Global Next Generation Data Storage Market Scope Report

Global Next Generation Data Storage Market Highlights Over 2023 - 2035

The global next generation data storage market is estimated to garner a revenue of USD 135.0 Billion by the end of 2035 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 70.0 Billion in the year 2023. The growth of the market can be attributed to the rising demand for managing the large amount of data generated across the globe. Moreover, there is a need for next generation storage as traditional data storage technologies are not able to manage the volume of data produced each day. For instance, the volume of data captured, created, copied, and consumed around the world has increased, accounting for more than 60 zettabytes by 2020.

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Next-generation data storage refers to a technology securely manages large amounts of data while also enabling cost-effective, reliable, secure, and fast data recovery. It has also enabled scalable storage and handling of large amounts of data generated by large corporations. Therefore, surging adoption of cloud platforms is projected to rise the growth of the global next generation data storage market. Across the globe, more than 55 per cent of the organization’s data are stored in the cloud

Global Next Generation Data Storage Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Penetration of Smartphones – Devices are generating data in the form of videos, and images that needed to be stored properly and it is anticipated to boost the growth of the global next generation data storage market. In the year 2020, there were more than 60 Billion smartphone users across the globe.

• Surging Artificial Users – There are a large number of data generated by the artificial intelligence applications, and it is expected to increase the growth of the global next generation data storage market.  There are more than 30 per cent of the organizations using artificing intelligence in its operations by the end of 2021.

• Rising Adoption of IOT– More than 6.5 Billion Internet of Things connection devices were found around the world

• Growing Digitalization– The digital economy has raised to nearly 15.5 per cent of the total GDP worldwide

Challenges

• Issues Related to Data Privacy

• High Cost of the Next Generation Data Storage

• Lack of Technical Professionals

The global next generation data storage market is segmented and analyzed for demand and supply by end user into healthcare, BFSI, retail, it & telecom, government, manufacturing, and others. Out of these, the BFSI segment is anticipated to hold the largest share over the forecast period owing to the increasing generation of data through digital wallets, mobile banking, and chatbot services. Moreover, there has been a growing need to make decisions on the basis of data to have a greater competitive advantage.  For instance, more than USD 24 Billion real time online transactions were made in India in the year 2020.

Global Next Generation Data Storage Market Regional Synopsis

Regionally, the global next generation data storage market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2035 on the back of surging volume of data generated by organizations that have lead to the rising demand for secure data storage infrastructure. Moreover, increasing shifts of data on cloud in order to give access to workers working remotely is further expected to drive the growth of the market in the region. After the COVID-19 pandemic, more than 65 per cent of the employees use their own personal devices in the United States.

Market Segmentation

Our in-depth analysis of the global next generation data storage market includes the following segments:

Key Companies Dominating the Global Next Generation Data Storage Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global next generation data storage market that are included in our report are NetApp, Inc., HP Development Company, LP., IBM Corporation, Hitachi, Ltd., Toshiba Corporation, Western Digital Corporation, Nantero, Inc., Viking Technology, SK Hynix Co., Ltd., Avalanche Technology, and others.

Global Next Generation Data Storage Market: Latest Developments

• October, 2021: NetApp, Inc., announced new additions and enhanced capabilities to its hybrid cloud portfolio to assist organizations in modernizing their IT infrastructures and accelerating digital transformation. NetApp hybrid cloud solutions make it easier for enterprise customers to put their data to work — wherever and whenever they need it through providing new secure ways to consume and operate data services on-premises and in the cloud.

• March, 2022: Western Digital Corporation announced the collaboration with Samsung Electronics Co., Ltd., to standardize and accelerate the adoption of next-generation data placement, processing and fabrics storage technologies.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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