Despite the global turmoil, Mordor says the market for storage has been booming, owing to increasing demand for better-performing storage infrastructures. The next generation storage market is expected to gain momentum owing to growth in demand for highly scalable, fast and economical storage solutions over the forecast period. The global next generation storage market is expected to witness a CAGR of 37.24% over the forecast period to reach a total market value of US$9.22 billion by end of 2020, up from US$1.38 billion in 2014.
Asia-Pacific is the fastest growing region for this market, with an estimated CAGR of 41.11% from 2014 to 2020. It is estimated to account for 24.96% market share by the end of 2020. The booming Indian economy with a growing manufacturing sector will be the prime factor driving growth.
Manufacturing was also highlighted in the vertical industry breakdown. Mordor Intelligence said the BFSI sector contributed 20.7% of the next generation storage market in 2014, followed closely by manufacturing which is poised to grow at the highest vertical-specific CAGR of 40.51% over the forecast period.
In 2014, the market was dominated by the hybrid array market with 73.63% share followed by all-flash arrays (sometimes termed AFA) and cloud-based disaster recovery solutions. Increasing demand and ability to solve storage performance problems for enterprises and service providers will be the key factors escalating the growth of the segment, Mordor Intelligence says.
Major players in the market are IBM, Dell, EMC*, NetApp, HP and SanDisk*.
Major players in the market are IBM, Dell, EMC*, NetApp, HP and SanDisk*.
*Dell has announced that it will acquire EMC while SanDisk is to be acquired by Western Digital.
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