The next-generation data storage technologies market will touch USD 149 billion at a whopping 19% CAGR between the forecast period 2016- 2022, states the recent Market Research Future (MRFR) analysis. Next-generation storage technology comprises technologically advanced data storage solutions and products to handle with increasing file sizes and an increased amount of unstructured data. It manages large data securely and allows fast, secure, and reliable data recovery in a cost-effective manner.
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Various factors are propelling the next-generation data storage technologies market growth. According to the recent MRFR report, such factors include the massive growth of digital data volume, proliferated use of tablets, laptops, and smartphones, rising penetration of high-end cloud computing, growth of the IoT market, the ubiquity of output and input devices in each sector, need to manage, analyze, and store huge amount of data, technological advancements, and growing demand for advanced time-saving technologies such as internet of things, online shopping, smart technologies, and automated systems.
On the contrary, a high level of data consistency, lack of security, restore and repair issues, technological complexity, and the COVID-19 impact are factors that may limit the next-generation data storage technologies market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global next-generation data storage technologies market based on solution, memory, and type.
By type, the global next-generation data storage technologies market is segmented into optical storage, software defined storage (SDS), hybrid storage arrays, cloud-based storage service, magnetic storage, all flash arrays, and others.
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By memory, the next-generation data storage technologies market is segmented into hybrid memory, racetrack memory, 3D chip memory, phase change memory, atomic scale magnetic memory, and others.
By solution, the next-generation data storage technologies market is segmented into computing devices, cloud services, big data storage, enterprise data storage, and others. Of these, the enterprise data storage solution segment will lead the market over the forecast period.
By region, the next-generation data storage technologies market report covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will have the lion's share in the market over the forecast period. The presence of global players, growing input-output devices, the rising volume of unstructured data across different industries, rapid technological advances, and demand for cost-effective, reliable, and secure storage infrastructure are adding to the global next-generation data storage technologies market growth in the region. Additional factors adding market growth include the speedy growth of technology and early adoption of advanced technologies.
In Europe, the global next-generation data storage technologies market is predicted to hold the second-largest share over the forecast period.
In the APAC region, the global next-generation data storage technologies market is predicted to have healthy growth over the forecast period. The growing economy of China and India inviting global players, speedily increasing and vast consumption of smartphone users, rise in low-cost smartphones, wearable devices, and low-cost tablets, growing demand for data storage in SMEs, and initiatives by the government for multimillion-dollar technology investments in different business verticals are adding to the global next-generation data storage technologies market growth in the region.
In the RoW, the next-generation data storage technologies market is predicted to have sound growth over the forecast period.
Top industry players profiled in the global next-generation data storage technologies market report include Quantum Corporation (U.S.), Toshiba Corporation (Japan), NetApp, Inc. (U.S.), Nutanix (U.S.), Micron Technology Inc. (U.S.), Sandisk Corporation (U.S.), Hewlett-Packard Development Company (U.S.), VMware, Inc. (U.S.), IBM Corporation (U.S), and Dell Inc. (U.S.).
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