Global Next Generation Data Storage Market Set to Boom: Forecast to Grow at an Impressive CAGR of 8.4% by 2027 | BlueWeave
Noida, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Because of the growing data volume among various end-user industries such as healthcare, telecom, IT, banking, financial services and insurance (BFSI), and others, global next generation data storage market is growing at a high CAGR…
A recent study conducted by strategic consulting and market research firm BlueWeave Consulting revealed that global next generation data storage market was worth USD 54.0 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 8.4%, earning revenue of around USD 94.8 billion by the end of 2027. The next generation data storage market is growing significantly because of the growing data volume among various end-user industries, such as healthcare, telecom, IT, banking, financial services and insurance (BFSI), etc. Additionally, because of the growing popularity of cloud solutions, a new technology known as hybrid storage has gained traction, which is favoring the market’s growth. Also, the increasing use of mobile computing devices such as laptops, smartphones, and tablets and the digitalization of information in residential and commercial settings significantly contribute to the market’s prosperity. However, the high risk of cyberattacks and data theft associated with cloud and hybrid computing is a major restraint on the global next-generation data storage market.
Increasing Development of Data Storage Infrastructure Driving the Global Next Generation Data Storage Market
Traditional data storage methods are incapable of handling massive amounts of data on a daily basis. On the other hand, next-generation data storage infrastructure provides a reliable, faster, and cost-effective solution to meet the demands of rising data storage. Data is generated by every device we use today; thus, next-generation data storage has become an essential technology. For example, data is generated by wearable gadgets, games, movies, and advertisements. To keep and retrieve such data more effectively, next-generation storage technologies are deployed. Due to the growing volume of data, organizations and enterprises are investing more in data storage infrastructure, increasing their productivity and providing better services. Such investments are expected to drive the demand for next generation data storage, propelling market growth. Data centers and storage facilities are also being developed by both public and private entities, which has shown to be cost-effective for small and medium-sized businesses. As a result of these initiatives, demand for next-generation data storage is likely to increase in the foreseeable future.
Growing Smartphone Penetration is Expected to Drive the Global Next Generation Data Storage Market Growth
With the growing popularity of smartphones and other mobile devices, such as laptops and tablets, the market for next-generation data storage is expected to rise dramatically. The increasing use of these devices has resulted in massive amounts of unstructured data that must be managed effectively. Data may be stored in a scalable, cost-effective, fast, and reliable manner with next-generation data storage. Large files and unstructured data can be stored efficiently with these data storage systems. Furthermore, with remote working and online education, smartphones have a critical role to play. The demand for next-generation data storage is only likely to expand during the forecast period as manufacturers expand their production facilities.
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Global Next Generation Data Storage Market - By Storage Type
The global next generation data storage market is segmented into local (on-premise), remote (cloud), and hybrid, based on storage architecture. The local (on-premise) segment holds the largest share in the next-generation data storage market. The on-premise data storage presents a high performance in data delivery which results in faster efficiency of the businesses or enterprises. It works well with small businesses and residential applications. With a high number of small businesses, especially in emerging economies, the local data storage segment is growing substantially. However, the hybrid segment is projected to witness the highest CAGR during the forecast period. Businesses are opting to merge local and hybrid solutions to improve business efficiency due to the growing remote working trend, the ever-increasing need for remote access to data, and the major surge in data volume.
Global Next Generation Data Storage Market - By End-User
Based on end-users, the global next generation data storage market is segmented into enterprises, government bodies, telecom companies, and cloud service providers. Among these, the enterprise segment accounts for the largest market share. This segment is further classified into BFSI, consumer goods, retail, healthcare, media and entertainment, manufacturing, and others. Sectors like BFSI, healthcare, etc., carry and generate a large volume of crucial data that needs structured storage platforms that can provide access to real-time access data and protect it from data losses. Moreover, these sectors are rapidly switching from hardware data storage options to cloud solutions and hybrid solutions for their data storage needs which are expected to drive the next generation data storage market growth during the forecast period.
Global Next Generation Data Storage Market - Regional Insights
Geographically, the global next generation data storage market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates the global next-generation data storage market. Due to the concentration of international vendors and consumers in the United States, the next-generation storage market is showing signs of expansion in the region.
According to Datacenters.com, the number of hyperscale data centers, which are mostly used by cloud firms and social network providers, has expanded globally, with the United States leading the pack with 1,444 data centers and 180 service providers. According to Datacenter.com, a data center marketplace, over two-thirds of data centers in the United States have greater peak demands, with a power density of roughly 15 or 16 kW per rack. Moreover, some data centers are achieving 20 kW per rack or higher. This has prompted the deployment of DCIM, which allows users and manufacturers to manage and operate their data centers effectively.
However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The high concentration of leading industry players, such as Fujitsu, Toshiba, Huawei, etc., is a significant contributing factor for the market’s in this region. Additionally, the increasing number of small and medium-sized businesses are also driving the global next generation market growth.
Impact of COVID-19 on Global Next Generation Data Storage Market
The COVID-19 pandemic has wreaked havoc on the global economy. With global lockdowns imposing significant losses on the enterprise sector, manufacturing, financial services, and retail are suffering the most. The global next generation data storage market significantly flourished after the COVID-19 outbreak. As a result of lockdowns imposed by governments, people began working from home. Simultaneously, the concept of online education also emerged, thereby propelling the growth of the market. As a result of the COVID-19 pandemic, storage suppliers are offering free solutions to help researchers, businesses, work-at-home users, and partners run their businesses and work remotely. However, the global market for next-generation data storage declined when manufacturing activities were suspended during the initial outbreak. Nonetheless, the segment is forecast to rebound quickly in the post-COVID-19 era.
Competitive Landscape
The leading players in the global next generation data storage market are Dell Inc., Netgear Inc., Hewlett Packard Enterprise Company, Fujitsu Ltd., Scality Inc., DataDirect Networks., Pure Storage Inc., Toshiba Corp., IBM Corporation, Hitachi Ltd, NetApp Inc., Nutanix, Western Digital Corporation, Samsung, Inspur, Drobo Inc., Cloudian Inc., Huawei Technologies Co., Micron Technology, and other prominent players.
The market is largely consolidated, with technology behemoths dominating it with cutting-edge technology and experience. To stay competitive, companies often introduce new products with innovations and developments. To remain competitive, prominent market players seek a variety of strategies such as acquisitions, partnerships, investments, mergers, and technological advancements and introductions. For instance, a recent partnership between Pure Storage and the Google Cloud's Anthos Ready Storage Initiative in February 2020 illustrates this. By partnering with Google Cloud, Pure aims to assist customers in creating new applications and modernizing existing ones on a secure, scalable, and easy-to-use platform.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global next generation data storage market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global next generation data storage market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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