The North America next generation data storage market was valued at US$ 21.93 billion in 2022 and is expected to reach US$ 41.57 billion by 2030; it is estimated to register a CAGR of 8.3% from 2022 to 2030.
Billions of IoT devices continuously generate sensor data, which is anticipated to create an unprecedented data deluge. Traditional storage solutions won't be enough for pushing demand for scalable, cost-effective next-gen technologies.
According to a ZScaler analysis, globally, there will be more than 29 billion connected IoT devices by 2027, up from 16.7 billion in 2023. The manufacturing sector generated the highest IoT device traffic volume, as companies use smart technology to fulfill modern demands for supply chain innovation. Thus, the increasing adoption of IoT-connected devices drives the next-generation data storage market.
The presence of a tech-savvy population and early adopters of emerging technologies also contributes to the North America next-generation data storage market. The region's significant volume of unstructured data across various industry verticals and the need for secure and cost-effective data storage solutions further fuel the growth prospects of the North America market. Overall, North America holds a substantial market share in the next-generation data storage market, driven by its technological prowess, data-intensive industries, favorable policies, and a population that embraces new technologies.
Surging Adoption of IoT and Connected Devices Fuel North America Next Generation Data Storage Market
The increasing penetration of the Internet of Things (IoT) in industries such as manufacturing, healthcare, and retail is supporting the implementation of cloud computing. IoT is an important aspect of various applications as it can be utilized to simplify remote management and monitor mobile assets. For instance, an organization that leases out powerful inverters can use IoT to manage inventory, track machinery, model its supply chain, bill clients, and more. Additionally, manufacturing is one of the business verticals benefitting majorly from IoT. Floor managers and workers can gain unprecedented insights related to their facilities and equipment by deploying a multitude of sensors. It can also reduce the need for employees to access or inspect equipment physically in potentially hazardous situations.Billions of IoT devices continuously generate sensor data, which is anticipated to create an unprecedented data deluge. Traditional storage solutions won't be enough for pushing demand for scalable, cost-effective next-gen technologies.
According to a ZScaler analysis, globally, there will be more than 29 billion connected IoT devices by 2027, up from 16.7 billion in 2023. The manufacturing sector generated the highest IoT device traffic volume, as companies use smart technology to fulfill modern demands for supply chain innovation. Thus, the increasing adoption of IoT-connected devices drives the next-generation data storage market.
North America Next Generation Data Storage Market Overview
North America has established itself as a prominent player in the next-generation data storage market due to various factors. North America boasts a robust technological infrastructure and is home to several technology giants and innovative startups. The region's strong economy advances investments in research and development, aiding the development of cutting-edge data storage technologies. Additionally, North America has a high focus on data-intensive industries such as e-commerce, healthcare, and finance, generating vast amounts of data that require economical storage solutions. Positive government policies and regulations support the growth of the data storage market in North America.The presence of a tech-savvy population and early adopters of emerging technologies also contributes to the North America next-generation data storage market. The region's significant volume of unstructured data across various industry verticals and the need for secure and cost-effective data storage solutions further fuel the growth prospects of the North America market. Overall, North America holds a substantial market share in the next-generation data storage market, driven by its technological prowess, data-intensive industries, favorable policies, and a population that embraces new technologies.
North America Next Generation Data Storage Market Segmentation
The North America next generation data storage market is categorized into storage system, end user, storage medium, storage architecture, deployment, and country.- Based on storage system, the North America next generation data storage market is segmented into direct attached storage (DAS), network attached storage (NAS), and storage area network (SAN). The direct attached storage (DAS) segment held the largest North America next generation data storage market share in 2022.
- In terms of end user, the North America next generation data storage market is segmented into BFSI, retail, IT and telecom, healthcare, media and entertainment, and others. The BFSI segment held the largest North America next generation data storage market share in 2022.
- By storage medium, the North America next generation data storage market is divided into hard disk drive, solid-state drive, and tape. The solid-state drive segment held the largest North America next generation data storage market share in 2022.
- Based on storage architecture, the North America next generation data storage market is bifurcated into file-object based storage and block storage. The file-object based storage segment held a larger North America next generation data storage market share in 2022.
- By deployment, the North America next generation data storage market is categorized into on-premise, cloud-based, and hybrid. The on-premise segment held the largest North America next generation data storage market share in 2022.
- By country, the North America next generation data storage market is segmented into the US, Canada, and Mexico. The US dominated the North America next generation data storage market share in 2022.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Next-Generation Data Storage Market Landscape
5. North America Next-Generation Data Storage Market - Key Market Dynamics
6. Next-Generation Data Storage Market - North America Market Analysis
7. North America Next-Generation Data Storage Market Analysis - by Storage System
8. North America Next-Generation Data Storage Market Analysis - by End user
9. North America Next-Generation Data Storage Market Analysis - by Storage Medium
10. North America Next-Generation Data Storage Market Analysis - by Storage Architecture
11. North America Next-Generation Data Storage Market Analysis - by Deployment
12. North America Next-Generation Data Storage Market - Country Analysis
13. Competitive Landscape
14. Industry Landscape
15. Company Profiles
16. Appendix
Companies Mentioned
- Dell Technologies Inc
- Hewlett Packard Enterprise Co
- NetApp Inc
- Hitachi Ltd
- International Business Machines Corp
- Pure Storage Inc
- DataDirect Networks Inc
- Fujitsu Ltd
- NETGEAR
- Huawei Technologies Co Ltd
