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According toBlueWeave Consulting, the GlobalNext-Generation Data Storage marketexpected to grow at a CAGR of 12.6% from 2018 to reach a value of approximately USD 104.3 billion by the year 2025. Due to the increasing demand for innovative, time-saving technology, including automated systems, smart devices, online shopping, and the internet of things, etc.

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In addition, the main driving force for market growth is the increasing need for better data storage and management across various vertical sectors, including banking, financial services, insurance (BFSI), retail, I.T., governments; healthcare; manufacturing; and others. In particular, lower solid-state drive costs, higher reliability, other cost-effective advantages of solid-state technology, and longer storage device life will accelerate the growth of the Next Generation Data Storage market.

Increasing demand for cloud storage worldwide will contribute to the growth of the Next-Generation Data Storage market during the forecast period, due to its low cost of deployment and easy availability. It is also anticipated that the increasing demand for input and output devices in each sector and the ever-increasing need to handle, analyze and store these huge amounts of data will boost the next-generation data storage market in the coming year. Additionally, an increase in demand for next-generation data to manage rising file sizes and the huge amount of unstructured data will fuel the global next-generation data storage market in the forecast period.

The Next-Generation Data Storage market segmented into Direct-Attached, Network-Attached, and Cloud dependent upon storage systems. Owing to its cost-effective advantages over traditional storage systems and accessibility to stored data from any location, Cloud dominates the global Next-Generation Data Storage, reducing data portability issues. Network-Attached will activate small and medium-sized businesses with cost-effective data storage solutions.

Based on storage architecture, the next-generation data storage market bifurcated into a file & object-based and block-based. The File & Object-Based segment would lead the global Next-Generation Data Storage market due to the growing volume of data that led to the need for architecture based on files and artifacts.

On the basis of Storage Technology, the Next-Generation Data Storage market globally fragmented into Magnetic Storage, Solid-state Storage, Cloud-based Storage, Holographic, and Hybrid Array. The Cloud-based Storage segment will lead the market by device technology due to low deployment costs and easy accessibility.

The global Next-Generation Data Storage market segmented into BFSI, Retail, I.T., based on the end-user industry. & Telecom, Healthcare, Education, Business, and Media & Entertainment. The BFSI segment will lead the market by End-User Industry due to the installation of on-premise deployment, and the growth in private and hybrid cloud adoption. By implementing next-generation data storage, the government sector will drive better data management, higher productivity, and improved project management and content management in the public sector.

Based on the regional sector, the Next-Generation Data Storage market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Due to increased demand for smartphones and smart devices coupled with the launch of IoT, North America dominates the worlds next-generation data storage market over the forecast period, along with the massive development of social media channels. The Asia Pacific market will witness growth to the rise in low-cost smartphones and tablets, which provides increased potential for the adoption of storage devices of the next generation.

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Leading players of global Next-Generation Data Storage market are Dell Inc., Avago Technologies, EMC Corporation, Hitachi Data Systems, IBM Corporation, NetApp, Inc., Drobo, Inc., Hewlett-Packard Development Company, L.P., HGST, Inc., Fujitsu Ltd., VMware, Inc., NetApp, Inc., Toshiba Corporation, Pure Storage, Inc., Nutanix, Inc., Scality, Tintri, Inc., Cloudian, Inc., Drobo, Inc. Quantum Corporation, Western Digital Corporation, Samsung Electronics, Nexenta Systems, Inc., and Netgear Inc., and Inspur .and Micron Technology Corporation.

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Next-Generation Data Storage Market expected to reach a value of approximately USD 104.3 billion by the year 2025 3w Market News Reports - 3rd Watch...