Next-Generation Data Storage Market - Forecasts from 2021 to 2026

The next-generation data storage market is evaluated at US$44.159 billion for the year 2019 and is estimated to grow at a CAGR of 22.02% reaching a market size of US$177.878 billion by the year 2026. Growth in cloud computing and smart technologies among others is anticipated to be the major driver for the growth of the next-generation data storage market during the forecast period. Also, the rise in the number of internet users and the growing use of laptops and smartphones is expected to boost the market growth in the coming years. The huge amount of data being generated needs to be accessed easily and analyzed for enhancing the user experience. Enterprises across different industry verticals are increasingly investing in these technologies to gain a competitive advantage while optimizing business process efficiency, which is projected to surge the market growth during the assessment period.

The recent outbreak of the novel coronavirus disease had a positive impact on the next-generation data storage market. The pandemic led to a surge in the cloud computing market as work-from-home policies implemented by a large number of organizations led to the generation of an enormous amount of data. This provided a boost to the next-generation data storage market during the pandemic. Also, the use of laptops and smartphones elevated in the year 2020, which further surged the market growth. As the pandemic has provided a push for digitalization, the need for increased data storage is expected to continue and is projected to bolster the growth of the next-generation data storage market in the coming years.

A growing number of internet users.

One of the key factors supplementing the next-generation data storage market growth includes the increasing number of people using the internet around the globe. With the rise in internet users, a huge amount of data is being produced which is prompting the use of next-generation data storage for storing the enormous amount of data safely. According to International Telecommunication Union (ITU), 28.7% of the population of the world were internet users in 2010 which increased to 41.5% in 2015 and further increased to 51% in 2019. Also, there were 553 million people in the world who had fixed broadband subscriptions in 2010 which rose to 841 million in 2015 and further rose to 1.13 billion in 2019. With the rise in digitalization, the number of people using the internet has been increasing at an even greater pace. As per the Telecom Regulatory Authority of India, the average wireless data usage per wireless data subscriber was 11 GB per month in India in FY20 and is expected to reach 18 GB by 2024. In June 2020, NTIA, United States Department of Commerce, showed in its report that around 80% population in America was using the internet by November 2019, and are increasingly using a larger and more varied range of devices. The trend of rising internet users is expected to continue which is projected to boost the market growth during the forecast period.

Rise of cloud computing.

A large number of organizations are switching to cloud computing which is anticipated to have a positive impact on the next generation data storage market during the forecast period. Cloud computing allows companies to store huge amounts of data without the need of setting up an IT infrastructure themselves, which saves the companies cost and time. It allows the companies to focus completely on their core business, as the cloud computing is provided by third parties, reducing the cost of managing and maintaining the IT systems, which is leading to rising demand for cloud computing and hence is anticipated to propel the growth of the next-generation data storage market in the coming years. In June 2021, Ferrari entered into an agreement with Amazon Web Services (AWS) and made it its official cloud provider. As per Ferrari, the move was taken to transform it into a data-driven organization that utilizes the power of technology for upgrading its products and customer engagements, along with also being able to provide better driving experiences. Similarly, more and more companies are adopting cloud computing for upgrading their businesses, which is one of the prominent factors anticipated to drive market growth in the coming years.

North America to hold a significant market share.

Geographically, the North American region is anticipated to hold a significant market share owing to the presence of a technologically advanced IT infrastructure and the region, especially the United States, being an early adopter of advanced data storage technologies. The Asia Pacific region is anticipated to witness substantial growth during the forecast period due to rising investments in cloud computing. China, specifically, is making huge investments in cloud computing. According to CAICT, the cloud computing market in China is projected to increase 1.8 times between 2019 and 2023, reaching a market size of 375.42 billion yuan by 2023. Moreover, a rise in the number of laptops and smartphones is further anticipated to propel market growth in the Asia Pacific region.

Segmentation:

By Storage System

• Direct Attached Storage (DAS)
• Storage Area Network (SAN)
• Network Attached Storage (NAS)

By Storage Architecture

• File and Object-based Storage (FOBS)
• Block Storage

By End-Use Industry

• IT and Telecom
• Retail
• Government
• BFSI
• Healthcare
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others