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North America Next Generation Storage Market Analysis

The North America Next Generation Storage Market size is estimated at USD 25.59 billion in 2024, and is expected to reach USD 34.65 billion by 2029, growing at a CAGR of 6.29% during the forecast period (2024-2029).

• The next-generation storage market is showing signs of growth in the United States, owing to the regional concentration of global vendors and consumers in the country.
• The number of hyperscale data centers that cloud companies and social network providers use has increased globally. North Virginia recorded around 2060 megawatts of inventory of data centers in the United States.
• The region holds a significant smart retail market share, which generates a huge amount of data, in turn creating the demand for storage solutions. According to the U.S. Census Bureau, from January to March 2022, U.S. retail e-commerce sales amounted to approximately USD 250 billion, marking a 2.4% increase compared to the last quarter.
• The United States region has approximately 348 million Internet users, according to Internet World stats. This is one of the highest penetration rates in the world. The growth in Internet users is directly connected to growth in data generation and, in turn, influencing the next-generation storage market. The country also possesses the highest smartphone penetration, which is around 93.4%. The region also has the widest coverage of the 5G network, with a 5G subscription penetration of 41%, according to Ericsson.

North America Next Generation Storage Industry Segmentation

Next-generation storage technology deals with an advanced portfolio of products and solutions, which help store data across various end-user industries, including IT firms, automotive companies, and data centers. With the increasing file sizes and a huge amount of big and unstructured data, IT companies face plenty of problems while dealing with data management. Conventional data storage technologies cannot handle a large amount of everyday data. The next-generation data storage infrastructure offers a reliable, faster, and cost-effective solution to meet the demands of growing data storage.

The North America Next Generation Storage Market is segmented by the storage system (direct attached storage (DAS), network attached storage (NAS), storage area network (SAN)), storage architecture (file and object-based storage (FOBS), and block storage), and end-user industry (BFSI, retail, IT and telecom, healthcare, and media and entertainment). The report offers market forecasts and size in value (USD) for all the above segments.