Storage - North America | Statista Market Forecast

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 United States (US$24bn in 2024).

Definition:

The Storage market focuses on computing equipment specifically designed for information storage, including storage-intensive servers, external storage systems, and storage expansion systems. This market specifically focuses on solutions that target the high-capacity storage requirements of businesses and organizations, setting aside options like consumer-grade storage products such as portable storage devices and Network Attached Storage (NAS). These storage systems are vital for organizations that require dependable archiving, data backup, and recovery capabilities, serving as an indispensable component in advancing the digital capabilities of industries worldwide.

Additional Information:

The Storage market includes revenue, revenue change, average spend per employee, and key player market shares as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in the Storage market include companies such as Dell, HPE, NetApp, and IBM.

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Storage Intensive Servers, such as Dell EMC PowerVault Series, and HPE StoreEasy Storage
Enterprise Storage Devices, such as HPE 3PAR StoreServ Storage, and IBM FlashSystem
Cloud Storage Solutions, such as integration with Amazon AWS S3, and Microsoft Azure Blob Storage

Personal Computers, such as Apple iMac, and Dell Inspiron Series
Consumer-Grade Storage, such as Seagate Hard Disk, and Samsung NVMe SSD

The Data Center market in North America is experiencing a negligible growth rate due to factors such as slow adoption of digital technologies, lack of awareness among consumers, and limited convenience offered by online storage services.

Customer preferences: As the demand for data storage continues to increase, consumers are seeking more efficient and cost-effective solutions within the Data Center Market. This has led to a rise in demand for cloud-based storage options, driven by the need for remote access and management of data. Additionally, with the rise of remote work and online learning, there has been a growing preference for virtual storage solutions that offer flexibility and scalability.

Trends in the market: In North America, the Storage Market within the Data Center Market is experiencing a surge in demand for cloud storage solutions. This trend is driven by the increasing adoption of cloud computing and the need for efficient data storage and management. Additionally, the rise of big data and the internet of things (IoT) is further fueling the growth of the storage market. These trends have significant implications for industry stakeholders, as they must adapt to the evolving landscape and offer innovative solutions to meet the changing needs of businesses. This includes investing in advanced technologies such as software-defined storage and flash storage to enhance data management and improve overall performance. Furthermore, with the growing focus on data privacy and security, there is a rising demand for secure and compliant storage solutions, creating opportunities for market players to differentiate themselves and gain a competitive edge.

Local special circumstances: In North America, the Storage Market within the Data Center Market is heavily influenced by the strong presence of major technology companies such as Google, Amazon, and Microsoft. This has led to a highly competitive market with a focus on innovation and advanced solutions. Additionally, the strict data privacy regulations in the United States and Canada have a significant impact on the storage market, driving the demand for secure and compliant storage solutions. In contrast, the market in Mexico is still developing, with a growing demand for cost-effective storage options and a focus on data center sustainability to address the country's energy challenges.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in North America is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investments in digital infrastructure. Countries with supportive regulatory environments and robust investments in data center technologies are experiencing significant growth in this market. The rising adoption of cloud computing and the increasing demand for efficient data storage solutions are also driving the growth of the storage market in this region. Furthermore, the growing volume of data generated by businesses and the need for data security are key factors contributing to the growth of the storage market in North America.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

As businesses generate unprecedented volumes of data, the future of enterprise storage is evolving rapidly, driven by the rise of cloud solutions. Cloud storage offers scalability and flexibility, making it essential for enterprises aiming to manage data efficiently and cost-effectively. Undoubtedly, the need to assess storage requirements has been heavily influenced by the demands posed by data centers and artificial intelligence (AI) applications. From handling big data analytics in AI to supporting 5G in telecoms, traditional data storage methods have been challenged, with cloud solutions redefining how organizations store and access critical information.