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Report Snapshots
Next-Generation Data Storage Market-Competitive Analysis, Opportunity & Forecast, 2027

Global Next-Generation Data Storage Market Size By Storage System [Direct Attached, Network Attached, Cloud Storage, Storage Area Network, Unified Storage, Software-defined Storage], By Technology [Solid State Drive, Hard Disk Drive, Magnetic Tapes, Floppy Disks], By Type[Local, Hybrid], By End User [BFSI, Retail, Healthcare, Government, Others], By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Forecast & Opportunities, 2020-2027

Market Overview

Global Next-Generation Data Storage market is expected to reach over $105 billion by 2027 due to the increasingly data-driven world and rising IoT.

Global next-generation data storage refers to a device where the data are archived in electronic format. With the rise in digitization and internet penetration data has become the new oil. Reliable data storage solutions with a long life have been increasingly sought by business enterprises and consumers. 

Digitization of information and increasing use of smartphones, laptops, and tablets is enormously contributing to the growth of the next-generation data storage market. Moreover, there is an increasing demand for updated data storage solutions in various industries such as healthcare, retail, and BFSI, which leads to the need for effective data storing devices.

Increasing internet penetration, advancements in technology like IoT, digitalization and increasing volume of data transfers are the key factors to drive the market to grow. 

Market Segmentation

Global Next-Generation Data Storage Market can be segmented into Storage system, Technology, Type and Region. 

By Storage System, Global Next-Generation Data Storage Market can be segmented into Direct Attached, Network Attached, Cloud Storage, Storage Area Network, Unified Storage, Software-defined Storage. The direct-attached storage system is leading the market with its largest market share and it is expected to grow significantly during the forecasted period 2020-27. It is of low cost and it can be connected to PC, Laptops to access information storage. It is mostly used by small and medium scale business due to its low cost and simple access features. 

By Technology, Global Next-Generation Data Storage Market can be categorized into Solid State Drive, Hard Disk Drive, Magnetic Tapes and Floppy Disks. The Hard disk drive segment dominates the global market with its largest market share due to its easy availability and lack of rivalry. The solid-state drive is expected to grow significantly during the forecasted period of 2020-27. It is due to its long lifespan, safer data encryption, and low energy consumption. 

By Type, Global Next-Generation Data Storage Market can be segmented into Local, Hybrid. The local or on-premise storage segment dominates the global market with its largest market share due to its backup capability and cost-effectiveness.

By End User, Global Next-Generation Data Storage Market can be divided into BFSI, Retail, Healthcare, Government and Others. The healthcare segment leads the market with its largest market share. It is due to the increasing use of storage systems to store important patient records, procedures and other data related to operations and services. The government segment is expected to grow highest during the forecasted period of 2020-27. It is due to the increasing adoption of the latest technology in governance to improve quality and reduce costs.

By Region, Global Next-Generation Data Storage Market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Regional Analysis

Regionally, the North American Next-generation data storage market dominates the world market with its largest market. It is due to rapid technological advancement and availability of enormous unstructured data of various industries that have influenced the data storage market to grow in this region. Moreover, there is an increasing demand for reliable, secure and cost-efficient data storage systems in North America.

The Asia-pacific next-generation data storage market is expected to grow significantly during the forecasted period of 2020-27. It is due to an increasing demand for consumer electronics and rising disposable income.

Competitor Analysis

The key players in the global next-generation data storage market are Hewlett Packard Enterprise Company, NetApp, Inc., Dell Inc., Hitachi, Ltd., Toshiba Corporation, International Business Machines Corporation, Pure Storage, Scality, Nutanix, Micron Technology, Cloudian, Tintri, Quantum Corporation, Drobo, Western Digital Corporation, Fujitsu Ltd, Samsung Electronics, VMware, Netgear, Nexenta Systems and Inspur. 

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