Application and Data Storage Software has been an integral part of the growing number of applications and devices. It can be rightly said that without the application and data storage software, it would be impossible to store data, irrespective of its size. Data storage software plays a key role in providing a framework with which the applications can work. Since the number of hardware along with software and computer is increasing at a rapid pace, the predictability and the scalability of the devices and applications are also rising steeply.
Increasing proliferation of smartphones, laptops, and tablets is expected to drive growth of the global next generation data storage market. Electronic products such as laptops and smartphones have witnessed significant massive demand in the recent past. This is typically owing to rapid growth of the electronics industry. According to the India Brand Equity Foundation (IBEF), the Indian appliance and consumer electronics market was valued at US$ 10.93 billion in 2019 and is expected to reach US$ 21.18 billion in 2025. Besides, key players are launching innovative products to gain a competitive edge in the market. For instance, in March 2020, Apple Inc. launched iPad Pro with LiDAR Scanner. As a result of this, the demand for next-generation data storage is increasing rapidly. Thus, these factors are expected to drive growth of the global next generation data storage market. Furthermore, robust growth of the IoT market is expected to boost the global next generation data storage market growth in the near future.
However, lack of data security in cloud- and server-based services is expected to hinder the global next generation data storage market growth over the forecast period. Among regions, North America is expected to witness significant growth in the global next-generation data storage market. This is owing to the easy availability of technologically advanced products such as 3D and molecular storage. Furthermore, Asia Pacific is expected to register a robust growth rate over the forecast period, owing to increase in the laptop and smartphone users in the region.
Key companies operating in the global next generation data storage market are Inspur, Hewlett Packard Enterprise Company, Netgear Inc., Dell Inc., Micron Technology, Inc., NetApp, Inc., International Business Machines Corporation, and Hitachi, Ltd.
For instance, in October 2020, Inspur launched a Cloud SmartNIC solution based on NIVIDIA BlueField-2 data processing unit (DPU) at GTC 2020.
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