Next Generation Data Storage Technologies Market: Present Scenario and the Growth Prospects with Forecast 2024

Next generation data storage technology includes technologically advanced data storage products and solutions to deal with increasing file sizes and huge amount of unstructured data. The next generation data storage technology manages large data securely and enables reliable, secure and fast recovery of data in a cost-efficient manner. It has enabled scalable storage and handling of large data generated by big enterprises.

The factors favoring the growth of the next generation storage technologies market include ubiquity of input and output devices in every sector and the ever-increasing need for managing, analyzing and storing huge amount of data. Consequently, the demand for next generation data technologies is expected to increase at a quick rate over the forecast period. This growth is expected to be backed by the growing demand for advanced time saving technologies including automated systems, smart technologies, online shopping, and internet of things etc. which require handling of large data generated by the enterprises.

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There are various challenges restraining the growth of the next generation data storages technologies market. This includes technological complexity, repair and restore issues, lack of security etc. Furthermore, high level of data consistency is required in the data storage. Future growth in the market is projected to come from emerging need for data storage in small and medium enterprises.

The next generation data storage technologies market is segmented on the basis of technology and application. By technology, the market is classified as into all-flash storage arrays, hybrid array, cloud based disaster recovery, holographic data storage and heat assisted magnetic recording. Of these, hybrid array is a form of hierarchical storage management contains solid state drives and hard disk drives for input and output speed improvements. Holographic data storage is the high capacity data storage technology whereas hybrid array and all flash array are standard data storage techniques.

By application, next generation data storage technologies market is divided into the enterprise data storage, big data storage and cloud based storage.

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North America is the dominating the next generation data storage technologies market. The Asian Pacific countries including China, Japan and India are expected to grow at a significant rate as compared to other regions. The presence of a large number of IT industries in the Asia Pacific region is one of the key factor driving growth of the next generation data storage technologies market in the region. Asia Pacific countries are speculated to make huge investments in the data storage sector to provide their existing infrastructures with new data storage technologies and solutions to improve the production process. Japan, which is one of the technology advanced nations, is anticipated to be a big market for next generation data storage technologies. The country is already using these data storage technology across its various industry verticals

Some of the key players in the next generation data technology market are Dell Inc., Avago Technologies, EMC Corporation, Hewlett-Packard Development Company, L.P., HGST, Inc., - Hitachi Data Systems, IBM Corporation, NetApp, Inc., Avago Technologies, Drobo, Inc. and Micron Technology Corporation.

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