Rapid Growth in Unstructured Data to boost the Next-generation Data Storage Market growth over the Forecast Period
The global next-generation data storage market was valued at US$ 52.54 Bn in 2018 and is expected to reach US$ 144.33 Bn by 2027, expanding at a CAGR of 12.5% during the forecast from 2019 to 2027. Ever-growing unstructured data by the emergence of Big Data, artificial intelligence, and other breakthrough technologies have ushered in the growth of next-generation data storage technologies. In addition, the growing adoption of cloud computing among small, medium, and large enterprises has forced industry leaders to shift from traditional storage to advanced storage. However, some companies still have faith in traditional storage technologies such as hard disk drives and tape storage devices. As a result, the market for traditional storage devices has a precarious footprint in the global next-generation data storage market.
With the growing trend of cloud platforms and solid-state drives, cloud storage devices have now displaced the small tape market. On the contrary, great tape demand is expected to grapple with the cloud and solid-state storage technologies because of the increasing adoption of Linear Tape Open (LTO) technology by cloud service providers. LTO is widely used by large enterprises and cloud service providers that have high duty-cycle requirements.
Market Synopsis
The Solid-State Drive Segment is expected to witness the highest CAGR during the forecast period.
Solid-state drive storage technology is poised to witness the fastest growth over the forecast period. High durability, speed, and cost-effectiveness are some of the prime features guiding the segment's rapid growth. In addition, its increased use in consumer electronics and enterprise segments has also encouraged the market players to shift to flash storage technology. As a result, flash storage systems have seen a tremendous growth of nearly 55% in the first quarter of the year 2018 as compared to the first quarter of 2017.
In addition, other industry verticals, such as the healthcare and automobile industry, are exploiting the benefits of advanced storage technologies. For instance, in June 2019, Renovo. Auto, an autonomous vehicle software vendor, has announced a strategic alliance with Seagate Technology plc. to fuel its autonomous vehicle data management effort. However, on the counterpart, some players still believe strongly in the traditional tape and hard disk drive technology as they offer the benefits of a high level of data integrity for a long time period and a low environmental footprint.
Asia Pacific witnesses the Highest Growth over the Forecast Period
The Asia Pacific is expected to witness the fastest growth during the forecast period. The regional growth is mainly attributed to rapid growth in social media subscribers and internet users. Additionally, the region is price sensitive and lucrative for penetration of various industry verticals. Consequently, a solid-state drive is the preferable storage technology in the Asia Pacific. China is the frontrunner in the Asia Pacific next-generation data storage market owing to rapid industrialization and significant investment in cloud computing. As of 2018, the China cloud computing market was valued at US$ 13.97 Bn, a growth of 39.2% from 2017.
Key Players & Competitive Landscape:
The next-generation data generation market giants face tough competition from the startup players in the market as every player is continuously upgrading their product with advanced features and cost benefits to grab significant market share. IBM Corp., Western Digital Corp., NetApp Inc., Intel Corp., Toshiba Corp., and other tech giants are also upgrading their products to maintain a stable position in the market.
Some of the significant market players listed 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.
Historical & Forecast Period
This research study provides qualitative and quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The next-generation data storage market research offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides an all-around view of the global next-generation data storage market based on the storage system, storage architecture, storage technology, industry verticals, and geography.
Frequently Asked Questions:
The market for Next-Generation Data Storage is expected to reach US$ 144.33 Bn by 2027.
The Next-Generation Data Storage market is expected to see significant CAGR growth over the coming years, at 12.5%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Dell Inc., IBM Corporation, Nutanix Inc., HP Enterprise, Toshiba Corporation, Scality, Samsung Group are some of the major players in the global market.
