Storage - North America

North America

Revenue in the Storage market is projected to reach US$25.63bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.95%, resulting in a market volume of US$47.12bn by 2029.
The average Spend per Employee in the Storage market is projected to reach US$100.40 in 2024.
In global comparison, most revenue will be generated in the United States (US$23,930m in 2024).

Key regions: United Kingdom, Brazil, India, China, Indonesia

Market

Region

Region comparison

Currency

Analyst Opinion

The storage market in North America has been experiencing significant growth and development in recent years.

Customer preferences: Customers in North America have shown a strong preference for cloud storage solutions due to their flexibility, scalability, and cost-effectiveness. With the increasing digitization of businesses and the growing need for data storage, cloud storage services have become increasingly popular among both small businesses and large enterprises.

Trends in the market: In the United States, the storage market has been witnessing a trend towards the adoption of solid-state drives (SSDs) over traditional hard disk drives (HDDs). This shift is driven by the increasing demand for faster data processing speeds and improved overall performance. Additionally, there has been a growing interest in hyper-converged infrastructure solutions, which integrate storage, computing, and networking into a single platform, offering simplified management and scalability.

Local special circumstances: Canada, on the other hand, has been focusing on enhancing its data security measures in response to the increasing number of cyber threats. This has led to a growing demand for storage solutions that offer advanced encryption and data protection features. Additionally, the Canadian government has been promoting the use of renewable energy sources in data centers, leading to a rise in environmentally friendly storage solutions in the country.

Underlying macroeconomic factors: The strong economic growth in North America has been driving investments in the storage market, as businesses look to expand their operations and improve their data management capabilities. Additionally, the increasing adoption of Internet of Things (IoT) devices and artificial intelligence (AI) technologies has been generating vast amounts of data, further fueling the demand for efficient storage solutions. The competitive landscape in North America, with a presence of major storage vendors and technological advancements, has also been contributing to the growth of the storage market in the region.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on hardware-related expenses of businesses for setting up and maintaining an IT infrastructure.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports and national statistical offices. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and level of digitization. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques, such as exponential trend smoothing and the S-curve function, is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.