London, Jan. 05, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Next-generation Data Storage Market by Storage Type (DAS, NAS, SANs), Storage Medium, Architecture, End-User (BFSI, Retail, Healthcare, Manufacturing, Government, IT & Telecom, Other End Users), and Geography—Global Forecast to 2027,” the next-generation data storage market is expected to record a CAGR of 10.1% from 2020 to 2027 to reach $56.7 billion by 2027.

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The next-generation data storage market is driven by factors such as explosive growth in digital data; significant growth of the IoT; the proliferation of smartphones, tablets, and laptops; and increasing penetration of high-end cloud computing. An increase in the number of internet users has led to a rise in the volume of digital data, creating the need for high-capacity and more efficient data storage infrastructure. Emerging technologies such as the Internet of Things (IoT), Big Data, and cloud computing are further augmenting the growth of the market. Furthermore, the rapid adoption of Artificial Intelligence (AI) by countries has massively increased the growth of digital data. Also, the adoption of smartphones, laptops, and tablets has increased the individual consumption of information and purchase of goods and services, which has resulted in a rapid increase in the data generated from devices. Next-generation data storage plays a vital role in storing enormous volumes of data from advertisements, applications, websites, voice and text communications, e-mail services for data recovery, and backups for future cases. The rising adoption of cloud computing for flexible and scalable services has encouraged enterprises to adopt next-generation data storage technology for making their business operations faster, better, and cost-efficient.

However, data security breaches in cloud-based services and scalability issues are the key factors hampering the growth of the next-generation data storage market. The massive growth in data generated from cloud-based services has raised concerns regarding data security among small and enterprise-level organizations. The injection of scripted bugs in the cloud makes it easy for hijackers to steal data with false credentials, which results in the loss of data and grants unauthorized access to sensitive information.

Factors such as the rising need for data analytics and growing demand for Solid State Drives (SSDs) are expected to create growth opportunities for market players in the next-generation data storage market during the forecast period. The small & medium enterprises in sectors such as healthcare, BFSI, manufacturing, retail, and government use big data analytics for providing personalized content to their customers, making business activities more efficient, identifying new opportunities for higher profits, and analyzing information for better decision-making, which further contributes to the demand for data storage with huge capacities to store large volumes of sensitive data. Moreover, growing digitalization, high usage of the internet, growing usage of online commerce, online games, online media & entertainment, smartphones, laptops, and the generation of huge volumes of data have increased the demand for Solid-State Drives (SSDs) with huge capacities for storing large volumes of data. Small & medium businesses are nowadays using SSDs for their high-performance, power efficiency, and high reliability for both personal as well as professional requirements.

The Impact of COVID-19 on the Next-generation Data Storage Market

There has been a rise in demand for cloud computing services, with organizations gradually adapting to remote work and people turning to online modes of entertainment, education, and shopping. This shift has rapidly increased the volumes of data generated from various sources.

Several small and mid-sized businesses have shut down or faced a huge decline in revenue, impacting the revenue of the next-generation data storage solution providers. A decline in revenues of the next-generation data storage market has been estimated for the year 2020. However, the market is expected to recover with an accumulative Y-o-Y growth of 9.2% in 2021.

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The overall next-generation data storage market has been segmented based on storage type, storage medium, architecture, end user, and geography.

Based on storage type, the next-generation data storage market has been segmented into Direct Attached Storage (DAS), Network-Attached Storage (NAS), and Storage Area Networks (SAN). The NAS segment is expected to record the highest CAGR during the forecast period. NAS is most commonly used in large-scale enterprises for increasing reliability, performance, and the ease of sharing files among multiple users across a network. Enterprises use NAS due to its capacity to store massive volumes of data generated regularly by their users without using external storage drives, resulting in low maintenance costs, complete security, load balancing, and fault-tolerant e-mails and web server systems.

Based on storage medium, the next-generation data storage market has been segmented into Hard Disk Drives (HDD), Solid State Drives (SSD), and magnetic tape. The SSDs segment is projected to register the highest CAGR during the forecast period because of the SSDs’ capacity to withstand common drops, accidents, and shocks and the absence of moving parts, making them more reliable and durable. Moreover, SSDs have better system responsiveness and faster boot times, which help them perform tasks at high speed and load applications instantly. These advantages have created a huge demand for SSDs among large, as well as small & medium enterprises from several industries.

Based on architecture, the next-generation data storage market has been segmented into file & object-based storage and block storage. The block storage segment is expected to grow at the higher CAGR during the forecast period. Block storage is mainly used by large enterprises to store enormous volumes of sensitive data. On the other hand, the file & object-based storage segment is expected to account for the larger revenue share in the next-generation data storage market.

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Based on end user, the market has been segmented into BFSI, retail, healthcare, manufacturing, government, IT & telecom, and other end users. The government segment is expected to record the highest CAGR during the forecast period. Governments of various countries have been involved in development projects across various verticals such as healthcare, BFSI, and education, driving the need for next-generation data storage. Governments have initiated many e-governance projects across the globe, boosting the need for next-generation data storage.

This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. In 2020, North America commanded the largest share of the global next-generation data storage market, followed by Europe. However, Asia-Pacific region is expected to record the highest CAGR during the forecast period. High growth in APAC can be attributed to factors such as a large number of government initiatives, sustained demand for all-flash and hybrid arrays, and several technology deals across various industry verticals. Furthermore, the proliferation of smartphones and laptops and the rapid growth of small & medium enterprises (SMEs) are driving the demand for next-generation data storage solutions.

The key players operating in the next-generation data storage market are IBM Corporation (U.S.), Dell Technologies (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Hitachi Ltd. (Japan), Huawei Technologies Co., Ltd. (China), NetApp (U.S.), Cloudian Inc. (U.S.), Drobo Inc. (U.S.), Inspur (China), Fujitsu (Japan), Pure Storage, Inc. (U.S.), NetGear (U.S.), Samsung (South Korea), Western Digital Corporation (U.S.), and Nutanix (U.S.) among others.

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Market Scope

Next-generation Data Storage Market, by Storage Type

• DAS
• NAS
• SANs

Next-generation Data Storage Market, by Storage Medium

• HDDs
• SSDs
• Magnetic Tape

Next-generation Data Storage Market, by Architecture

• File & Object-based Storage
• Block Storage

Next-generation Data Storage Market, by End User

• BFSI
• Healthcare
• Retail
• Manufacturing
• Government
• IT & Telecom
• Other End Users

Next-generation Data Storage Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Latin America
• Middle East & Africa
  
  

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