Market Overview

Next-generation storage market registered a value of USD 3.32 billion in 2018 and is expected to register a CAGR of 5.1% over 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 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.
- The current data storage technologies are enhanced to handle large datasets generated by various enterprises. These storage infrastructures offer reliable, faster, secure, scalable and cost-efficient solutions that are extensively being rafted to complex business environments and businesses to meet the demands of growing data storage to attain rapid and efficient retrieval of information, to ensure a consistent business model.
- The market for next-generation storage technology is all set to move into the Information Technology sector with an extensive range of applications across big data storage, enterprise data storage, along with the advancement in the cloud-based services.

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 industries, data centers, among others. With the increasing file sizes and a huge amount of big and unstructured data, IT companies are facing plenty of problems to deal in data management. The next-generation data storage infrastructure offers reliable, faster and cost-effective solution helps them to meet the demands of growing data storage.

Key Market Trends

Retail Sector to Drive the Demand in the Market

- Growth in data is urging modern-day retailers to move increasing amounts of data to the cloud in order 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.

The United States is Expected to Hold Significant Market Share

- The United States alone is home to around 898 exabytes, nearly a third of the global total. By contrast, Western Europe has over 18%, and China has 13%. Legally, much of that data itself is the property of the consumers or companies who generate it and licensed to companies that are responsible for it.
- Additionally, the United States also has some of the biggest organizations such as IBM, Amazon, among others, who rely on exabytes of data to perform daily computational tasks and help the business model perform without any disruptions.

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.

- November 2018 - Hewlett Packard Enterprise announced new innovations across its intelligent storage solutions to help customers unlock their data's potential, drive actionable insights into new revenue streams, and deliver impact to their businesses. The HPE Memory-Driven Flash is a new class of enterprise storage built with storage class memory (SCM) and non-volatile memory express (NVMe).
- April 2018 - Carbon Black, a leader in next-generation endpoint security, announced the expanded of its relationship with IBM Security as the Cb Predictive Security Cloud (PSC) will be part of the newly launched IBM X-Force Threat Management Services to further combat advanced threats across the entire threat lifecycle.

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