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Next-generation Data Storage Market Size
- Report ID: GMI5677
- Published Date: May 2023
- Report Format: PDF
Next-generation Data Storage Market Size
Next-generation Data Storage Market size was valued at over USD 57 Billion in 2022 and is anticipated to grow at a CAGR of over 10% between 2023 and 2032.
Increasing number of internet users is growing the volume of digital data generated by platforms such as online payment gateways, websites, media & entertainment, IoT devices, and Artificial Intelligence (AI). This rise is fueling the demand for next-generation data storage, which allows businesses to store data and create databases as well as analyze future business data. It reduces data corruption & loss and allows for faster data recovery.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Next-generation Data Storage Market Size in 2022: | USD 57 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 10% |
| 2032 Value Projection: | USD 150 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 352 |
| Segments covered: | Storage System, Storage Architecture, Storage Medium, Deployment Type, End-use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The rapid adoption of AI in several countries has resulted in a massive increase in digital data generated from activities such as customer service for banks, the use of robotics in manufacturing facilities, and enterprise decision-making, driving the demand for high data storage capacity. Major artificial intelligence users, such as the U.S. and China, are producing massive amounts of data from AI applications, boosting the global data economy. All of these factors contribute to the increasing demand for next-generation data storage.
Next-generation data storage technology includes advanced data storage products & solutions that deal with the growing file sizes and massive amounts of unstructured data. This technology securely manages large amounts of data while enabling cost-effective, reliable, secure, and fast data recovery. It also enables scalable storage and handling of large amounts of data generated by large corporations.
Security is a significant issue that must be addressed. If the data is stored somewhere, a third party may be able to obtain it. Many layers of security can prevent unauthorized access, such as encryption and reliance on third-party providers, but there is a limit to how well these measures can protect the data. Furthermore, the cost of maintenance & repair can make next-generation data storage a significant investment for businesses & organizations. The high cost of installation of next-generation data storage is a significant impediment to market growth as businesses & organizations may hesitate to invest in these systems due to financial constraints.
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Next-generation Data Storage Market Scope
