Next-Generation Data Storage Market to Grow by USD 29.2 Billion from 2024-2028, Driven by IoT and Big Data Demand
Next-Generation Software Defined Storage (SDS) is a modern approach to enterprise data storage that separates software services, such as data administration, safety, and input/output capabilities, from hardware services. This separation enhances infrastructure flexibility, scalability, and automation capabilities. SDS also pools resources, abstracts hardware, and automates management, while supporting legacy applications, big data analytics, and cloud-based data apps. Vendors like EMC, NetApp, and IBM offer SDS-enabled infrastructure, making it a cost-effective alternative to reconfiguring existing arrays. Adopting new SSD arrays is more affordable than upgrading existing ones. SDS is increasingly essential due to the growing need for efficient data storage.
The Next-Generation Data Storage Market is experiencing significant growth due to the exponential increase in digital data production from mobile devices, smart wearables, connected devices, and the Internet of Things. With the rollout of 5G technology, faster data transfer and lower latency are becoming essential for data-driven applications, analytics, and automated systems. The expansion of e-commerce, banking services, financial services, and online shopping is leading to massive amounts of less structured data. Security breaches, configuration errors, and poor user rights pose serious data security issues, making cloud storage and server services increasingly popular. Higher storage capacity, scalability, and flexibility are key requirements for large-scale industries handling corporate information, patient information, and financial data. The market is responding with high-speed data storage solutions, automatic cloud backups, and ransomware attack protection. The industry is poised for continued expansion as the world becomes more digitized.
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