According to a new market research report published by Credence Research, “Next-generation Data Storage Market (By Storage System (Direct-Attached Storage, Network-Attached Storage, Storage Area Network, and Others), By Storage Architecture (File Storage, Object Storage, and Block Storage), By Storage Technology (Hard Disk Drive, Solid-State Drive, Tape, and Optical), By Industry Verticals (IT & Telecom, Government, Healthcare, BFSI, Retail, Media & Entertainment, Manufacturing, and Others), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global next-generation data storage market was valued at US$ 52.54 Bn in the year 2018 and expected to reach US$ 144.33 Bn by year 2027, expanding at a CAGR of 12.5% during the forecast from 2019 to 2027.
With the advent of disruptive technologies, data generation has exponentially increased over the past few years. Numerous stats presented by software vendors and research forums claimed that IoT, cloud computing, and increased internet & social media penetration to be the prime factor behind the booming data growth. In April 2019, a study by World Economic Forum predicted that the entire digital universe will reach 44 zettabytes by the year 2020. Subsequently, IBM has outlined that 90% of the total data was generated only in the past two years owing to incredible growth in the internet subscribers.
Severe growth in data has challenged several industry players on their data storage capability. In addition, the cost associated with data storage is directly proportional to its demand. Financially, it is impossible for a company to increase its storage cost with the same rate as the rate of storage growth. In the wake of same, new state-of-the-art technologies have evolved to effectively manage both storage growth and cost. Simultaneously, emergence of solid state technology is the most favored technology in chip integration and storage devices due to its reduced price, high functionality and longer life span. This is projected to cater the growth of next-generation data storage market over the forecast period.
Based on storage system, Network-Attached Storage (NAS) is expected to register the fastest growth of nearly 20% over the forecast period. Increasing preference of cloud storage on NAS by small and medium enterprises is the prime factor escalating the segment growth. By geography, North America dominated the global next-generation data storage market in the year 2018. The leading market share of the region is mainly attributed to the rapid growth in the unstructured data over the past few years. Further, the region is the early adopter of the technology in the enterprise sectors that again triggers the growth of advanced storage systems.
The global next-generation data storage market is highly competitive in nature as the players are continuously innovating the storage devices for improvising its cost and performance features. Most of the innovation is tied to the non-volatile memory and solid state drives. However, many other enterprises such as IBM Corp. and Toshiba still have faith in the storage capability of the existing hard disk drives and tape technology and are prominently upgrading their product portfolio by launching new generation of the devices with advanced features. As a result, the technology has uncertain foothold in the existing market and may usher for the future generation storage devices.
Some of the prominent market players profiled in the global next-generation data storage market report include Dell Inc., IBM Corporation, Nutanix Inc., HP Enterprise, Toshiba Corporation, Scality, Samsung Group, Netapp Inc., Quantum Corporation, Hitachi Ltd., Pure Storage, Tintri Inc., Cloudian Inc., Inspur Group, VMware Inc., Micron Technology Inc., Western Digital Corporation, Drobo Inc., Nexenta Systems Inc., and NETGEAR Inc.
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