North America Next Generation Storage Market Trends

Market Trends of North America Next Generation Storage Industry

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 adopting 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 online access at home.
• Consumer demand for 5G smartphones will continue to rise in the United States, with many people eager to upgrade their phones to take advantage of the new technology's benefits. According to the Consumer Technology Association, the United States is witnessing a surge in smartphone sales. In 2021, smartphone sales were USD 73 billion, which increased to USD 74.7 billion in 2022.
• 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.
• The surge in mobile data usage is generating a large volume of data traffic, which further needs a robust next-generation storage solution. North America is expected to have the greatest average consumption per subscriber in 2028, with 58 gigabytes per user.

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 its core competency, which, in turn, results in its overall growth.
• The foray of advanced technologies prompts companies to emphasize updating their storage system to match with the competition. The 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 market's growth.