Next Generation Data Storage Technology Market is Expected to Reach $23.11 Billion by 2025
Browse 57 Market Tables, 108 Figures spread through 225 Pages and an in-depth TOC on “Next Generation Data Storage Technology Market”
With the huge exponential growth of the digital universe, there has been an accelerating increase in the field of cloud computing, mobile services, Big Data and social networking applications. Data is being generated by almost all kinds of devices which include RFID tags, sensors, PCs, supercomputers, supercolliders and other IoT devices. The rapid switch from analog to digital technologies coupled with the massive amount of data generated by individuals as well as the corporations are fuelling the global data growth. This has brought about a revolutionary change in the storage industry, resulting in the evolution of newer storage technologies to keep up with the pace of growing data volumes. The existing data storage technologies are improved to handle large data sets generated by the enterprises. These storage infrastructures offer faster, reliable, secure, scalable and cost-efficient solutions that are extensively being rafted to complex business environments and enterprises to meet the demands of growing data storage to attain fast and efficient retrieval of information.
According to a recent study from IndustryARC, the Next Generation Storage Technology market report is forecast to reach $23.11 billion by 2025 and is estimated to grow at a CAGR of 15%. The market is estimated to cross the $10 billion mark by 2020 at a CAGR of 10.6% and will accelerate in period 2021 -2025. The growth in the next generation storage technology devices can be attributed to the increase in demand for the storage devices set by the IT firms and other industries to meet the production target. While the market for next generation storage technologies is estimated to reach $23.1 billion by 2025, the market revenue for chips which are used in such technology based solutions is estimated to reach around $4.6 billion during the same forecast period.
Information Technology and Telecommunications Companies to be the First Adopters and Market Growth Drivers
The market for Next Generation Storage Technology are all set to propel into the Information Technology sector with a broad range of application across big data storage, enterprise data storage and other cloud based services. The use of cloud based services and the adoption of hybrid cloud across all large enterprises as well as small and medium-sized businesses is perceived to propel in the coming years on the back of the initiatives towards a digitized world. Moreover, the IT infrastructure across enterprises is not modernized globally, which has brought about a setback in the Next Generation Storage Technology market. The enterprises cannot figure out their exact storage requirements which have further posed a threat to the adaption of next generation storage technology devices.
Americas registered highest revenues in the next generation data storage technology market in 2015 acquiring 41% of the market share in terms of total sales. The Asia Pacific market for the next generation storage technology devices is forecast to witness high rate of adaptation compared to other regions. The presence of a large number of IT industries in the APAC is one of the key factors driving the growth of the Next Generation Storage Technology market.
China, Japan, South Korea, India and South East Asia countries are speculated to make huge investments in the data storage sector by 2025 to equip their existing infrastructures with new storage technologies and solutions to improvise the production process and achieve set targets. Japan, being one of the technology advanced nations is a big market for Next Generation Storage Technology devices and is currently using these devices across all sorts of industry verticals at a higher scale. China and South Korea are the mature markets but the next generation storage technology devices shipments are projected to surge as the countries are shifting towards high-scale adoption of cloud-based services and data-centric applications.
The Major Players in this Market Include:
- EMC Corporation
- NetApp, Inc.
- Hitachi Data Systems
Next Generation Storage Technology manufacturers have utilized mergers and acquisitions as well as product launches to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.
Next Generation Storage Technology Report provides detailed analysis of the various storage categories, storage memory devices, storage technologies, storage applications and the varied end-user industry verticals.
The Next Generation Storage Technology Market has been analyzed by the following storage technologies in the Report:
- All Flash Arrays/ Solid State Drives
- Magnetic Storage
- Cloud based storage
- Hybrid Storage Arrays
- Network attached storage
- Software Defined Storage (SDS)
- Optical Storage
- Object Storage
- Unified Storage
- Holographic Storage
- DNA Storage
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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