Portland, OR -- (SBWire) -- 03/01/2018 --Next generation storage technology is a high-tech technology that provides improved data storage and management for various industries, such as BFSI, retail, IT & telecommunication, government, healthcare, manufacturing, and others. The market growth is driven by technological advancements, increased smartphone penetration, rise in online transactions, lower cost of cloud computing platforms, and high internet penetration worldwide. However, lack of security provisions in server-based and cloud services, and high initial investment hinder the growth of next generation storage devices market.
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Next Generation Storage Devices Market was valued at $43 billion in 2015, and is expected to reach $141 billion by 2022. Next Generation Storage Technology is a state-of-the-art technology that caters to the growing need for improved data storage and management across various industry verticals, including banking, financial services, insurance (BFSI); retail; IT & telecommunication; government; healthcare; manufacturing; and others. Further, cloud storage is gaining significant recognition among world enterprises, owing to its low cost of deployment and easy availability. In addition, cloud offers complete ownership of the storage space and can be accessed from remote places.
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Cloud-based storage is expected to grow at the highest CAGR of 18.7% during the forecast period, followed by solid-state storage.The BFSI and IT & telecommunication segments collectively accounted for around 35% share of the total market revenue in 2014, while the government segment is anticipated to grow at the highest CAGR of 18.1%. The BFSI next-generation storage devices market is expected to grow at the second highest CAGR of 17.8%, owing to surge in digitization, increase in online banking activities, and rise in adoption of private and hybrid cloud in the sector.
Market is segmented into North America, Europe, Asia-Pacific & LAMEA. In 2014, North America was the dominant region, while Europe is projected to grow at the highest CAGR, with rest of Europe market being the major contributor.
Next Generation Storage Devices Market Is Anticipated to Reach $141 Billion by 2022
Increase in need for better data storage and management among various enterprises, rise in adoption of cloud computing, innovation in storage technology, and continuous increment in unstructured data are major driving factors of the next generation storage devices industry.