Next-Generation Data Storage Market To Reach $150 Billion By 2032 By CIOTechOutlook Team

Next-Generation Data Storage Market To Reach $150 Billion By 2032

CIOTechOutlook Team | Monday, 12 June 2023, 02:58 IST

Future-Proof Data Storage According to a recent analysis by Global Market Insights Inc., the market would be worth more than USD 150 billion by 2032.

The demand for cutting-edge data storage solutions has increased as businesses in many sectors work to manage and analyse vast amounts of data. In order to address the problems caused by data proliferation and realise the potential of future technologies, next-generation data storage solutions are essential. Additionally, over the course of the forecast period, there are promising growth potential for the sector due to developments in technologies like edge computing and 5G connection that will increase demand for effective and decentralised data storage.

The next-generation data storage market is segmented into BFSI, healthcare, retail, CSP, government, IT & Telecom segments based on end-use. Due to the expanding use of Electronic Health Records (EHRs), telemedicine, and the increased emphasis on data security and compliance, the healthcare sector is seeing an increase in demand for effective data storage solutions.

By 2032, the Asia Pacific region will hold a sizable share of the global market for next-generation data storage. The region's increasing need for data storage solutions has been fueled by the region's rapid digital transformation, expanding IT infrastructure, and the spread of smartphones and internet connectivity. Additionally, the need for effective data storage and administration will be fueled by rising investments in the manufacturing, financial, and healthcare sectors. The market will expand significantly in the APAC region thanks to an expanding number of data centres and a strong technological ecosystem.

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 are a few of the leading companies in the next-generation data storage market.