North America Next Generation Storage Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

North America Next Generation Storage Market is segmented by Storage System (Direct Attached Storage (DAS), Network Attached Storage (NAS), Storage Area Network (SAN)), By Storage Architecture (File and Object-based Storage (FOBS), Block Storage), and End-user Industry (BFSI, Retail, IT and Telecom, Healthcare, Media and Entertainment, Other).

North America Next Generation Storage Industry Overview

North America Next Generation Storage Market  Size
Study Period: 2018 - 2028
CAGR: 11 %

Major Players

North America Next Generation Storage Market key players

*Disclaimer: Major Players sorted in no particular order

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North America Next Generation Storage Market Analysis

The North America Next Generation Market is expected to grow at a CAGR of 11% over the forecast period 2021-2026.

  • 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, which are majorly used by cloud companies and social network providers, has increased globally, and the United States leads with 1,444 data centers and 180 service providers, according to datacenters.com.
  • The growing internet traffic and user-generated data are some of the reasons which are contributing to the growth of the market, and the North American region observes the highest amount of IP traffic globally. According to CISCO, the region's IP traffic is expected to reach 108.4 EB per month by 2022 at a CAGR of 21%.
  • 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 Census Bureau of the Department of Commerce, retail e-commerce sales in the United States were estimated to be USD 214.6 billion in the third quarter of 2021.
  • The shift in business strategy is driving the BFSI industry to adapt and innovate its services as well. Banking service providers across the world are adopting cloud storage solutions. According to American Bankers Association, the majority of the new core banking projects launched by 2020 will be on the cloud.
  • The United States region has over 313.23M 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 81.6%, and 4G availability which is 96.1% of the time, according to Data reportal and Open Signal sources. The region also has the widest coverage of the 4G network, which is around 88.7%, according to the International Telecommunication Union.
  • When production activities were halted during the initial epidemic, the global market for next-generation data storage shrank. Nonetheless, in the post-COVID-19 environment, the segment is expected to revive swiftly.

North America Next Generation Storage Industry Segments

Next-generation storage technology deals with an advanced portfolio of products and solutions, which help to store data across various end-user industries that include IT firms, automotive companies, and data centers, among others. With the increasing file sizes and a huge amount of big and unstructured data, IT companies are facing plenty of problems while dealing with data management. Conventional data storage technologies are not able to 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.

North America Next Generation Storage Market is segmented by Storage System (Direct Attached Storage (DAS), Network Attached Storage (NAS), Storage Area Network (SAN)), By Storage Architecture (File and Object-based Storage (FOBS), Block Storage), and End-user Industry (BFSI, Retail, IT and Telecom, Healthcare, Media and Entertainment, Other).

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North America Next Generation Storage Market Trends

This section covers the major market trends shaping the North America Next Generation Storage Market according to our research experts:

Increasing Proliferation of Smartphones, connected devices and electronic devices will drive the market.

  • Many devices, such as smartphones, laptops, and tablets, are generating data in the form of videos and images. The proliferation of low-cost smartphones and tablets provides increased potential for the adoption of next-generation storage devices. American consumers are increasingly connected to the world of digital information via smartphones and other mobile devices. A growing number of people are using smartphones as their primary means of online access at home.
  • According to a 2021 report by the Consumer Technology Association, retail sales revenue for the tech industry in the United States will reach a record-breaking USD 487 billion in 2021 – a 7.5% increase year-over-year – driven by unprecedented consumer demand for tech-related to work, school, and lifestyle (CTA).
  • Consumer demand for 5G smartphones will continue to rise in the United States, with many people eager to upgrade their phones in order to take advantage of the new technology's benefits. In 2021, more than 106 million 5G devices are estimated to ship (up 530% from 2020), bringing in USD 61 billion in sales (a 404% increase). Overall, smartphone shipments will climb 10% to 154 million units, generating USD 73 billion in revenue, up 15%.
  • According to ITU and Federal Communications Commission reports, the number of households in the United States with permanent internet access via broadband continues to climb, with the number of households with permanent internet access via broadband expected to reach 120 million by 2020, making the United States one of the largest online markets in the world.
  • From 2019 to 2025, global mobile data usage is expected to skyrocket, with an average of 34 gigabytes per user per month 2025. North America is expected to have the greatest average consumption per subscriber in 2026, with 49 gigabytes per user.
North America Next Generation Storage Market Trends

Cloud Storage to Gain significant market share

  • Cloud platforms enabled new, complex business models and have been orchestrating more global-based integration networks in recent years. The deployment of storage solutions over the cloud offers greater convenience, as the service vendor is solely responsible for providing maximum uptime, data security, and periodic updates, thus, decreasing the total cost of ownership.
  • The current market trends, including the delivery of these solutions on the pay-as-you-go model and SaaS models, wherein the service vendors also assume the responsibility of maintaining data and application information, are further driving the adoption of these solutions.
  • Moreover, this mode has recorded an increase in deployment in small-/medium-scale businesses, as it cuts down the capital expenditure involved in building the required infrastructure on their premises. This continuing trend is significantly driving the growth of the market.
  • In addition, the cloud acts as a catalyst for IT transformation, providing the flexibility to combine the preferred clouds and existing on-premises infrastructure in the ratio best suited for the workload.
  • Furthermore, the rising focus on cost optimization and business agility has led to the expansion of cloud data centers. Also, cloud services adapt easily to the changing landscape to meet new requirements. This allows the client organization to focus on their core competency, which, in turn, results in their overall growth.
  • With the unstructured data expanding by more than 50% annually, managed service providers are looking at cloud storage as an upfront revenue opportunity. This was further augmented by the greater need for storage control. The foray of advanced technologies prompts companies to emphasize updating their storage system to match with the competition. Hybrid cloud is one such trend that provides a significant boost to market growth. However, security and the lack of network bandwidth for data transfer can challenge the growth of the market.
North America Next Generation Storage Market Growth rate

North America Next Generation Storage Market Competitor Analysis

The North America Next Generation Storage Market is essentially concentrated, with technology behemoths wielding dominance through cutting-edge technology and experience. Companies frequently introduce new products with innovations and advances to stay competitive. Major market participants use a range of techniques to stay competitive, including acquisitions, partnerships, investments, mergers, and technology developments and introductions.

  • June 2021 - Scality Inc. has introduced ARTESCA, a cloud-native solution for storing container instances across on-premises data centers, the edge, and the cloud.
  • February 2020 - Pure Storage partnered with Google Cloud's Anthos Ready Storage. Pure Storage hopes to help clients create new apps and modernize current ones on a secure, scalable, and easy-to-use platform by partnering with Google Cloud.

North America Next Generation Storage Market Top Players

  1. Toshiba Corporation

  2. Hewlett Packard Enterprise

  3. Dell Inc.

  4. IBM

  5. Hitachi, Ltd.

*Disclaimer: Major Players sorted in no particular order

Toshiba Corporation, Hewlett Packard Enterprise, Dell Inc, IBM, Hitachi, Ltd.

North America Next Generation Storage Market Recent Developments

  • August 2021 - Scaleity raised a EUR 100,000 Pre-seed Investment Round from Think Bigger Capital.
  • March 2021 - DDN, a leading provider of AI and multi-cloud data management solutions, ensures that AI is successfully integrated into enterprise IT infrastructures by providing customers with powerful, easy-to-deploy, production-ready, and cost-effective AI storage systems. The A3I of DDN. DDN and NVIDIA have teamed up to deliver an AI solution that is highly efficient in terms of data storage, software, networking, and GPU acceleration. DDN A3I carries hundreds of petabytes of dynamic data and is optimized for the whole end-to-end AI workload as the only storage platform certified by NVIDIA for DGX SuperPOD with DGX A100 systems.

North America Next Generation Storage Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Threat of New Entrants

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Bargaining Power of Suppliers

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Impact of COVID-19

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Volume of Digital Data

      2. 5.1.2 Rising Adoption of Solid-state Devices

      3. 5.1.3 Increasing Proliferation of Smartphones, Laptops, and Tablets

    2. 5.2 Market Restraints

      1. 5.2.1 Lack of Data Security in Cloud- and Server-based Services

  6. 6. MARKET SEGMENTATION

    1. 6.1 Storage System

      1. 6.1.1 Direct Attached Storage (DAS)

      2. 6.1.2 Network Attached Storage (NAS)

      3. 6.1.3 Storage Area Network (SAN)

    2. 6.2 Storage Architecture

      1. 6.2.1 File and Object-based Storage (FOBS)

      2. 6.2.2 Block Storage

    3. 6.3 End-User Industry

      1. 6.3.1 BFSI

      2. 6.3.2 Retail

      3. 6.3.3 IT and Telecom

      4. 6.3.4 Healthcare

      5. 6.3.5 Media and Entertainment

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Dell Inc.

      2. 7.1.2 Hewlett Packard Enterprise Company

      3. 7.1.3 NetApp Inc.

      4. 7.1.4 Hitachi Ltd.

      5. 7.1.5 IBM Corporation

      6. 7.1.6 Toshiba Corp.

      7. 7.1.7 Pure Storage Inc.

      8. 7.1.8 DataDirect Networks.

      9. 7.1.9 Scality Inc.

      10. 7.1.10 Fujitsu Ltd.

      11. 7.1.11 Netgear Inc.

  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

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North America Next Generation Storage Market Research FAQs

The North America Next Generation Storage Market is studied from 2018 - 2028.

The North America Next Generation Storage Market is growing at a CAGR of 11% over the next 5 years.

Toshiba Corporation, Hewlett Packard Enterprise, Dell Inc., IBM, Hitachi, Ltd. are the major companies operating in North America Next Generation Storage Market.

North America Next Generation Storage Industry Reports

In-depth industry statistics and market share insights of the North America Next Generation Storage sector for 2020, 2021, and 2022. The North America Next Generation Storage research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the North America Next Generation Storage report PDF.

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