Next-generation Data Storage Market To Hit Value 8.22 Billion By 2025Posted by Mrudula Anil Karmarkar on May 19th, 2021 The global next-generation data storage market size is expected to reach USD 118.22 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to record a CAGR of 12.5% from 2019 to 2025. The market growth is driven chiefly by the rising consumer need for reliable, secure, and cost-efficient ways of storing and managing information. In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor. Increase in digitization of information is also one of the key drivers of the market. Furthermore, IoT and embedded devices generate information, log files, and metadata. Securely storing large-scale datasets is the need of the hour and cloud computing is positioned to cater to this need of the market efficiently. Advancements and the increased adoption of cloud computing technologies and services such as hybrid cloud, IoT, BDaaS, and PaaS are also expected to play a crucial role in the growth of the market in the near future. The demand for next-generation data storing platform and technologies is also expected to rise in the face of the emergence of smart machines such as self-driving cars and robots. Connectivity with the internet and the presence of a variety of sensors and data storing systems in these machines make them a good source of an unprecedented volume of digital information that can be collected and analyzed for a range of purposes. These software-enabled machines are often controlled and operated from centralized remote points, necessitating the use of advanced and reliable solutions for storing information. Thus, the rising adoption of such machines is expected to drive the market in the near future. The storing, management, and organization of data across various industries and sectors are often subject to specific data requirements of operations and processes specific to the industry or sector. Moreover, industrial expertise and technological advancements must be combined to achieve high-speed, large-scale, efficient, and secure data storage. These complex requirements could hinder the adoption of a variety of next-generation data storing solutions, especially in small- and medium-sized companies that lack the required infrastructure. Nevertheless, the emergence of advanced and economical technologies —backed by an increase in funding for R&D in emerging and investigational products —indicate a promising future for the global next-generation data storage market. Next-generation Data Storage Market Report Highlights
The competitive landscape of the market is highly competitive owing to the presence of a number of well-established companies. Some of the leading companies in the market are Hewlett Packard Enterprise Company, Hitachi, Ltd., NetApp, Inc., Dell Inc., IBM Corporation, Micron Technology, Inc., Netgear Inc., and Inspur. Market players are focusing on the development of scalable, effective, and flexible cloud platforms as the volume of information generated across the enterprise sector are continuously rising and customers are looking for improved options for storing and managing their information. To leverage the cloud’s storing capabilities, market players are investing in innovative cloud technologies such as crystal etching. Combining Big Data analytics and cloud storage is allowing next-generation data storage companies to establish real-time and reliable access across all channels to enhance customer experience, especially for online shopping and internet banking. There remains an unmet need to deliver high-speed and robust data storing solutions due to the increasing demand for data digitization and minimization of human labor. However, technological advancements that can cater to market needs are associated with high costs. This could result in low penetration of such high-end technologies in economically sensitive regions such as APAC and MEA. Nevertheless, the rising consumer demand for effective data analytics is expected to create numerous growth opportunities for the next-generation data storage market in the next few years. The rising production of information from input-output electronic devices employed across a variety of applications in a rising number of industries is a key growth contributor in the market for next-generation data storage. Data generation across several sectors reflects the need for its maintenance and organization. Some of the recent technological advancements driving a significant paradigm shift in the market include online shopping, smart technologies, and automated systems. Furthermore, increasing funding for R&D activities for the development of advanced technologies to meet consumer needs is contributing to revenue generation in the market for next-generation data storage. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6395/ibb Rising penetration of the Internet, growing e-commerce industry, digitization of day-to-day activities, and increasing volume of media data transfer are expected to increase market penetration of solid-state drives and cloud solutions. The impending launch of consumer electronics products with improved processing speeds is also likely to lead to an increased demand for advanced data storing solutions such as solid-state drives and cloud. This, in turn, is likely to provide strong growth opportunities to the market for next-generation data storage in the next few years. Grand View Research has segmented the global next-generation data storage market based on technology, technique, type. Next-Generation Data Storage Technology Outlook (Revenue, USD Million, 2014 - 2025)
Next-Generation Data Storage Technique Outlook (Revenue, USD Million, 2014 - 2025)
Next-Generation Data Storage Type Outlook (Revenue, USD Million, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |