s next-generation data storage market. The worldwide market size of big data and analytics is projected to account for USD 274.3 billion by the end of 2020.
The Asia Pacific next-generation data storage market is forecasted to grow rapidly in the future, owing to the developing economies of India and China that are currently witnessing technological revolutions, which has simultaneously increased the adoption of next-generation data storage applications. Globally renowned market players are significantly investing in small- to medium-sized enterprises of the emerging Asia Pacific countries. Thereby, the rising number of market-relevant business activities like regional partnerships, collaborations, and mergers and acquisitions is additionally driving the regional market. The early adoption of technologies has made China hold the largest share of the next-generation data storage market in the region.
In Latin America, increasing internet penetration has increased the data amount that requires effective data storage solutions. Rapidly rising internet usage is propelling the next-generation data storage market in the region.
Some renowned players of the next-generation data storage market are Dell, Hewlett Packard, Hitachi, NetApp, Quantum Corporation, International Business Corporation, Pure Storage, Sandisk Corporation, Fujitsu, Toshiba Corporation, Samsung Electronics, Inspur, Nexenta Systems, Netgear, VMware, Tintri, Nutanix, Micron Technology, Western Digital Corporation, Drobo, and Cloudian.
Image: Gerd Altmann