Next Generation Storage Devices Market Escalates with an Improved Revenue Growth by 2022

Next Generation Storage Technology is a state-of-the-art technology that caters to the growing need for improved data storage and management across various industry verticals, including banking, financial services, insurance (BFSI); retail; IT & telecommunication; government; healthcare; manufacturing; and others. Reduction in prices of solid-state drives, higher functionality, other cost-effective benefits of the solid-state technology, and longer lifespan of the storage devices are anticipated to boost the growth for the next generation storage devices market.

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Increase in need for better data storage and management among various enterprises, rise in adoption of cloud computing, innovation in storage technology, and continuous increment in unstructured data are major driving factors of the next generation storage devices industry. However, high investment costs, intense competition, and resistance in variation of existing systems limit the market growth. Further, cloud-based storage and solid-state storage are expected to gain significant adoption in near future, owing to their declining costs and high performance.

The cloud-based storage segment dominated the global next generation storage devices industry in 2014, with around 38% share. However, the solid-state storage technology is gaining momentum, owing to its various advantages such as high performance and low noise creation over conventional data storage devices. Cloud-based storage is expected to grow at the highest CAGR of 18.7% during the forecast period, followed by solid-state storage.

The BFSI and IT & telecommunication segments collectively accounted for around 35% share of the total market revenue in 2014, while the government segment is anticipated to grow at the highest CAGR of 18.1%. The BFSI next-generation storage devices market is expected to grow at the second highest CAGR of 17.8%, owing to surge in digitization, increase in online banking activities, and rise in adoption of private and hybrid cloud in the sector.

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Key Findings of the Next Generation Storage Devices Market:
• The cloud-based storage segment dominated the overall next generation storage devices market, in terms of revenue, and is projected to grow at a CAGR of 18.7% during the forecast period.
• The cloud storage system segment dominated the global next generation storage devices market in 2014, and is anticipated to grow at the highest CAGR.
• The software-defined storage segment is expected to grow at the second highest growth rate of 17.7%.
IT & telecommunication generated the highest revenue in 2014, while the government sector is estimated to grow at the highest growth rate of 18.1%.
• In 2014, North America was the dominant region, while Europe is projected to grow at the highest CAGR, with rest of Europe market being the major contributor.

Key players operating in the next generation storage devices market include Dell, Inc., HPE Company, Hitachi Ltd., IBM Corporation, NetApp, Inc., Nutanix, Inc., Oracle StorageTek, Pure Storage, Inc., Tintri, Inc., and Toshiba Corp.

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