Next Generation Data Storage Market Witness an Outstanding Growth

 In order to deal with rising file sizes and a massive volume of unstructured data, next generation data storage technology consists of enhanced data storage products and solutions. Data may be recovered in a secure and dependable manner using next-generation data storage. It has made scalable storage and management of huge organisations' massive amounts of unstructured data possible. In addition, next-generation data storage is employed in a variety of industries, including BFSI, healthcare, and retail.

Next Generation Data Storage 


The global Next Generation Data Storage Market was accounted for US$ 55,785.9 Mn in terms of value in 2019 and is expected to grow at CAGR of 10.1% for the period 2020-2027.  Electronic gadgets such as cellphones, computers, and tablets have been increasingly popular in recent years. Unstructured data is generated by these devices in the form of photos, audio, and video. The increasing use of these devices has resulted in massive volumes of unstructured data that must be managed effectively. Data may be stored in a scalable, cost-effective, fast, and reliable manner using next-generation data storage. Large files and unstructured data may be stored efficiently with these data storage solutions. As a result, these factors are likely to propel the worldwide next-generation data storage market forward throughout the forecast period.

The COVID-19 epidemic has caused worldwide commercial disruption. The enterprise sector has suffered a significant loss in production as a result of the internationally enforced lockdown, with the manufacturing, BFSI, and retail sectors bearing the brunt of the damage. Manufacturing businesses have been significantly hit by the lockout, with nearly every factory coming to a standstill. Many vital commodities manufacturing enterprises are likewise unable to maintain operations owing to the pandemic's shortage of workers. As a result of COVID-19, the market for next-generation data storage has shrunk slightly.

During the projection period, the next-generation data storage market for network-attached storage (NAS) is predicted to develop at the fastest CAGR. NAS devices provide enterprises with cost-effective data storage options. Because of its convenience and benefits, small and medium-sized organisations are progressively transitioning to cloud-based storage on NAS. The need for network-attached storage devices, as well as data accessibility from any connected device for numerous authorised users across a network, is propelling the NAS industry forward.

By 2025, enterprises are predicted to have the greatest share of the next-generation data storage market. Many gadgets generate data in the form of photographs and videos, such as smartphones and tablets. Moreover, photographs and videos are generated by embedded devices, machine-to-machine communication, and the Internet of Things (IoT) from functional applications such as advertising and security, as well as data from PCs and servers, log files, and huge volumes of information. Demand for next-generation data storage devices is increasing as data creation increases. 

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