According to a market research report by MarketsandMarkets, the next-generation storage market is expected to swell to $81 billion come 2025.
With a massive growth in digital data, more companies need bigger storage for application development, media, and computing purposes. The major drivers for the market projection include the high penetration of the IoT market and the expansion of the digital infrastructures.
The SAN technology also influences the market projection, with creators utilizing cloud technology to connect a massive volume of data in different servers. Because there’s an increase in the demand for digital storage, more companies will rely on these storage facilities to keep and secure information.
Cloud-based services also increased massively, with firms using virtual servers to process data and store confidential customer information. The File-and-Object storage or FOBS holds the largest share of the next-generation storage market in the coming years.
The FOBS consists of unstructured and structured data like audio files, photos, videos, and higher volumes of media. Key players include the social media platforms that store millions of data of users, from posts, usernames, passwords, and other data.
The report provides an emphasis on the crucial growth drivers as well as opportunities that would affect the tech world. In the forthcoming years, the storage industry will face bigger demands, as more digital services are provided due to the pandemic.
At this time, consumers use massive data for saving videos, transacting online, and sharing files on social media. The next-generation storage highly depends on the consumers’ behavior and the trends surrounding the data storage.
Global Market Conditions
The MarketsandMarkets report provided the basics of the next-generation data storage as well as the global market conditions, which affect the industry as a whole. Other information touched on the current scenarios of the storage market, the demand, growth, trends, forecasts, and market size.
As key industries rely on digital platforms to operate, bigger storage is needed. There’s an imprint of the COVID-19 pandemic in the report, which influenced the growth and demand as virtual work is encouraged.
Sales volume and CAGR are drawn, with an 8.5 increase in the latter brought about by the high penetration of gadgets and computers. Regional analysis is also done to see which places require higher storage. Regions analyzed include North America, the Middle East, Asia-Pacific, Europe, and Africa.