The next generation of the data storage market is estimated to grow from the USD 56.8 billion by 2019 to USD 102.2 billion by 2024 at a CAGR of 12.48 percent. The major driver for the storage market includes massive growth opportunities in the digital data volume that is again proliferated by the usage of smartphones, laptops, and electronic wearable devices. However, with a recent data breach, the cloud security and server-based services are suffering from a slowdown in adoption not only by enterprises and but also from the individuals.
Solid State Drives (SSD) a form of storage technology will hold the largest share of the next generation data storage market by 2024. The rapidly increasing volume of data that is generated by the users is increasing the storage demand on the data centers. In addition to the connected user’s, innovative technology generates a greater volume of content including autonomous cars and wearable devices. In recent years, SSD capacity has surpassed the HDD capacity. The price of SSDs has declined greatly making the technology adoption much cheaper as compared to the other storage technology adoption.
Enterprises around the world will be one of the biggest contributors to the next generation of the data storage market. The increased data transfer speeds offered by the advanced data storage devices assist the companies in managing the sensitive storage workloads with high reliability and efficiency. As we see a bigger rise in the Big Data and IoT, enterprises data-centric are growing rapidly to process and store more information contributing towards the next generation of the data storage market. The increased usage of wearable devices in the consumer market and improved network capability are all set to lead the massive development in storage technology to provide a seamless experience for the providers. Several consumer-driven markets like USA, UK, Japan, and China are contributing towards the storage innovation.