Market Research Future (MRFR), in its recently released research report, asserts that the global next-generation data storage technologies market 2020 is booming and expected to grow exponentially over the review period, recording a substantial market valuation from USD 46 billion in 2015 to USD 149 billion by the end of the review period, at healthy 19% CAGR.
The major market players operating in the global market as acknwledged by MRFR are Dell Inc. (U.S.), VMware, Inc. (U.S.), IBM Corporation (U.S), Hewlett-Packard Development Company (U.S.), Sandisk Corporation (U.S.), Micron Technology Inc. (U.S.), Nutanix (U.S.), NetApp, Inc. (U.S.), Toshiba Corporation (Japan), Quantum Corporation (U.S.), among others.
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Drivers and Restraints
The factors favoring the growth of the next-generation storage technologies market include the ubiquity of input and output devices in every sector, and the ever-growing need for managing, analyzing, and storing massive amounts of data. There is a vast demand for data storage, which is flourishing the next-generation data storage market. With the need to continually update till the time we find the ultimate data storage technology is the most significant demand generator for the next-generation data storage market because the data generation is never going to end. Consequently, the demand for next-generation data technologies is expected to increase at a fast rate over the forecast period. This growth is anticipated to be backed by the growing demand for advanced time-saving technologies, including automated systems, smart technologies, online shopping, and the internet of things, among others, which require the handling of extensive data generated by the enterprises. Companies working in the next generation and data storage market are continually investing in research and development. The invention of new technologies is catering to the needs of the data market and boosting the next-generation data storage market.
Various challenges are restraining the growth of the next-generation data storages technologies market. This includes technological complexity, repair and restores issues, lack of security, among others. Furthermore, a high level of data consistency is required in data storage. Imminent growth in the market is expected to come from an emerging need for data storage in small and medium enterprises.
the market has been analyzed on the basis of memory, type, and solution. the type includes- all-flash arrays, magnetic storage, cloud-based storage, hybrid storage arrays, software-defined storage (sds), optical storage, and others, whereas the memory includes hybrid memory, atomic-scale magnetic memory, racetrack memory, phase change memory, 3d chip memory, and others. the solution segment of next generation data storage technologies market comprises of enterprise data storage, big data storage, cloud services, computing devices, and others.
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The geographical overview of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.
North America dominates the demand for next-generation data storage technologies. The Asian Pacific countries are projected to develop at a significant pace compared to other regions, including China, Japan and India. The emergence of a large number of IT enterprises in the Asia Pacific region is one of the key factors driving the development of the region’s next-generation demand for data storage technologies. Asia Pacific countries are being speculated on making substantial investments in the data storage sector to include new data storage technologies and solutions for enhancing the development process to their current infrastructures. Japan, which is one of the technologically advanced nations, is anticipated to be a big market for next-generation data storage technologies. The country is at present using these data storage technology across its various industry verticals.
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