REDDING, Calif., March 25, 2021 /PRNewswire/ — The next-generation data storage market is expected to grow at a CAGR of 10.1% from 2020 to 2027 to reach $56.7 billion by 2027. The next-generation data storage market is growing rapidly due to the rising need to store and manage huge volumes of data generated every day. The rising integration of cloud computing technology for improving the flexibility and scalability of services has encouraged enterprises to adopt next-generation data storage solutions for making their business operations faster, better, and more cost-effective. However, data security and scalability issues are expected to hamper the market’s growth.
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The global next-generation data storage market has been segmented by type, medium, architecture, end user, and geography. The market is driven by factors such as the explosive growth in digital data, the proliferation of IoT and connected devices, and the increasing adoption of high-end cloud computing solutions.
By type, the next-generation data storage market is segmented into Direct-attached Storage (DAS), Network-attached Storage (NAS), and Storage Area Networks (SAN). The SAN segment commanded the largest share of the overall next-generation data storage market in 2020. The large share of the segment is mainly attributed to the benefits of SAN, such as the ability to interconnect the storage devices of multiple users, delivering data with high speed and low latency rates, high security for data protection, and robust data recovery. However, the NAS segment is expected to record the highest CAGR during the forecast period. The rapid adoption of NAS among enterprises is attributed to the benefits of NAS, such as the availability of huge storage capacities without the need to use external storage drives, which further results in low-cost maintenance, complete security, load balancing, and fault-tolerant e-mail and web server systems.
By medium, the next-generation data storage market is segmented into Hard Disk Drives (HDD), Solid-state Drives (SSD), and magnetic tape. The HDD segment commanded the largest share of the overall next-generation data storage market in 2020. HDDs are mainly used as the primary storage medium for storing sensitive data that needs to be accessed promptly and with better performance. However, the SSD segment is expected to grow at the highest CAGR during the forecast period. This rise is attributed to the SSDs’ faster reading and writing speeds. Growing digitalization, the high usage of the internet, online commerce, online games, online media & entertainment platforms, smartphones, and laptops, and the generation of huge volumes of data have increased the demand for Solid-state Drives (SSDs) with huge capacities for storing large volumes of data. Small & medium-sized businesses are nowadays using SSDs for their high performance, power efficiency, and high reliability.
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By architecture, the next-generation data storage market is segmented into file and object-based storage and block storage. The file and object-based storage segment commanded the largest share of the overall next-generation data storage market in 2020. The segment’s large share is mainly attributed to the growing usage of file and object-based storage among enterprises. It allows users to store data as a single piece of information into a folder to manage, retrieve, and manipulate data with limited metadata showing the path to the system to retrieve data from the place where it is stored. On the other hand, the block storage segment is expected to record the highest CAGR during the forecast period. Block storage is preferred over file-based storage because it does not depend on a single path to retrieve data from systems, and each block is partitioned into two or more segments in different operating systems so that users can configure and access data anytime in the future.
By end user, the next-generation data storage market is segmented into BFSI, healthcare, retail, manufacturing, government, IT & telecom, and other end users. The BFSI segment commanded the largest share of the overall next generation data storage market in 2020. The large share of this segment is attributed mainly to the growing usage of digital payments and online banking, which has boosted the need for high-speed data storage, backup, synchronization and portability, and security for customer credentials. However, the government segment is expected to record the highest CAGR during the forecast period. This rise is attributed to the government organizations’ growing need to store data generated by the government sector through apps, digital evidence for border safety, travel safety, protection of public assets, public health policies, transportation, and most importantly, safety service policies implemented which help organizations in the future analysis of data for decision making and modification of rules and regulations. The need to store and manage data generated by e-governance projects and initiatives also contributes to the segment’s rapid growth.
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By geography, the next-generation data storage market is segmented into five major regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America held the largest market share, followed by Europe. North America’s largest share is mainly attributed to the high demand for next-generation data storage solutions among small & medium-sized enterprises operating in the healthcare, BFSI, manufacturing, retail, and government sectors, which use big data analytics for providing personalized content to their customers, making business activities more efficient.
The next-generation data storage market in Asia-Pacific is expected to register the highest CAGR during the forecast period due to the growing number of smart city projects and data centers in the region. The majority of SMEs in the region are transitioning workloads to the cloud, which is also expected to contribute to the Asia-Pacific market’s rapid growth.
Some of the key players operating in the global next-generation data storage market are IBM Corporation (U.S.), Dell Technologies (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Hitachi Ltd. (Japan), Huawei Technologies Co., Ltd. (China), NetApp (U.S.), Cloudian, Inc. (U.S.), Drobo, Inc. (U.S.), Inspur (China), Fujitsu (Japan), Pure Storage, Inc. (U.S.), NETGEAR, Inc. (U.S.), Samsung (South Korea), Western Digital Corporation (U.S.), and Nutanix (U.S.), among others.
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Scope of the Report:
Next-generation Data Storage Market, by Storage Type
Next-generation Data Storage Market, by Storage Medium
Next-generation Data Storage Market, by Architecture
- File & Object-based Storage
- Block Storage
Next-generation Data Storage Market, by End User
- IT & Telecom
- Other End Users
Next-generation Data Storage Market, by Geography
- North America
- Rest of Europe
- Asia-Pacific (APAC)
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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