Global Next Generation Data Storage Market Set to Boom: Forecast to Grow at an Impressive CAGR of 8.4% by 2027

Published | 28 September 2021

Because of the growing data volume among various end-user industries such as healthcare, telecom, IT, banking, financial services and insurance (BFSI), and others, global next generation data storage market is growing at a high CAGR.

A recent study conducted by strategic consulting and market research firm BlueWeave Consulting revealed that global next generation data storage market was worth USD 54.0 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 8.4%, earning revenue of around USD 94.8 billion by the end of 2027. The next generation data storage market is growing significantly because of the growing data volume among various end-user industries, such as healthcare, telecom, IT, banking, financial services and insurance (BFSI), etc. Additionally, because of the growing popularity of cloud solutions, a new technology known as hybrid storage has gained traction, which is favoring the market’s growth. Also, the increasing use of mobile computing devices such as laptops, smartphones, and tablets and the digitalization of information in residential and commercial settings significantly contribute to the market’s prosperity. However, the high risk of cyberattacks and data theft associated with cloud and hybrid computing is a major restraint on the global next-generation data storage market.

Increasing Development of Data Storage Infrastructure Driving the Global Next Generation Data Storage Market

With the growing volume of data, organizations and enterprises are investing more in data storage infrastructure, which allows them to increase their productivity and provide better services. Such investments are expected to drive the demand for next generation data storage, propelling market growth. Data centers and storage facilities are also being developed by both public and private entities, which has shown to be cost-effective for small and medium-sized businesses. As a result of these initiatives, demand for next-generation data storage is likely to increase.

Growing Smartphone Penetration is Expected to Drive the Global Next Generation Data Storage Market Growth

With the growing popularity of smartphones and other mobile devices, such as laptops and tablets, the market for next-generation data storage is expected to rise dramatically. Furthermore, with remote working and online education, the need for smartphones cannot be disputed. The demand for next-generation data storage is only likely to expand during the forecast period as manufacturers expand their production facilities.

Global Next Generation Data Storage Market - By Storage Type

The global next generation data storage market is segmented into local (on-premise), remote (cloud), and hybrid, based on storage architecture. The local (on-premise) segment holds the largest share in the next-generation data storage market. The on-premise data storage presents a high performance in data delivery which results in faster efficiency of the businesses or enterprises. It works well with small businesses and residential applications. With a high number of small businesses, especially in emerging economies, the local data storage segment is growing substantially. However, the hybrid segment is projected to witness the highest CAGR during the forecast period. With expanding remote working scenarios, the need for remote access of data, and the tremendous surge in its volume, enterprises are opting to merge local and hybrid solutions to increase business efficiency.

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Global Next Generation Data Storage Market - By End-User

Based on end-user, the global next generation data storage market is segmented into enterprises, government bodies, telecom companies, and cloud service providers. The enterprise segment accounts for the largest market share. This segment is further classified into BFSI, consumer goods, retail, healthcare, media and entertainment, manufacturing, and others. Sectors like BFSI, healthcare, etc., carry and generate a large volume of crucial data that needs structured storage platforms that can provide access to real-time access data and protect it from data losses. These sectors are rapidly switching from hardware data storage options to cloud solutions and hybrid solutions for their data storage needs which are expected to drive the next generation data storage market growth in the forecast period.

Global Next Generation Data Storage Market - Regional Insights

Geographically, the global next generation data storage market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the global next-generation data storage market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The high concentration of leading industry players such as Fujitsu, Toshiba, Huawei, etc., plays a significant contributing factor for the growth of the market in this region. The increasing number of small and medium-sized businesses are also driving the global next generation market growth.

Impact of COVID-19 on Global Next Generation Data Storage Market

The global next generation data storage market significantly flourished after the COVID-19 outbreak. As a result of lockdowns imposed by governments, people began working from home. Simultaneously, the concept of online education also emerged, thereby propelling the growth of the market. However, the global next-generation data storage market experienced a decline during the initial outbreak, when manufacturing activities were suspended. Nevertheless, in the post-COVID-19 phase, the segment is forecast to recover quickly.

Competitive Landscape

The leading market players in the global next generation data storage market are Dell Inc., Netgear Inc., Hewlett Packard Enterprise Company, Fujitsu Ltd., Scality Inc., DataDirect Networks., Pure Storage Inc., Toshiba Corp., IBM Corporation, Hitachi Ltd, NetApp Inc., Nutanix, Western Digital Corporation, Samsung, Inspur, Drobo Inc., Cloudian Inc., Huawei Technologies Co., Micron Technology, and other prominent players.

The market is largely consolidated, with technology behemoths dominating it with cutting-edge technology and experience. To stay ahead of the competition, the companies often offer new products with innovations and developments. In addition, competitive techniques such as mergers, acquisitions, partnerships, and collaborations are highly common in this sector.

Don’t miss the business opportunity of the global next generation data storage market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global next generation data storage market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global next generation data storage market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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