The next-generation data storage market has entered the growth phase and is expected to grow further in the coming years. The market is expected to be valued at USD 144.76 billion by 2022, at a CAGR of 16.76% between 2016 and 2022.
The drivers for this market are the increasing volume of digital data, increasing proliferation of smartphones, laptops, and tablets, and growth of the Internet of Things (IoT) market. The major restraint for this market is the lack of data security in cloud and server-based services.
The market for cloud storage is expected to grow at the highest CAGR during the forecast period. The major factors driving the next-generation data storage market for cloud storage systems include increasing demand for hybrid cloud storage, growing need for enterprise mobility, and ease of deployment of cloud storage solutions.
The demand for FOBS is growing because of its requirement in data center trends such as big data analytics, cloud storage technology, and so on. FOBS offers easy sync, share, and distribution of data. Through data management software, large amount of data can be stored at low cost on a read-only basis. Therefore, FOBS accounted for the largest share of the next-generation data storage market in 2015.
The market in RoW is expected to grow at the highest CAGR because Brazil and other Middle Eastern countries are expected to grow considerably in manufacturing, energy, and other industries, generating demand for data storage.