North America Next Generation Storage Market Size

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.
• The global market for next-generation data storage shrunk when production activities were halted during the initial epidemic. Nonetheless, in the post-COVID-19 environment, the segment is expected to revive swiftly.