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Next-generation Storage Market - Growth, Trends, and Forecast (2019 - 2024)

The Next-generation Storage Market is Segmented by Storage System (Direct Attached, Network Attached, Storage Area Network), Storage Architecture (File and Object-based, Block), End-user Industry (BFSI, Retail, IT and Telecom), and Geography.

Market Snapshot

next generation storage market
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

11.4%

Key Players:

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Market Overview

The next-generation storage market was valued at USD 21.55 billion in 2018 and is expected to reach a value of USD 40.80 billion by 2024, registering a CAGR of 11.4%, during the forecast period (2019 - 2024). With the sizeable and exponential growth in the digital world, there has been an accelerating development in the field of cloud computing, Big Data, mobile services, and social networking applications.

  • The conventional data storage technologies are not able to handle a large amount of everyday data. The next-generation data storage infrastructure offers a reliable, faster, and cost-effective solution to meet the demands of growing data storage.
  • Next-generation data storage has emerged as an essential technology because everything used today generates data. For instance, wearable electronics, games, movies, advertisements, i.e., almost all generate data. Next-generation storage technologies are used to save and retrieve data more efficiently.
  • Moreover, the growing e-commerce industry, digitization of day-to-day activities, and rising volume of media data transfer are anticipated to impact the growth of the market positively. For instance, the US Department of Commerce estimates that consumers spent USD 513.61 billion online in 2018, up by 14.2% from 2017.

Scope of the Report

Next-generation storage technology deals with an advanced portfolio of products and solutions, which helps to store data across various end-user industries that include IT firms, automotive companies, data centers, among others. 

By Storage System
Direct Attached Storage (DAS)
Network Attached Storage (NAS)
Storage Area Network (SAN)
By Storage Architecture
File and Object-based Storage (FOBS)
Block Storage
By End-user Industry
BFSI
Retail
IT and Telecom
Healthcare
Media and Entertainment
Other End-user Industries
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key Market Trends

Retail Sector to Witness Significant Growth

  • Growth in data is urging modern-day retailers to move increasing amounts of data to the cloud to take advantage of the clouds storage capabilities and accessibility. By investing in innovative cloud technologies, retailers can leverage Big Data to reduce operating costs, produce sales, and improve customer relationships. 
  • As the volume of retail data skyrockets, brands are relying more on the flexibility, scalability, and cost-effectiveness of the cloud. Combining cloud storage and Big Data analytics is enabling retailers to exploit reliable, real-time access across all channels, fuel data-driven decision-making from the C-Suite to the sales floor, and allocate IT resources for enhancing the customer experience across the e-commerce segment.
  • Improved storage capabilities is also enabling retailers to more efficiently manage one of their most important assets, that is their customer data. For instance, Hallmark Cards, a USD 4 billion company, sells greeting cards and other products in nearly 40,000 stores worldwide. Armed with a Retail-as-a-Service solution that runs in a private cloud, Hallmark and its independent retail partners can conduct real-time tracking, including stock availability, store orders, and shipping details for customers.
next generation storage market

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North America Occupies the Largest Market Share

  • The growing internet traffic and user-generated data is one of the reasons which is contributing to the growth of the market and the North American region observes highest amount of IP traffic globally. According to CISCO, the region's IP traffic is expected to reach 108.4 EB per month by 2022 at a CAGR of 21%.
  • The region holds a significant smart retail market share, which generates huge amount of data, in turn, creating the demand for storage solutions. According to the US Census Bureau, the country recorded USD 146.2 billion retail e-commerce sales during the second quarter of 2019.
  • The shift in business strategy is driving the BFSI industry to adopt and innovate its services as well. Banking service providers across the world are adopting cloud storage solutions. According to American Bankers Association, majority of the new core banking projects launched by 2020 will be on the cloud.
next generation storage market

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Competitive Landscape

The next-generation storage market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with innovation in the memory packaging technology, many of the companies are increasing their market presence across untapped new markets of the emerging economies.

  • June 2019 - Dell EMC announced its upcoming mid-range storage refresh, “Midrange.next”. Midrange.next is expected to replace Dell’s mid-range storage line, which includes its Unity platform, the Dell EMC SC series, and Dell’s EqualLogic products. The new architecture is expected to be a new ground-up architecture designed to leverage the best of modern storage technology.
  • June 2019 - NetApp announced new solutions and services that allows customers to adopt and consume cloud on their own terms. With this announcement, NetApp is delivering a hybrid multicloud experience that includes the availability of NetApp cloud data services on NetApp HCI.

Major Players

  1. Dell Inc.
  2. Hewlett Packard Enterprise Company
  3. NetApp Inc.
  4. Hitachi Ltd
  5. IBM Corporation

* Complete list of players covered available in the table of contents below

next generation storage market

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Increasing Volume of Digital Data

      2. 4.3.2 Rising Adoption of Solid-state Devices

      3. 4.3.3 Increasing Proliferation of Smartphones, Laptops, and Tablets

    4. 4.4 Market Restraints

      1. 4.4.1 Lack of Data Security in Cloud- and Server-based Services

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. TECHNOLOGY SNAPSHOT

    1. 5.1 Magnetic Storage

    2. 5.2 Solid State Storage

    3. 5.3 Software Defined Storage (SDS)

    4. 5.4 Cloud Storage

    5. 5.5 Unified Storage

    6. 5.6 Other Storage Technologies

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Storage System

      1. 6.1.1 Direct Attached Storage (DAS)

      2. 6.1.2 Network Attached Storage (NAS)

      3. 6.1.3 Storage Area Network (SAN)

    2. 6.2 By Storage Architecture

      1. 6.2.1 File and Object-based Storage (FOBS)

      2. 6.2.2 Block Storage

    3. 6.3 By End-user Industry

      1. 6.3.1 BFSI

      2. 6.3.2 Retail

      3. 6.3.3 IT and Telecom

      4. 6.3.4 Healthcare

      5. 6.3.5 Media and Entertainment

      6. 6.3.6 Other End-user Industries

    4. 6.4 Geography

      1. 6.4.1 North America

      2. 6.4.2 Europe

      3. 6.4.3 Asia-Pacific

      4. 6.4.4 Latin America

      5. 6.4.5 Middle East & Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Dell Inc.

      2. 7.1.2 Hewlett Packard Enterprise Company

      3. 7.1.3 NetApp Inc.

      4. 7.1.4 Hitachi Ltd

      5. 7.1.5 IBM Corporation

      6. 7.1.6 Toshiba Corp.

      7. 7.1.7 Pure Storage Inc.

      8. 7.1.8 DataDirect Networks.

      9. 7.1.9 Scality Inc.

      10. 7.1.10 Fujitsu Ltd.

      11. 7.1.11 Netgear Inc.

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

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