The proliferating growth of the global data storage market has thrown open the floodgates for savvy Solution Providers to grow their storage businesses exponentially
The global next-generation data storage market size was estimated at USD 62.83 billion in 2023 and is projected to grow at a CAGR of 9.8% from 2024 to 2030. Some of the key factors expected to drive the market growth in the near future include significant growth in the global penetration of IoT in retail, healthcare, manufacturing, and others and a consequent rise in the trend of cloud computing. Digitization of data in residential and commercial places, supported by an escalated use of laptops, smartphones, and tablets, is significantly contributing to the market growth.
There is massive growth in digital data volume across several industry verticals, such as healthcare, retail, and BFSI, which is expected to grow demand for next-gen data storage devices.
Market players are relying on the scalability, effectiveness, and flexibility of cloud data storage as data generation is increasing. To take advantage of cloud storehouse capabilities, market players are investing in innovative technologies such as crystal etching techniques. Combining Big Data analytics and cloud storage is allowing data storage companies to establish real-time and reliable access across all channels to enhance the customer experience especially when it comes to online shopping and internet banking.
There is a growing need for high-speed and robust data solutions due to the increasing demand for data digitization and the reduction of human labor. However, the high costs associated with advanced technologies that meet market needs may result in limited adoption in economically sensitive regions such as APAC and MEA. Despite this, the market's lucrative growth prospects are expected to create significant opportunities for data analytics driven by consumer demands.
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