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Next Generation Storage Devices Market Expected to Reach $141 Billion, By Leading Players Dell, Inc., HPE Company, Hitachi Ltd., IBM Corporation, NetApp, Inc., Nutanix, Inc., Oracle StorageTek, Pure Storage, Inc., Tintri, Inc., and Toshiba Corp.

02-06-2019 06:28 PM CET | IT, New Media & Software

Press release from: Allied Market Research

Next Generation Storage Devices

Next Generation Storage Devices

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.

In 2014, cloud storage system accounted for the maximum revenue share in the global next generation storage devices market, and is expected to grow at the CAGR of 18.0%. Further, software-defined storage system is expected to grow at a considerable growth rate of 17.7%.

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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Next Generation Storage Devices Market Report, published by Allied Market Research, states that the global market was valued at $43 billion in 2015, and is expected to reach $141 billion by 2022. The cloud-based storage segment is expected to dominate the global market. North America accounted for 35% market share in 2014, while the European market is expected to witness significant growth rate during the forecast period.

Next generation storage technology is a high-tech technology that provides improved data storage and management for various industries, such as BFSI, retail, IT & telecommunication, government, healthcare, manufacturing, and others. The market growth is driven by technological advancements, increased smartphone penetration, rise in online transactions, lower cost of cloud computing platforms, and high internet penetration worldwide. However, lack of security provisions in server-based and cloud services, and high initial investment hinder the growth of next generation storage devices market.

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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Growth in Adoption of Solid-State Drives and Cloud Storage

Solid-state drive is an emerging technology that uses electronic chips to store digital data rather than on magnetized materials. It offers numerous advantages over conventional storage devices such as high operational speed, low noise & heat production, less turnaround time, and longer lifespan.

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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