The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The Global Next Generation Data Storage Market size is expected to reach $106.3 billion by 2024, rising at a market growth of 12.9% CAGR during the forecast period.
Next generation data storage technology has emerged as the need of the hour as everything that is used nowadays, creates data. For example, mobile phones, smart battery, wearable electronics, games, movies, advertisements, smart city, smart homes, smart homes, i.e., nearly everything produces data. The next generation data storage technology provides storage and prompt recovery of data in an efficient manner. On the contrary, the traditional technology for data storage is not capable of handling the large chunks of data that are produced every day.
Based on Storage Architecture, the market is segmented into File & Object-Based Storage and Block Storage. Based on Storage System, the market is segmented into Storage Area Network, Direct-Attached Storage, and Network-Attached Storage. Based on Storage Medium, the market is segmented into HDD, SSD, and Tape. Based on End User, the market is segmented into Enterprise, Government Bodies, Telecom Companies, and Others. The enterprises segment is estimated to account for the largest share of next generation data storage market divided based on end user by 2024. Several devices like smartphones and tablets generate data in form of images and videos. Furthermore, machine-to-machine, embedded devices, and IoT create images and videos from functional applications like advertising and security; data including files on PCs and servers; log files; and enormous amounts of metadata. The growing data generation is boosting the demand for next generation data storage devices.
Enterprises segment has been further bifurcated into BFSI, Healthcare & Life Sciences, Media & Entertainment, Manufacturing, Retail & Consumer Goods, and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hewlett-Packard Enterprise Company, Dell Technologies Inc., IBM Corporation, Toshiba Corporation, Samsung Electronics., Netapp Inc., Pure Storage Inc., Netgear, Inc. Western Digital Corporation, and Hitachi, Ltd.