Explosive growth in digital data, significant growth of IoT, the proliferation of smartphones, tablets, and laptops, and increasing penetration of high-end cloud computing. The storage industry is expected to witness significant growth during the forecast period due to the deployment of next-generation storage to boost general databases for future use and optimize databases in verticals such as BFSI, healthcare, and government. Rapid developments in areas such as Big Data, cloud computing, and mobile services are expected to augment the growth of the market.
The global next generation storage devices market was valued at $43 billion in 2015 and is expected to reach $141 billion by 2022. The cloud-based storage segment is expected to dominate the global market. North America accounted for 35% of the market share in 2014, while the European market is expected to witness a significant growth rate during the forecast period.
Next-generation storage technology is a high-tech technology that provides improved data storage and management for various industries, such as BFSI, retail, IT & telecommunication, government, healthcare, manufacturing, and others. The market growth is driven by technological advancements, increased smartphone penetration, a rise in online transactions, lower cost of cloud computing platforms, and high internet penetration worldwide. However, lack of security provisions in server-based and cloud services, and high initial investment hinder the growth of next-generation storage devices market.
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The BFSI and IT & telecommunication segments collectively accounted for around 35% share of the total market revenue in 2014, while the government segment is anticipated to grow at the highest CAGR of 18.1%. The BFSI next-generation storage devices market is expected to grow at the second-highest CAGR of 17.8%, owing to a surge in digitization, an increase in online banking activities, and a rise in the adoption of private and hybrid cloud in the sector.
The cloud-based storage segment dominated the global next-generation storage devices industry in 2014, with around 38% share. However, the solid-state storage technology is gaining momentum, owing to its various advantages such as high performance and low noise creation over conventional data storage devices. Cloud-based storage is expected to grow at the highest CAGR of 18.7% during the forecast period, followed by solid-state storage.
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In 2014, cloud storage system accounted for the maximum revenue share in the global next-generation storage devices market and is expected to grow at the CAGR of 18.0%. Further, the software-defined storage system is expected to grow at a considerable growth rate of 17.7%.
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