Market Overview
Larger data storage can scale up operations and empower workforces to make better, data-driven decisions. Therefore industrial organizations worldwide, from plants to refineries, are striving to make industrial data actionable. They have adopted new technologies, such as smart sensors, Internet of Things (IoT) connected devices, and cloud & Industrial AI.
The next generation data storage technologies market is growing at a rapid pace, mainly due to the growing demand from the BFSI sectors. BFSIs are rapidly adopting next-generation data storage technologies for growth, providing major opportunities for market growth. 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. With advances in data storage technologies, the market value is projected to escalate further.
In this regard, Market Research Future (MRFR) asserts that the global next generation data storage technologies market would generate a substantial revenue pocket by 2027, growing at a phenomenal CAGR during the assessment period (2020 – 2027). Big data has become important for every organization due to the increased adoption of data analytics, making storage challenges larger in scale.
Resultantly, the demand for next generation data storage solutions is rising exponentially, boosting the market size. 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 analysis 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 enterprises, 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 - Geographical Analysis
Globally, North America is the leading market for next generation data storage technologies. The region is known for its futuristic storage technologies, which impact the market growth positively. Besides, the strong presence of key solution providers, such as Dell, IBM, and Nutanix, boosts next generation data storage technologies industry size. The wide adoption of these technologies and IoT in several industries and small & medium enterprises drive the data storage market growth.
Europe is the second-largest market for next generation data storage technologies. Factors such as the increasing adoption of on-demand cloud services influence market growth. 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 Landscape
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 active in the next generation data storage technologies market include Dell Inc. (US), VMware, Inc. (US), IBM Corporation (US), Hewlett-Packard Development Company (US), Micron Technology Inc. (US), Sandisk Corporation (US), Nutanix (US), Toshiba Corporation (Japan), Quantum Corporation (US), and NetApp, Inc. (US), among others.
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Industry/ Innovation/ Related News
May 24, 2021 --- Taos Data, a leading global IoT big data platform developer, announced the completion of a US$47 million Series B financing round. The financing proceeds would be used for technology development and market expansion. The company focuses on storage, query, analysis, and computation of time-series big data, relying on any open source or third-party software.
Taos Data has independently developed the proprietary IoT big data platform TDengine, which features high performance, scalability, high reliability, and zero management, outperforming other time-series databases by at least ten times in terms of insert/query performance.
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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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