Data storage market poised to reach new heights in 2022 with next gen tech

According to the recent new research report "Next-Generation Data Storage Market by System (Direct-Attached, Network-Attached, Storage Area Network, Software-defined, Cloud, Unified), Architecture (File, Object, Block), Technology (Magnetic, Solid-State), and Industry - Global Forecast to 2022", published by Marketsandmarkets, the market is expected to be valued at USD 144.76 Billion by 2022, at a CAGR of 16.76% between 2016 and 2022.
Early buyers will receive 10% customization on this report.

The growth of this market is mainly driven by the increasing volume of digital data, increasing proliferation of smartphones, laptops, and tablets, and growth of the Internet of Things (IoT) market.

Phil Davis, Philip Davis, VP & GM, Storage, HPE APJ, says, “ We are going to continue to see advances in data optimization technologies. However, part of the problem is the even if the cost is low, we have so much data and managing that is a challenge and hence we need to focus on data efficiency. Another advancement would be in terms of how data is going to be archived. In the next three to four years you are going to see something called Object Storage that would be much more reliable and higher performance than tape while being much cheaper. Your near lying, archived tier shall move increasingly to an object oriented tier. In fact, we made an equity investment in a company called Scality about six months ago specifically because we believe object storage is going to play a bigger part going forward. “

The report highlights that the following next generation segments shall have an impact on the market.
Direct-attached storage (DAS) market held the largest size in 2015: DAS is the oldest storage system and offers convenient data storage solution. DAS offers simplicity and low-cost solution compared to any other storages. Network-attached storage (NAS) is the second-largest market by size after DAS in the Next-Generation Data Storage Market. The key feature of NAS is the ability to provide multiple-client access to the same file. NAS devices also offer vertical and horizontal scalability. Such solutions are mostly used by enterprises where data security is of prime importance.

Market for solid-state storage expected to grow at the highest rate during the forecast period: Solid-state drives (SSDs) are one of the fastest and most reliable media for storing data. These drives do not contain any movable parts and use microchips to store data. Due to the non-moving parts, the data stored on these devices is more secured. Availability of hybrid flash arrays is driving the growth of solid-state devices where converged solution for conventional and flash storage is available.

North America accounted for the largest share of the next-generation data storage market in 2015: North America, being the early adopter of advanced data storage technologies, captures largest share of the next-generation data storage market. Every industry in North America is being digitized and demands advanced data storage solutions. Enterprises in America are increasing their spending on IT infrastructure to gain competitive advantage and increase their business productivity.