Storage - United States

United States

Revenue in the Storage market is projected to reach US$20.06bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.44%, resulting in a market volume of US$23.87bn by 2028.
The average Spend per Employee in the Storage market is projected to reach US$118.70 in 2024.
In global comparison, most revenue will be generated in the United States (US$20,060m in 2024).

Key regions: Brazil, Indonesia, Europe, United States, Italy

Market

Region

Region comparison

Currency

Analyst Opinion

The Storage market in United States has been experiencing significant growth in recent years, driven by various factors such as increasing demand for data storage solutions, advancements in technology, and the growing adoption of cloud computing.

Customer preferences: In the United States, customers have shown a strong preference for storage solutions that offer high capacity, scalability, and reliability. With the exponential growth of data generated by businesses and individuals, there is a need for storage solutions that can handle large volumes of data and provide easy access to it. Customers also look for solutions that are cost-effective and offer efficient data management capabilities.

Trends in the market: One of the key trends in the storage market in the United States is the increasing adoption of cloud storage solutions. Cloud storage offers several benefits such as flexibility, scalability, and cost-effectiveness, which have made it a popular choice among businesses and individuals. The shift towards cloud storage is driven by the need for secure and accessible storage solutions, as well as the desire to reduce infrastructure costs. Another trend in the market is the growing demand for solid-state drives (SSDs). SSDs offer faster data access and transfer speeds compared to traditional hard disk drives (HDDs). This has led to an increased adoption of SSDs in various applications such as personal computers, servers, and data centers. The declining prices of SSDs have also contributed to their growing popularity among consumers.

Local special circumstances: The United States has a highly developed technology infrastructure and a large number of technology companies. This has created a favorable environment for the storage market to thrive. The presence of major players in the market, such as IBM, Dell, and Hewlett Packard Enterprise, has also contributed to the growth of the market by offering a wide range of storage solutions to customers.

Underlying macroeconomic factors: The growth of the storage market in the United States is also influenced by macroeconomic factors such as GDP growth, consumer spending, and business investments. A strong economy and increased consumer spending power have led to higher demand for storage solutions, both for personal and business use. Additionally, the increasing adoption of digital technologies by businesses has created a need for storage solutions to handle the growing volume of data generated. In conclusion, the storage market in the United States is experiencing significant growth due to increasing customer demand for high-capacity and scalable storage solutions, the adoption of cloud storage, and the growing popularity of SSDs. The presence of a highly developed technology infrastructure and major players in the market further contribute to the market's growth. The underlying macroeconomic factors such as GDP growth and increased consumer spending power also play a significant role in driving the growth of the market.

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.