North America Next Generation Storage Market Report and Forecast 2024-2032

North America Next Generation Storage Market Outlook

The North America next generation storage market size reached USD 28.4 billion in 2023. The market is expected to grow at a CAGR of 6.0% between 2024 and 2032, reaching almost USD 48.4 billion by 2032.

Key Takeaways:

• As per FCC, the number of smart devices is expected to reach more than 25 billion in operation by 2030.

• According to GSMA, expected deployment plans of 5G are expected to increase overall population coverage to 100% in the United States and 92% in Canada by 2025.

• In January 2024, Samsung announced a new research lab focused on developing three-dimensional (3D) DRAM, operating under Device Solutions America (DSA).

North America next generation storage market growth is likely to be driven by increased IoT penetration, growing need for digitalization across households and companies, substantial growth in the ecommerce industry, and the construction of new data centres

The growth in the next generation storage market in North America may be attributed to the notable expansion of the Internet of Things' global penetration in sectors like manufacturing, retail, and healthcare, as well as the subsequent increase in cloud computing use. Further, the market is expanding owing to the digitization of information in homes and businesses, which is being aided by a rise in the usage of mobile computing devices including laptops, smartphones, and tablets.

The continuous flow of data is essential to e-commerce. Data is generated by each product listing, customer search, shopping cart generation, and order. For a number of uses, including fraud detection, inventory management, tailored marketing, and product suggestions, this information is crucial. Retail e-commerce sales in the United States during the fourth quarter of 2023 amounted to USD 285.2 billion, up 0.8 percent from the third quarter of 2023, according to the Census Bureau of the Department of Commerce.

The US-based cloud firm Expedient announced in February 2024 that it has added a former Nationwide Mutual Insurance Company data centre to its portfolio. The 102,000 square foot facility is Expedient's fifth data centre in Ohio and its 15th data centre nationwide. It is situated close to Columbus, Ohio. Moreover, it is expected that Nexstar Media Group, Stream Data Centers, and Aligned Data Centers would all build data centre campuses in the Elk Grove neighbourhood of Chicago, Illinois, which will boost demand for next-generation storage in North America.

Market Segmentation

North America Next Generation Storage Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Storage System

• Direct-Attached Storage (DAS)

• Network-Attached Storage (NAS)

• Storage Area Network (SAN)

Market Breakup by Deployment Mode

• On-Premises

• Cloud

• Hybrid

Market Breakup by Storage Architecture

• File and Object-Based Storage

• Block Storage

Market Breakup by End Use

• BFSI

• IT and Telecom

• Retail

• Healthcare 

• Media and Entertainment

• Others

Market Breakup by Country

• United States of America

• Canada

The North America next generation storage market key players are Dell Inc., HP Inc., IBM Corp., NetApp, Inc., Hitachi Ltd., Kioxia Holdings Corporation, Fujitsu Ltd., NETGEAR, Inc., Pure Storage Inc., and DataDirect Networks, Inc., among others.

Key Highlights of the Report