Mobility and digitalization fuelling Next Generation data storage
The Global Next Generation Data Storage Market size is expected to reach $106.3 billion by 2024, according to a new report by KBV Research.
The report says the market size is rising at a growth of of 12.9% CAGR, and the increasing trend in mobility and digitalization is fuelling the growth of the Next Generation data storage market.
The North America market would dominate the Global Next-Generation Data Storage File & Object-Based Storage Market by Region by 2024, growing at a CAGR of 10.5%, according to the report. The growing volume of unstructured data in various industries has led to a growing demand for safe, reliable and economical storage facilities in North America.
The Europe market is expected to witness a CAGR of 11.1% during 2018-2024. Additionally, the Asia Pacific market is expected to witness a CAGR of 13.9% during 2018-2024.
The Storage Area Network market dominated the Global Next-Generation Data Storage Market by Storage System 2017. Along with a large chunk of companies utilizing cloud-based services to store their data with virtual servers, various companies are focusing upon expanding their storage capacities beyond the existing infrastructural capabilities, the report explains.
SAN technology is extensively used by cloud technology makers, owing to its ability of connecting large numbers of servers to storage devices. The Direct-Attached Storage market is expected to witness a CAGR of 12.5% during 2018-2024. Additionally, The Network-Attached Storage market is expected to witness highest CAGR of 14.8% during the forecast period.
The report says the HDD market dominated the Global Next-Generation Data Storage Market by Storage Medium 2017, growing at a CAGR of 11.5%. The SSD market is expected to witness a CAGR of 13.7%. Additionally, the Tape market is expected to witness CAGR of 14.1%.