PUBLISHER: Acute Market Reports | PRODUCT CODE: 1133533
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1133533
Rapid Growth in Unstructured Data to boost the Next-generation Data Storage Market Growth over the Forecast Period
The global next-generation data storage market was valued at US$ 74.24 Bn in the year 2021 and expected to reach US$ 239.83 Bn by the year 2030, expanding at a CAGR of 12.7% during the forecast from 2022 to 2030. Ever-growing unstructured data by the emergence of Big Data, artificial intelligence, and other breakthrough technologies have ushered the growth of next-generation data storage technologies. In addition, the growing adoption of cloud computing among small, medium, and large enterprises has forced the industry leaders to shift from traditional storage to advanced storage. However, some of the companies still have faith in traditional storage technologies such as hard disk drive and tape storage devices. As a result, the market for traditional storage devices has a precarious footprint in the global next-generation data storage market.
With the growing trend of cloud platforms and solid-state drives, cloud storage devices have now displaced the small tape market. On the contrary, large tape demand is expected to grapple with the cloud and solid-state storage technologies because of the increasing adoption of Linear Tape Open (LTO) technology by cloud service providers. LTO is widely used by large enterprises and cloud service providers that have high duty-cycle requirements.
Solid-State Drive Segment is expected to witness the highest CAGR during the forecast period
Solid-state drive storage technology is poised to witness the fastest growth over the forecast period. High durability, speed, and cost-effectiveness are some of the prime features guiding the rapid growth of the segment. Its increased use in consumer electronics and enterprise segment has also encouraged the market players to shift to the flash storage technology. Flash storage systems witnessed tremendous growth of nearly 55% in the first quarter of the year 2018 as compared to the first quarter of the year 2017.
In addition, other industry verticals such as healthcare and automobile industry are exploiting the benefits of advanced storage technologies. For instance, in June 2019, Renovo.Auto, an autonomous vehicle software vendor has announced a strategic alliance with Seagate Technology plc. to fuel its autonomous vehicle data management effort. On the counterpart, some of the players still believe strongly in the traditional tape and hard disk drive technology as they offer benefits of a high level of data integrity for a long time-period and low environmental footprint.
Asia Pacific witnesses the Highest Growth over the Forecast Period
The Asia Pacific is expected to witness the fastest growth during the forecast period. The regional growth is mainly attributed to rapid growth in social media subscribers and internet users. Additionally, the region is price sensitive and lucrative for the penetration of various industry verticals. As a consequence, a solid-state drive is more preferable storage technology in the Asia Pacific. China is the frontrunner in the Asia Pacific next-generation data storage market owing to rapid industrialization and significant investment on cloud computing. As of the year 2019, China's cloud infrastructure spending reached US$ 10.7 Bn, a growth of 63.7% from the year 2018.
Key Players & Competitive Landscape:
The next-generation data generation market giants face tough competition from the startup players in the market as every player is continuously upgrading their product with advanced features and cost benefits to grab significant market share. IBM Corp., Western Digital Corp., NetApp Inc., Intel Corp., Toshiba Corp., and other tech giants are also upgrading their products to maintain a stable position in the market.
Some of the major market players listed in the global next-generation data storage market report include Dell Inc., IBM Corporation, Nutanix Inc., HP Enterprise, Toshiba Corporation, Scality, Samsung Group, Netapp Inc., Quantum Corporation, Hitachi Ltd., Pure Storage, Tintri Inc., Cloudian Inc., Inspur Group, VMware Inc., Micron Technology Inc., Western Digital Corporation, Drobo Inc., Nexenta Systems Inc., and NETGEAR Inc.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Next-Generation Data Storage market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Next-Generation Data Storage market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE DETAILS
Research Period 2020-2030
Base Year 2021
Forecast Period 2022-2030
Historical Year 2020
Unit USD Million
Segmentation
System
Direct-Attached Storage
Network-Attached Storage
Storage Area Network
Others
Architecture
File Storage
Object Storage
Block Storage
Technology
Hard Disk Drive
Solid-State Drive
Tape
Optical
Industry Verticals
IT & Telecom
Government
Healthcare
BFSI
Retail
Media & Entertainment
Manufacturing
Others
Region Segment (2020-2030; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
Pre Covid-19 situation
Post Covid-19 situation
Key questions answered in this report:
What are the key micro and macro environmental factors that are impacting the growth of Next-Generation Data Storage market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2030.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Next-Generation Data Storage market?
Which is the largest regional market for Next-Generation Data Storage market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Next-Generation Data Storage market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Next-Generation Data Storage market worldwide?