Storage area network to hold largest share of next-generation data storage market.
According to the new market research report published by MarketsandMarkets, the Next-Generation Data Storage Market is estimated to grow from USD 56.8 billion by 2019 to USD 102.2 billion by 2024 at a CAGR of 12.48 percent. The major drivers for this market include the massive growth in digital data volume; proliferated use of smartphones, laptops, and tablets; growth of IoT market; and increasing penetration of high-end cloud computing.
Storage area network is expected to hold the largest share of the next-generation data storage market during 2019-2024. As an increasing number of companies have started utilizing cloud-based services to store their data with the use of virtual servers, companies aim to expand their storage capacities beyond existing infrastructural capabilities. SAN technology is widely used by cloud technology creators due to its ability to connect large numbers of servers to storage devices.
Growing data generation by large enterprises is expected to drive the market for File- and object-based storage architecture. Rapidly growing data generation by large enterprises is leading to an increased need for FOBS to manage those huge volumes of data. These huge volumes of structured and unstructured data, including photos, videos, audio files, and other media, are generating considerable market opportunities for file-and object-based storage market players.
