Market Overview
The next generation data storage technologies market is garnering substantial value worldwide. The market growth mainly attributes to the growing demand from the BFSI sectors. Many BFSIs are rapidly adopting next generation data storage technologies for growth, providing major opportunities in the global market.
Financial sectors also account for massive amounts of structured and unstructured data, including credit and debit card transactions. The next-generation data storage technologies provide highly scalable, reliable, and cost-efficient storage capabilities that influence market demand.
The increasing need for data analysts, alongside the increased use of big data analytics and data mining applications, pushes the market growth. Market players play a causal role in the next-generation data storage market growth, developing better products and services. Moreover, improvements in next generation data storage technologies escalate the market growth to furthered height.
According to Market Research Future (MRFR), the global next-generation data storage market is poised to create a value of approximately USD 149 billion by 2022, growing approximately at a 19% CAGR throughout the assessment period (2016 – 2022). Big data has become important for every organization due to the increased adoption of data analytics, making storage challenges larger in scale.
In today's connected world, where a huge amount of data is generated each day, large scale-up storage frameworks are needed. This further makes next generation data storage technologies imperative for organizations to handle huge amounts of data generated with the needed throughput capacity.
Resultantly, the demand for next generation data storage solutions is rising exponentially, boosting the size of the market. Rising BYOD trends across organizations, high-volume digital content creation, and rising uses of smart connected mobile devices create substantial market demand, generating huge data volumes.
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Next Generation Data Storage Technologies Market - Segments
The market report is segmented into types, memory, solution, and region. The types segment is sub-segmented into all-flash arrays, SDS, holographic, and others.
The memory segment is sub-segmented into atomic scale, phase change, racetrack, and others. The solution segment is sub-segmented into enterprise, big data, and others. By regions, the market is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Next Generation Data Storage Technologies Market - Regional Analysis
North America dominates the global next generation data storage technologies market. The region is known for its futuristic storage technologies. The strong presence of key solution providers, such as Dell, IBM, and Nutanix, drives the market growth. Besides, the wide adoption of next generation data storage technologies and IoT in several industries and small medium enterprises impacts market growth positively.
Europe stands second in the global next generation data storage technologies market. The market growth is driven by the increasing adoption of on-demand cloud services. The Asia Pacific next generation data storage technologies market is growing rapidly. Factors such as the upgrading infrastructures and proliferation of smart connected devices in the region propel the market growth.
Next Generation Data Storage Technologies Market - Competitive Analysis
The next generation data storage technologies market appears well-established due to the presence of several notable players. Matured players incorporate strategic approaches such as mergers acquisitions, collaboration, expansion, and product/technology launch, to gain a larger competitive advantage. Market players emphasize innovation and the development of new processes.
Major Players:
Players leading the next generation data storage technologies market include Dell Inc. (US), IBM Corporation (US), VMware, Inc. (US), Hewlett-Packard Development Company (US), Sandisk Corporation (US), Micron Technology Inc. (US), Nutanix (US), NetApp, Inc. (US), Toshiba Corporation (Japan), and Quantum Corporation (US), among others.
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Industry/ Innovation/ Related News
April 8, 2021 --- Maxeler Technologies (the UK), a leader in maximum performance computing, announced its partnership with a leader in protected multi-cloud storage fragmentiX Storage Solutions (Austria) to deliver data storage and computing solutions. These companies would deliver maximum performance and ultra-secure-by-design data storage and computing solutions.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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