Global Next-Generation Data Storage Market Report 2023: Increasing Data Generation with Rising Use of Smartphones and Wearable Devices Bolsters Growth

DUBLIN, March 8, 2023 /PRNewswire/ -- The "Global Next-Generation Data Storage Market by Storage System (Direct-Attached, Network-Attached, Storage Area Network), Storage Architecture, Storage Medium, Storage Systems, Deployment Type, End-user, and Region - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The Global Next-Generation Data Storage Market is projected to grow from USD 60.7 billion in 2023 and is projected to reach USD 86.2 billion by 2028; it is expected to grow at a CAGR of 7.3% from 2023 to 2028.

The growth of this market is driven by factors such as surging adoption of IoT technologies and connected devices, increasing adoption of NVMe in enterprise storage systems, and rising data generation with surge in use of mobile and smart wearable devices.

Market for SAN segment to grow at the high CAGR during the forecast period

The market for SAN storage systems is expected to grow at the second-highest CAGR during the forecast period. SAN's high I/O processing speeds and low latency make it a good option for high-speed transactional environments such as enterprise databases and high-traffic e-commerce websites. The SAN storage market is expected to be dominated by the banking, financial services, and insurance (BFSI) and IT and telecommunications sectors because of the rapid adoption of digital technologies in these sectors. As a result, there will be high demand for high-speed cloud-centric data storage systems with reliable data storage architecture.

The hybrid segment is projected to record high CAGR during the forecast period

The hybrid segment is projected to record the high CAGR during the forecast period. The hybrid system consists of both on-premises and remote/cloud deployments, where active data is stored in the on-premises system, and inactive data is shifted to remote location-based systems. This is also known as disaster recovery management. The inclination toward such deployment models is increasing day by day as companies need to keep a backup of crucial data to avoid the loss of critical information in the case of any disaster. One of the benefits of hybrid cloud storage is that it combines on-premises control over infrastructure, security, and data with the flexibility of cloud technology.

Asia-Pacific will be the fastest growing region in Next-Generation Data Storage market during the forecast period

Asia-Pacific is expected to be the fastest-growing region in the Next-Generation Data Storage market during the forecast period. Adopting big data, IoT, and other digital and virtualized platforms in Asia-Pacific economies such as China, India, Japan, and South Korea also increases the requirement for efficient data storage management solutions. Rules and regulations in these economies are compelling the banking and telecom companies to store a large volume of historical data and manage it in a secure manner. The Asia-Pacific market is open to adopting advanced technologies in data storage further supporting the market growth.

Market Dynamics

Drivers

• Increasing Data Generation with Rising Use of Smartphones and Wearable Devices
• Surging Adoption of IoT Technologies and Connected Devices
• Rising Use of 5G Technology
• Increasing Adoption of NVMe Technology in SSD and Data Storage Applications

Restraints

• Data Security Concerns

Opportunities

• Increasing Adoption of Hybrid Cloud Infrastructure
• Growing Requirement for Real-Time Data
• Increasing Traction of Industrial Grade Flash Memories

Challenges

• Lack of Proper Infrastructure to Secure Data
• High Latency Issue Witnessed by Storage Devices Connected Through Internet

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:

1. This report segments the Next-Generation Data Storage market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
4. The analysis of the top 25 companies, based on the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.
5. Patent analysis, trade data, and technological trends that will shape the market in the coming years has also been covered in this report.

Key Topics Covered:

1 Introduction

2 Research Data

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Next-Generation Data Storage Market, by Storage System
6.1 Introduction
6.2 Direct-Attached Storage
6.3 Network-Attached Storage
6.4 Storage Area Network

7 Next-Generation Data Storage Market, by Storage Medium
7.1 Introduction
7.2 HDD
7.3 SDD
7.4 Tape

8 Next-Generation Data Storage Market, by Storage Architecture
8.1 Introduction
8.2 File- & Object-based Storage
8.2.1 File Storage
8.2.2 Object Storage
8.3 Block Storage

9 Next-Generation Data Storage Market, by End-user
9.1 Introduction
9.2 Enterprises
9.2.1 Banking, Financial Services, and Insurance (BFSI)
9.2.2 Manufacturing
9.2.3 Consumer Goods & Retail
9.2.4 Healthcare & Life Sciences
9.2.5 Media & Entertainment
9.2.6 Others
9.2.6.1 Energy & Power
9.2.6.2 Education & Research
9.2.6.3 Business & Consulting
9.2.6.4 Transportation & Logistics
9.3 Government Bodies
9.4 Cloud Service Providers
9.5 Telecom Companies

10 Next-Generation Data Storage Market, by Deployment Type
10.1 Introduction
10.2 On-Premises
10.3 Cloud
10.4 Hybrid

11 Next-Generation Data Storage Market, by Region

12 Competitive Landscape

13 Company Profiles

14 Appendix

Companies Mentioned

• Cloudian
• Datacore
• DataDirect Networks (DDN)
• Dell Technologies Inc.
• Drobo, Inc.
• Fujitsu Ltd.
• Hewlett Packard Enterprise Company
• Hitachi, Ltd.
• Huawei Technologies Co. Ltd.
• HY Group
• IBM Corp.
• IDEC Corporation
• Infinidat
• Inspur Group
• Kioxia Holdings Corp.
• Lucidlink
• Mercedes-AMG Petronas
• Micron Technology, Inc.
• NetApp, Inc.
• Netgear, Inc.
• Nutanix
• Nvidia
• Pure Storage, Inc.
• Puregold Price Club
• Quantum Corp.
• Recursion Pharmaceuticals
• Samsung Electronics Co. Ltd.
• Scality
• Seagate Technology LLC
• SK Hynix
• Western Digital Corp.
• Zenuity

For more information about this report visit https://www.researchandmarkets.com/r/e3ou9l

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