Next-Gen Data Storage Market Estimated to Reach $102.2B by 2024

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The next-generation data storage market is estimated to grow from $56.8 billion by 2019 to $102.2 billion by 2024 at a CAGR of 12.48%. The major drivers for this market include the massive growth in digital data volume; proliferated use of smartphones, laptops, and tablets; growth of the IoT market; and increasing penetration of high-end cloud computing. However, the breach in data security in cloud and server-based services, and less structured data are the major restraints for the growth of the next-generation data storage market.

Market for SSD to Grow at Highest CAGR during Forecast Period

SSD is expected to hold the largest share of the next-generation data storage market by 2024.The rapidly growing volumes of data being generated from various users are raising the storage demand on datacenters.

In addition to the connected users, machines such as autonomous cars and connected planes generate a greater volume of content; this is also leading to the increased demand for storage capacity.In the past few years, SSD capacities have surpassed HDD capacities.

Moreover, the price of SSDs has also declined to a great extent in these years, which has increased their adoption in various industries.

Enterprises to Hold Largest Share of Next-Generation Data Storage Market by 2024

Enterprises is expected to hold the largest share of the next-generation data storage market by 2024.The increased data transfer speeds offered by the advanced data storage devices help the companies manage heavy workloads with high reliability and efficiency.

With the rise in Big Data and IoT, enterprises datacenters are growing rapidly to process and store more information; this is contributing to the next-generation data storage market.

RoW to Record Highest CAGR in Market during Forecast Period

RoW is expected to register the highest CAGR in the next-generation data storage market during the forecast period.The increase in the demand for smartphones and smart devices, as a result of the introduction of IoT, along with massive development in social media channels has raised the need for storage in this region.

Several countries—including the UAE, Bahrain, and Qatar—are leading the digital consumer space in the region, with high smartphone adoption rates and social media usage. Moreover, the biggest oil companies in the Gulf Cooperation Council (GCC) are discovering ways to make its oilfields smarter by digitizing operations with the help of Big Data and analytics, sensors, and control systems.

In-depth interviews were conducted with Chief Executive Officers (CEOs), managers, and executives from various key organizations operating in the next-generation data storage market.