The next-generation data storage market is estimated to grow from USD 56.8 billion by 2019 to USD 102.2 billion by 2024 at a CAGR of 12.48%

NEW YORK, April 8, 2019 /PRNewswire/ -- Massive growth in digital data volume and proliferated use of smartphones, laptops, and tablets drive overall next-generation data storage market

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The next-generation data storage market is estimated to grow from USD 56.8 billion by 2019 to USD 102.2 billion by 2024 at a CAGR of 12.48%. The major drivers for this market include the massive growth in digital data volume; proliferated use of smartphones, laptops, and tablets; growth of the IoT market; and increasing penetration of high-end cloud computing. However, the breach in data security in cloud and server-based services, and less structured data are the major restraints for the growth of the next-generation data storage market.

Market for SSD to grow at highest CAGR during forecast period
SSD is expected to hold the largest share of the next-generation data storage market by 2024.The rapidly growing volumes of data being generated from various users are raising the storage demand on datacenters.

In addition to the connected users, machines such as autonomous cars and connected planes generate a greater volume of content; this is also leading to the increased demand for storage capacity.In the past few years, SSD capacities have surpassed HDD capacities.

Moreover, the price of SSDs has also declined to a great extent in these years, which has increased their adoption in various industries.

Enterprises to hold largest share of next-generation data storage market by 2024
Enterprises is expected to hold the largest share of the next-generation data storage market by 2024.The increased data transfer speeds offered by the advanced data storage devices help the companies manage heavy workloads with high reliability and efficiency.

With the rise in Big Data and IoT, enterprises datacenters are growing rapidly to process and store more information; this is contributing to the next-generation data storage market.

RoW to record highest CAGR in market during forecast period
RoW is expected to register the highest CAGR in the next-generation data storage market during the forecast period.The increase in the demand for smartphones and smart devices, as a result of the introduction of IoT, along with massive development in social media channels has raised the need for storage in this region.

Several countries—including the UAE, Bahrain, and Qatar—are leading the digital consumer space in the region, with high smartphone adoption rates and social media usage. Moreover, the biggest oil companies in the Gulf Cooperation Council (GCC) are discovering ways to make its oilfields smarter by digitizing operations with the help of Big Data and analytics, sensors, and control systems.

In-depth interviews were conducted with Chief Executive Officers (CEOs), managers, and executives from various key organizations operating in the next-generation data storage market.

Breakdown of profiles of primary participants:
• By Company Type: Tier 1—50%, Tier 2—30%, and Tier 3—20%
• By Designation: C-level Executives—70%, Managers—20%, and Others—10%
• By Region: North America—35%, APAC—25%, Europe—25%, and RoW—15%

Companies profiled in this report are Hewlett Packard Enterprise Company (US), Dell Inc. (US), NetApp, Inc. (US), Hitachi, Ltd. (Japan), and International Business Machines Corporation (US), Toshiba Corporation (Japan), Pure Storage, Inc. (US), Nutanix, Inc. (US), Scality (US), Micron Technology, Inc. (US), Tintri, Inc. (US), Cloudian, Inc. (US), Drobo, Inc. (US), Quantum Corporation (US), Western Digital Corporation (US), Samsung Electronics (South Korea), Fujitsu Ltd. (Japan), VMware, Inc. (US), Nexenta Systems, Inc. (US), and Netgear Inc. (US), and Inspur (China).

Research Coverage:
The report describes the next-generation data storage market and related developments in terms of storage system, storage architecture, storage medium, and end user across different regions.It aims at estimating the market size and future growth potential of this market across different segments—storage system, storage architecture, storage medium, and end user, and geography.

Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

Reasons to Buy Report:
• This report includes the market statistics pertaining to storage system, storage architecture, storage medium, end user, and geography.
• Major drivers, restraints, opportunities, and challenges for the next-generation data storage market growth have been detailed in this report.
• Illustrative segmentation, analysis, and forecast based on storage system, storage architecture, storage medium, end user, and geography have been provided to give an overall view of the next-generation data storage market.
• A detailed competitive landscape, including key players and in-depth analysis and revenues of these players—has been provided.

Read the full report: https://www.reportlinker.com/p04298852/?utm_source=PRN

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