Next-Generation Data Storage Market to cross $150 Bn by 2032, Says Graphical Research Powered by GMI
Next-generation data storage industry size is expected to register 10% CAGR between 2023 and 2032 propelled by the increasing adoption of NVMe technology in data storage applications.
Selbyville, Delaware, June 11, 2023 (GLOBE NEWSWIRE) —
Next-Generation Data Storage Market value will be over USD 150 billion by 2032, as per a recent study by Global Market Insights Inc.
As organizations across industries strive to manage and analyze massive amounts of data, the demand for advanced data storage technologies has surged. Next-generation data storage solutions are critical in addressing the challenges posed by data proliferation and unlocking the potential of emerging technologies. Furthermore, advancements in technologies like edge computing and 5G connectivity will fuel the demand for efficient and decentralized data storage and create strong prospects for industry growth over the forecast period.
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Increasing adoption of EHRs & telemedicine in healthcare
Based on end-use, the next-generation data storage market is divided into BFSI, healthcare, retail, CSP, government, IT & Telecom. The healthcare segment is witnessing a rising demand for efficient data storage solutions, driven by the growing adoption of Electronic Health Records (EHRs), telemedicine, and the increasing focus on data security and compliance.
The healthcare industry generates vast amounts of data from electronic health records, medical imaging, genomics, and wearable devices. Healthcare organizations are adopting next-generation data storage solutions to manage and analyze this data effectively. These solutions offer high-speed data access, scalability, and data integrity, enabling healthcare providers to enhance patient care, accelerate research, and streamline operations.
Rapid penetration of hybrid cloud computing in public & private businesses
With regard to deployment type, the industry is divided into cloud and on-premise segments. Next-generation data storage market size from the cloud segment will register commendable growth over 2023-2032. Organizations are leveraging cloud-based data storage solutions with the increasing adoption of cloud computing and the need for flexible and cost-effective storage options.
Cloud deployment provides scalability, accessibility, and data redundancy, making it an ideal choice for businesses seeking efficient data storage and retrieval. The growing adoption of hybrid cloud storage solutions, which combine the benefits of public and private clouds, and the inclination toward cloud-based storage in industries with stringent data security and compliance requirements will further drive market growth.
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Rise in investments in healthcare, finance & other major industrial sectors in APAC
From a regional standpoint, Asia Pacific next-generation data storage market will account for a substantial share by 2032. Rapid digital transformation, expanding IT infrastructure, and the proliferation of smartphones and internet connectivity have contributed to the soaring demand for data storage solutions across the region. Additionally, increasing investments in the healthcare, finance, and manufacturing sectors will fuel the need for efficient data storage and management. With a growing number of data centers and a robust technology ecosystem, the market will witness considerable growth in the APAC region.
Next-generation Data Storage Market Leaders
Some of the key players operating in the next-generation data storage industry are Dell Technologies, IBM Corporation, Hitachi Ltd., Hewlett Packard Enterprise Development LP, NetApp, Huawei Technologies Co., Ltd., Fujitsu, Cloudian Inc., NetGear, Pure Storage, Inc., Western Digital Corporation, Samsung, and Nutanix.
Next-generation Data Storage Industry News
March 2023 – SAP introduced the SAP Datasphere, the next generation of its cloud data warehouse service. The new offering features data cataloging, simplified data replication, and enhanced data modeling capabilities. The company also announced strategic collaborations with Confluence, Collibra, Databricks, and DataRobot, to create a business data fabric architecture that is able to incorporate data from both non-SAP systems and SAP applications.
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