The global next generation storage market size was valued at USD 53.9 billion and is projected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growth in digital data volume and rising penetration of high-end cloud computing. The increasing demand for storing and managing high volumes of data generated every day.
Next generation storage is a state of the art technology that fulfills the increasing need for improved data storage and management around various industries. It stores the data of all the organizations and determines the usage of data and its management. Proliferated use of laptops, tablets, and Smartphone’s is projected to boost the market.
The mobile phones, games, advertisement, smart battery, wearable electronics, and others creates large amount of data. Therefore, next generation storage system offers storage and fat recovery of data in an efficient way. The covid-19 has impacted the business activities across the world. The enterprise sector has seen a major loss in terms of production due to lockdown imposed by government. There is slightly decline in the next generation data storage market due to covid-19.
Market Trends, Drivers, Restraints, and Opportunities
- Rising input-output devices is anticipated to spur the market growth during the forecast period.
- Growing consumer demand for effective data analytics is major factor propelling the market expansion.
- Rapid growth of e-commerce industry and digitization of day-to-day activities is expected to drive the market growth in the coming years.
- Lack of security in cloud and server based services act as main challenge that can restrict the market expansion.
- R&D investment and technological advancement to fulfill consumer needs is estimated to create lucrative opportunities for the market players.
Scope of the Report
The report on the global next generation storage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Next Generation Storage Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Storage Systems (Network Attached Storage, Direct Attached Storage, and Storage Area Network), Storage Architecture (Block Storage and File and Object-based Storage), End-users (Retail, Healthcare, BFSI, Media and Entertainment, IT and Telecom, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Pure Storage, Inc.; Quantum Corporation; Toshiba Corporation; Hitachi, Ltd.; Dell Inc.; Tintri Inc.; Netgear Inc.; Scality; NetApp, Inc.; IBM Corporation; Drobo, Inc.; Nutanix, Inc.; Western Digital Corporation; Fujitsu Ltd.; VMware, Inc.; and Inspur
Market Segment Insights:
Direct attached storage segment is projected to account for a large market share
Based on storage system, the global next generation storage market is divided into network attached storage, direct attached storage, and storage area network. The direct attached storage segment is expected to constitute a key share of the market during the forecast period owing to growing use of internet produces high amount of data, which requires storage. However, the storage area network segment is anticipated to expand at a rapid pace during the forecast period due to security for data protection and ability to interconnect the storage devices of various users.
File and object-based storage segment is projected to hold a key market share
On the basis of storage architecture, the market is segmented into block storage and file and object-based storage. The file and object-based storage segment is expected to represent a key share of the market in the coming years due to high usage of file and object-based storage in various enterprises. It helps users to store data in a folder to retrieve, manage, and manipulate data. On the other hand, the block storage segment is anticipated to expand at a rapid pace during the forecast period owing to accessibility of data anytime in future and a single path to retrieve data.
BFSI segment is projected to constitute a major market share
In terms of end-users, the global next generation storage market is segregated into retail, healthcare, BFSI, media and entertainment, IT and telecom, and others. The BFSI segment is expected to account for a key share of the market during the forecast period owing to high usage of online banking and digital payments, which raised the demand for data storage, backup, and security for customer credentials. However, the healthcare segment is anticipated to expand at a rapid pace during the forecast period due to usage of cloud space for storing patient and business information for various services, procedures, and operations.
North America is expected to dominate the market
On the basis of regions, the global next generation storage market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to increasing demand for cost-efficient, reliable, and secure storage infrastructure and rising volume of unstructured data around various industries. On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to increasing number of data centers and smart city projects.
Segments Covered in the Report
The global next generation storage market has been segmented on the basis of
- Network Attached Storage
- Direct Attached Storage
- Storage Area Network
- Block Storage and File
- Object-based Storage
- Media and Entertainment
- IT and Telecom
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Pure Storage, Inc.
- Quantum Corporation
- Toshiba Corporation
- Hitachi, Ltd.
- Dell Inc.
- Tintri Inc.
- Netgear Inc.
- NetApp, Inc.
- IBM Corporation
- Drobo, Inc.
- Nutanix, Inc.
- Western Digital Corporation
- Fujitsu Ltd.
- VMware, Inc.
Key players competing in the global next generation storage market include Pure Storage, Inc.; Quantum Corporation; Toshiba Corporation; Hitachi, Ltd.; Dell Inc.; Tintri Inc.; Netgear Inc.; Scality; NetApp, Inc.; IBM Corporation; Drobo, Inc.; Nutanix, Inc.; Western Digital Corporation; Fujitsu Ltd.; VMware, Inc.; and Inspur. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.