Next-Generation Data Storage Market size was valued at USD 58.40 Billion in 2021 and is projected to reach USD 128.94 Billion by 2030, growing at a CAGR of 8.2% from 2022 to 2030.
Next-Generation Data Storage Market Overview
Factors favoring the growth of the next-generation storage technology market include the proliferation of input and output technologies across all sectors and the ever-increasing need to manage, analyze and store large amounts of data. The need for next-generation data technology is expected to grow at a faster pace over the forecast period. This growth is expected to be supported by the growing demand for advanced time-saving technologies including automated systems, smart technologies, online shopping, and internet of things, etc. The Global Next-Generation Data Storage Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Next-Generation Data Storage Market Definition
Next-generation storage technology is a state-of-the-art technology that addresses the growing need for advanced data storage and management across the various sectors of the industry, including banking, financial services, insurance (BFSI); selling; IT & telecommunication; government; health care; production; and others. In fact, research shows that the amount of data stored on computer systems around the world doubles every two years, and this growth trend is expected to continue in the future. As the storage market changes, there is a good chance that hard drives will be replaced by future technologies.
This market divides into software-defined storage (SDS), all-flash arrays, cloud-based storage, integrated storage that provides network storage (SAN), and network-based storage solutions (NAS) (NAS) under one management layer and data retention, to name a few. Device storage enables users to securely store data and applications on a computer device. The use of this market can be used to transport information and transfer it from one device to another. You can access (write/read) data at any time and save it for a short or long time depending on your needs.
Global Next-Generation Data Storage Market Overview
Digitization of information in residential and commercial places, followed by an upsurging use of mobile computing devices such as smartphones, laptops, and tablets, is significantly contributing to the global market growth. Additionally, there is a huge increment in the volume of digital information across industry verticals such as healthcare, retail, and BFSI, which leads to the need for effective next-generation data storing devices. Moreover, growth in the global penetration of IoT in industries such as retail, healthcare, and manufacturing and a significant rise in the adoption of cloud computing is driving the global market. Furthermore, the increasing manufacturing of information from input-output electronic devices employed across a variety of applications in a growing number of industries is a primary factor contributing to the growth of global next-generation data storage. The growing investments for R&D activities for the development of advanced technologies to meet consumer needs have positively anticipated in propelling the growth of the global next-generation data storage market.