The global next-generation storage market was valued at USD 3.32 billion in 2017 and is expected to reach a value of USD 19.36 billion by 2023 at a CAGR of 34.11% over the forecast period of 2018–2023. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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, which have also led to the rapid increase in the internet data traffic. Data is being generated by almost all kinds of devices, which include sensors, RFID tags, PCs, supercomputers, supercolliders, and other IoT devices. The rapid switch from analog to digital technologies copulated with a large amount of data generated by people, as well as, the corporations are fuelling the global data growth. This has brought about a radical change in the storage industry, resulting in the development of newer storage technologies to keep up with the speed of growing data volumes.
At the current pace, IT as a service will serve more than half of IT spending by 2021–2022. Cloud computing proceeds to increase at rates much higher than IT spending, as IT transfers its workloads to the cloud, which is anticipated to provide ample opportunities for the expansion of data storage services, especially for next-generation storage, with increased adoption of Big Data and rise in data traffic. Thus, the market for next-generation storage technology is all set to move into the IT sector with an extensive range of applications across Big Data storage, enterprise data storage, and other cloud-based services.
Retail Sector to Drive the Market
Retailers are embracing the data-first strategy towards understanding the buying behavior of their customers, mapping them to products, and planning marketing strategies to sell their products to register increased profits. Growth in data is urging modern-day retailers to move increasing amounts of data to the cloud in order to take advantage of the cloud’s 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. For instance, Home Depot is using Big Data to tailor each shopping experience, from the marketing to the purchase, to the individual customer's wants and needs. Cutting-edge, cloud-based infrastructures are thus, enabling retailers to enhance storage capabilities, improve data management practices, and satisfy the rising demand for data storage, which is boosting the overall market.
North America to Hold Major Share
The North American government agencies are moving to cloud computing and away from their data centers faster than private corporations, boosting the need for advanced and secure data storage methods. The US-based organizations are expected to spend over USD 1.97 million for cloud adoption in 2017, as compared to USD 1.5 million for non-US-based organizations. This will generate demand for data storage in the region. Furthermore, major vendors like IBM, Dell, HP are all based out of North America, providing the region, specifically the United States, with a major advantage over other regions. Data stored in global data centers in the United States is expected to increase by five-fold to reach 915 Exabyte by 2020, for which Cisco, a US-based company, announced technology innovations for next-generation storage networking that will help customers access, manage, and automate stored data to enable digital business goals better.
Key Developments in the Market
- November 2017: Dell EMC expanded its market-leading midrange storage portfolio with new SC all-flash appliances offering premium performance and data services to help accelerate data center modernization.
- October 2017: IBM Corporation had sweeping advances in its all-flash storage solutions and software. New ultra-dense FlashSystem array, New Spectrum Virtualize software, and the cloud-based software beta program will drive down the costs of data significantly and extended its solutions for hybrid and private cloud environments.
The major players include International Business Machines Corporation (IBM), Toshiba Corporation, VMware, Inc., Dell Inc., EMC Corporation, NetApp, Inc., Nutanix, Quantum Corporation, SanDisk Corporation, Hitachi Data Systems, HP Enterprise, Data Robotics, SimpliVity Corporation, Symantec Corporation, and Tintri, Inc., among others.
Reasons to Purchase the Report
- Impact of opportunities offered by growing IP traffic trends such as smartphones, internet gaming, augmented and virtual reality, and video surveillance.
- Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Regional analysis of the market.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3-month analyst support along with the Market Estimate sheet (in Excel).
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1.1 Scope of the Study
1.2 Executive Summary
2. Research Approach and Methodology
2.1 Key Deliverables of the Study
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases
3. Market Insights
3.2.1 Increasing Volume of Digital Data
3.2.2 Growing Adoption of Solid-state Devices
3.2.3 Increasing Proliferation of Smartphones, Laptops, and Tablets
3.3.1 Lack of Data Security in Cloud and Server-Based Services
3.4 Industry Value Chain Analysis
3.5 Industry Attractiveness – Porter's Five Forces Analysis
3.5.1 Bargaining Power of Suppliers
3.5.2 Bargaining Power of Consumers
3.5.3 Threat of New Entrants
3.5.4 Threat of Substitute Products and Services
3.5.5 Competitive Rivalry among Existing Competitors
4. Market Segmentation
4.1 By Storage System
4.1.1 Direct-attached Storage
4.1.2 Network-attached Storage
4.1.3 Cloud Storage
4.1.4 Unified Storage
4.1.5 Storage Area Network
4.1.6 Software-defined Storage
4.2 By Storage Architechture
4.2.1 File- and Object-based Storage
4.2.2 Block Storage
4.3 By Storage Technology
4.3.1 Magnetic Storage
4.3.2 Solid State Storage
4.4 By End-user Industry
4.4.3 IT & Telecom
4.4.6 Media & Entertainment
4.5 By Region
4.5.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
4.5.4 Latin America
126.96.36.199 Rest of Latin America
4.5.5 Middle East & Africa
188.8.131.52 United Arab Emirates
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East & Africa
5. Competitive Intelligence – Company Profiles
5.1 Data Robotics
5.2 Dell, Inc.
5.3 EMC Corporation
5.4 Hitachi Data Systems
5.5 HP Enterprise
5.6 International Business Machines Corporation (IBM)
5.7 NetApp, Inc.
5.9 Quantum Corporation
5.10 SanDisk Corporation
5.11 SimpliVity Corporation
5.12 Symantec Corporation
5.13 Tintri, Inc.
5.14 Toshiba Corporation
5.15 VMware, Inc.
*List not Exhaustive
6. Investment Analysis
7. Future of the Market