At 8.3% CAGR, North America Next Generation Data Storage Market is Projected to be Worth US$ 41,576.63 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America next generation data storage market was valued at US$ 21,936.92 million in 2022 and is expected to reach US$ 41,576.63 million by 2030, registering a CAGR of 8.3% from 2022 to 2030. DAS to witness significant growth and increasing use of SSD are among the critical factors attributed to drive the North America next generation data storage market growth.

Direct attached storage (DAS) is one of the conventional data storage systems connected directly to the computer, such as a server or PC. DAS is simple to configure, set up, and access. Since computers and servers are usually purchased with internal direct-attached storage, it is available for immediate use without configuration. External DAS devices are generally "plug and play," attached via a USB port, and can be used as soon as they are plugged in. Further, a DAS solution is more cost-effective than alternative network storage solutions, including SAN or NAS, which can be very expensive. DAS is a suitable, cost-effective storage option for small and medium-sized businesses that do not have the budget for advanced storage solutions. Moreover, increasing advancements in virtualization technology are benefiting DAS, especially in the hyper-converged infrastructures (HCI) systems. The HCI system consists of multiple servers and DAS storage nodes, and the storage is aggregated into logical resource pools, providing a more flexible storage solution than traditional DAS.

In May 2022, TerraMaster released a new 8-bay direct attached storage (DAS) appliance for customers who need a central location to store large amounts of data. Unlike NAS, DAS is used locally via a cable connected directly to a PC or other device. The new TerraMaster D8-332 is professional RAID storage with up to 160TB capacity. Thus, the increasing adoption of DAS is expected to fuel the next-generation data storage market growth.

On the contrary, data security concerns hamper the growth of North America next generation data storage market.

Based on storage system, the North America next generation data storage market is segmented into direct attached storage (DAS), network attached storage (NAS), and storage area network (SAN). The direct attached storage (DAS) segment held 42.0% market share in 2022, amassing US$ 9,206.08 million. It is projected to garner US$ 15,393.22 million by 2030 to register 6.6% CAGR during 2022-2030.

In terms of end user, the North America next generation data storage market is segmented into BFSI, retail, IT and telecom, healthcare, media and entertainment, and others. The BFSI segment held 32.9% share of North America next generation data storage market in 2022, amassing US$ 7,213.00 million. It is anticipated to garner US$ 14,111.64 million by 2030 to expand at 8.8% CAGR during 2022-2030.

By storage medium, the North America next generation data storage market is divided into hard disk drive, solid-state drive, and tape. The solid-state drive segment held 64.5% share of North America next generation data storage market in 2022, amassing US$ 14,153.71 million. It is projected to garner US$ 28,344.98 million by 2030 to expand at 9.1% CAGR from 2022 to 2030.

Based on storage architecture, the North America next generation data storage market is bifurcated into file-object based storage, and block storage. The file-object based storage segment held 67.9% share of North America next generation data storage market in 2022, amassing US$ 14,891.93 million. It is predicted to garner US$ 29,113.09 million by 2030 to expand at 8.7% CAGR between 2022 and 2030.

By deployment, the North America next generation data storage market is categorized into on-premise, cloud-based, and hybrid. The on-premise segment held 44.3% share of North America next generation data storage market in 2022, amassing US$ 9,728.92 million. It is estimated to garner US$ 17,360.14 million by 2030 to expand at 7.5% CAGR during 2022-2030.

Based on country, the North America next generation data storage market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.6% share of North America next generation data storage market in 2022. It was assessed at US$ 18,124.98 million in 2022 and is likely to hit US$ 35,854.02 million by 2030, registering a CAGR of 8.9% during 2022-2030.

Key players operating in the North America next generation data storage market are Dell Technologies Inc, Hewlett Packard Enterprise Co, NetApp Inc, Hitachi Ltd, International Business Machines Corp, Pure Storage Inc, DataDirect Networks Inc, Fujitsu Ltd, NETGEAR, and Huawei Technologies Co Ltd, among others.

• In 2023, NETGEAR, Inc. the leading provider of award-winning connected products designed to simplify and improve people's lives, launched the first WiFi 7 router with its new addition to the award-winning Nighthawk line. The router includes link aggregation for concurrent multi-gig internet and LAN access, which offers a graceful transition for a home network to upgrade to a multi-gig network. A USB hard drive can be connected for network attached Storage to facilitate large file backup or sharing as well as high-quality media streaming.
  
  
• In 2023, Sandia National Laboratories and DataDirect Networks (DDN) partnered over the last 3.5+ years to design a next-generation parallel storage system to meet the needs of current and future scientific workloads executing on large-scale High Performance Computing (HPC) systems. This partnership successfully resulted in designing extensions for their new product, Infinia, which targets HPC storage workloads with simplicity and strong data management features as its core principles.
  
  

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