Next Generation Storage Devices Market Predicted to $141 billion by 2022

The Objective of the Next Generation Storage Devices Market report is to depict the trends and upcoming for Next Generation Storage Devices Industry over the forecast years. Next Generation Storage Devices Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2016 to 2022 mulling over 2015 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

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%.

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.

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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.

North America accounted for 35% market share in 2014, while the European market is expected to witness significant growth rate during the forecast period.

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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.

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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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