Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The "India Next Generation Storage Market, By Region, Competition Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
This market report underscores the significant expansion expected within India's Next Generation Storage Market over the forthcoming years. Currently valued at USD 5.9 Billion in 2023, the market is forecasted to progress at a compound annual growth rate (CAGR) of 15.2% through to 2029. This robust growth is attributed to the escalating demand for sophisticated data storage solutions in response to the rising tide of digitalization and advanced technologies across varying sectors of business.
The burgeoning e-commerce sector, alongside the integration of the Internet of Things (IoT) and bolstering government initiatives like "Digital India," are key drivers boosting market growth. To accommodate the diverse industry needs, innovations such as flash storage, software-defined storage, and hybrid cloud solutions are increasingly being adopted. Amidst challenges like data security and skill gaps, entities ranging from established corporations to emergent startups are unveiling inventive storage offerings, with investment opportunities ripening for both domestic and international stakeholders.
Key Market Drivers
- Significant IoT impact necessitating scalable and high-performance storage solutions suitable for real-time data from various sources.
- Expansion of the e-commerce industry demanding rapid data retrieval and scalable storage technologies.
- Unprecedented data proliferation driving the need for innovative storage solutions to manage and leverage large datasets.
- Cloud adoption fostering a demand for cloud-integrated storage solutions to provide flexibility, scalability, and cost-efficiency.
Key Market Challenges
- Data security and privacy concerns call for stringent encryption, access controls, and comprehensive cybersecurity measures.
- Technological infrastructure limitations, especially in remote locations, affecting efficacious storage solution deployment.
Key Market Trends
- Escalating demand for hybrid cloud solutions as businesses aim for a balance between local and cloud-based storage.
- Increasing integration of data management and analytics tools, enhancing business decision-making and strategy formulation.
- Continued emphasis on data security, driving innovations in encryption and access control.
Segmental Insights
- Storage System Type Insights: Direct Attached Storage (DAS) anticipated to lead the market in 2023 due to cost-effectiveness and burgeoning cloud integration.
- Storage Architecture Type Insights: Market dominance projected for File and Object Based Storage, thanks to the efficient management of IoT and cloud data.
- Vertical Type Insights: The BFSI sector expected to command the market with substantial storage requirements and digital transformation initiatives.
Regional Insights
South India is poised to take the lead in the next-generation storage market in 2023, with its status as a major IT hub attracting global investments and driving the demand for cutting-edge storage technologies. Cloud computing and big data analytics are additional factors propelling the need for advanced storage solutions in this region.
Competitive Landscape
The detailed analysis of major companies indicates a competitive and dynamic market landscape, with diverse entities offering innovative storage solutions to meet the evolving needs of the Indian digital business landscape.
A selection of companies mentioned in this report includes:
- Dell Technologies
- IBM Corporation
- Hitachi Ltd.
- Hewlett Packard Enterprise Development L.P.
- NetApp
- Huawei Technologies Co. Ltd.
- Fujitsu
- Cloudian Inc.
- NetGear
- Pure Storage Inc.
- Western Digital Corporation
- Samsung
- Nutanix
For more information about this report visit https://www.researchandmarkets.com/r/s2cdax
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