The Global Next Generation Data Storage Market, By Type (Direct Attached Storage (DAS), Network Attached Storage (NAS) and Storage Area Network (SAN)), By Architecture (File Storage, Object Storage and Block Storage), By Storage Medium (Tape, Hard Disk Drive(HDD) and Solid State Drive (SSD)), By Deployment (On Premise and Cloud), By Industry Vertical (BFSI, Government, Retail, IT and Telecommunication, Manufacturing, Healthcare, Education and Media and Entertainment) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 120454.4 Million by 2027, exhibiting a CAGR of 10.1% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
The next generation data storage is a type of storage technology that provides storage and prompt recovery of data in an efficient way. It is an emerging data storage solution that has been adopted in numerous sectors including healthcare, retail, manufacturing, BFSI, and more. Many industries are preferring next generation data storage solutions since conventional data storage is not capable of handling the massive amount of data that is generated on daily basis.
The global Next Generation Data Storage Market was accounted for US$ 55,785.9 Mn in terms of value in 2019 and is expected to grow at CAGR of 10.1% for the period 2020-2027.
Massive growth in digital data volumes is expected to boost the global next generation data storage market growth over the forecast period
Over the years, the volume of digital data generated has increased massively. In fact, both the volume and complexity of digital data generated has increased significantly in the recent past. This is typically due to growing mobile traffic, constant development, and adoption of technologies such as IoT and AI, rising cloud-computing traffic, etc. End-use industries such as healthcare and retail are generating a massive amount of data in unstructured forms such as audio, videos, and images that require adequate storage and handling. Furthermore, the rapid proliferation of social media platforms such as Facebook, Instagram, and Twitter has led to rise in the generation of unstructured data. Next-generation data storage solutions can offer a faster, secure, scalable, reliable, and more cost-efficient method to store data. Thus, these factors are expected to drive growth of the global next generation data storage market during the forecast period.
Growing demand for advanced data storage solutions from the healthcare sector can present lucrative growth opportunities in the global next generation data storage market
In healthcare sector, a vast amount of data is generated in unstructured form, which includes hospital records, the result of medical examinations, medical records of patients, and information related to devices. Furthermore, biomedical research generates a large amount of data relevant to public healthcare. This data requires efficient management and analysis, in order to obtain insightful information. Next generation data solutions can provide relevant solutions to healthcare provides, in order to improve existing public health. Key companies in the market can capitalize on these opportunities by providing innovative solutions and gain a competitive edge in the market.
Next Generation Data Storage Market - Impact of Coronavirus (Covid-19) Pandemic
Several companies have started to see work from home as a cost-efficient model to run a business. To adopt the work from home model, company requires cloud based storage solutions. According to our study, the spending on IT infrastructure is expected to increase during the forecast period, which can drive the growth of the Next Generation Data Storage Market.
Lack of adequate security in cloud and server-based services is expected to hamper the global next generation data storage market growth over the forecast period
Although next generation data storage solutions are highly efficient, cloud and server-based services face numerous challenges namely lack of adequate security. These challenges include data privacy, lack of control lack of backup services, data leakage, and rogue devices. In the case of shared servers, the cloud space is shared among different customers as required. This could put data at risk if the other party using the space upload potentially hazardous information. Moreover, the presence of insecure API and storage gateways can damage the stored data. Thus, these factors are expected to hamper the global next generation data storage market growth over the forecast period.
Among regions, North America is expected to witness significant growth in the global next generation data storage market during the forecast period. This is owing to the generation of a large volume of unstructured data across multiple industry verticals and rising need for secure economic solutions to store data in the region. Furthermore, the easy availability of technologically advanced products such as molecular and 3D storage is expected to propel the regional market growth over the forecast period.
Asia Pacific is expected to register a robust growth rate in the global next generation data storage market growth over the forecast period. This is owing to a rapid increase in the number of smartphones and laptop users combined with rising disposable income across the region. Furthermore, increasing number of small and medium-sized enterprises in various industries is expected to boost the regional market growth during the forecast period.
Key players operating in the global next generation data storage market are Dell, IBM Corporation, EMC Corporation, Hitachi Data Systems, Micron Technology, Hewlett-Packard Development Company, Avago Technologies, Nutanix, Toshiba Corporation, Drobo, Quantum Corporation, and SimpliVity Corporation.
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