There’s an insatiable demand for data storage, fueled by the ongoing rise in mobile devices and apps, the Internet of Things, artificial intelligence and many other factors. Not surprisingly, demand is up for next-generation storage technologies.
In a recent report, Zion Market Research said the global next-generation data storage market totaled $ 50.4 billion in 2018 and is expected to reach about $ 114.9 billion by 2025, growing at a compound annual growth rate (CAGR) of 12 percent between 2019 and 2025.
Next-generation data storage involves technically-advanced products that are more efficient than conventional products at handling voluminous information on a daily basis, the report said.
The newer data storage technologies covered in the report include all-flash storage arrays, hybrid arrays, holographic data storage, cloud-based disaster recovery and heat assisted magnetic recording.
“The major factor driving the next-generation data storage market globally is the rapidly escalating digital content dependency on numerous cloud storage platforms,” the study said. “The globally increasing number of cloud-based solutions is propelling the next-generation data storage market growth to a great extent.”
The worldwide adoption of cloud-based network-attached storage products is flourishing, the report said, as it can be accessed easily, irrespective of time and location.