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Next-Generation Data Storage Systems Market worth 144.76 Billion USD by 2022

Wednesday, January 11, 2017 23:32
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According to the new research report Next-Generation Data Storage Market by System (Direct-Attached, Network-Attached, Storage Area Network, Software-defined, Cloud, Unified), Architecture (File, Object, Block), Technology (Magnetic, Solid-State), and Industry – Global Forecast to 2022″, the next-generation data storage market is expected to be valued at USD 144.76 Billion by 2022, at a CAGR of 16.76% between 2016 and 2022. The growth of this market is mainly driven by the increasing volume of digital data, increasing proliferation of smartphones, laptops, and tablets, and growth of the Internet of Things (IoT) market.

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Direct-attached storage (DAS) market held the largest size in 2015

DAS is the oldest storage system and offers convenient data storage solution. DAS offers simplicity and low-cost solution compared to any other storages. Network-attached storage (NAS) is the second-largest market by size after DAS in the next-generation data storage market. The key feature of NAS is the ability to provide multiple-client access to the same file. NAS devices also offer vertical and horizontal scalability. Such solutions are mostly used by enterprises where data security is of prime importance.

Market for solid-state storage expected to grow at the highest rate during the forecast period

Solid-state drives (SSDs) are one of the fastest and most reliable media for storing data. These drives do not contain any movable parts and use microchips to store data. Due to the non-moving parts, the data stored on these devices is more secured. Availability of hybrid flash arrays is driving the growth of solid-state devices where converged solution for conventional and flash storage is available.

North America accounted for the largest share of the next-generation data storage market in 2015

North America, being the early adopter of advanced data storage technologies, captures largest share of the next-generation data storage market. Every industry in North America is being digitized and demands advanced data storage solutions. Enterprises in America are increasing their spending on IT infrastructure to gain competitive advantage and increase their business productivity.

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The key players in this market include HPE Company (U.S.), NetApp, Inc. (U.S.), IBM Corp. (U.S.), Hitachi Ltd. (Japan), and Dell Inc. (U.S.)

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