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%

NEW YORK, April 8, 2019 /PRNewswire/ — Massive growth in digital data volume and proliferated use of smartphones, laptops, and tablets drive overall next-generation data storage market

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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%. The major drivers for this market include the massive growth in digital data volume; proliferated use of smartphones, laptops, and tablets; growth of the IoT market; and increasing penetration of high-end cloud computing. However, the breach in data security in cloud and server-based services, and less structured data are the major restraints for the growth of the next-generation data storage market.

Market for SSD to grow at highest CAGR during forecast period
SSD is expected to hold the largest share of the next-generation data storage market by 2024.The rapidly growing volumes of data being generated from various users are raising the storage demand on datacenters.

In addition to the connected users, machines such as autonomous cars and connected planes generate a greater volume of content; this is also leading to the increased demand for storage capacity.In the past few years, SSD capacities have surpassed HDD capacities.

Moreover, the price of SSDs has also declined to a great extent in these years, which has increased their adoption in various industries.

Enterprises to hold largest share of next-generation data storage market by 2024
Enterprises is expected to hold the largest share of the next-generation data storage market by 2024.The increased data transfer speeds offered by the advanced data storage devices help the companies manage heavy workloads with high reliability and efficiency.

With the rise in Big Data and IoT, enterprises datacenters are growing rapidly to process and store more information; this is contributing to the next-generation data…

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