Storage - United Kingdom

United Kingdom

Revenue in the Storage market is projected to reach €2.21bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.48%, resulting in a market volume of €3.32bn by 2029.
The average Spend per Employee in the Storage market is projected to reach €63.71 in 2024.
In global comparison, most revenue will be generated in the United States (€22,190m in 2024).

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

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Analyst Opinion

The UK data center storage market has seen a slow growth rate due to factors such as limited investments and outdated infrastructure. Despite the growing demand for data storage, the market is facing challenges such as rising costs and the need for more efficient data management solutions. These factors have contributed to the negligible decline in the market's growth rate.

Customer preferences: The Storage Market within the Data Center Market in the United Kingdom is witnessing a growing demand for cloud-based storage solutions, driven by the increasing adoption of digital technologies and the need for secure and scalable data storage. Additionally, with the rise of remote working and virtual collaboration, there is a growing preference for cloud-based storage options that allow for easy access to data from anywhere at any time. This trend is expected to continue as organizations prioritize data accessibility and security in the face of evolving work patterns and technological advancements.

Trends in the market: In the United Kingdom, the Data Center Storage Market is seeing a shift towards cloud-based storage solutions, with companies opting for scalable and cost-effective options. This trend is driven by the increasing demand for data storage and the need for efficient data management. Additionally, there is a growing adoption of hybrid storage models, combining on-premise and cloud storage, to meet diverse business needs. These trends highlight the importance of data storage in the digital age and the need for industry players to continuously innovate and adapt to changing market dynamics.

Local special circumstances: In the United Kingdom, the Storage Market within the Data Center Market is heavily influenced by the country's strict data privacy laws and regulations. The General Data Protection Regulation (GDPR) has significantly impacted the storage market, as companies are required to comply with stringent data protection measures. Additionally, the country's growing focus on renewable energy sources has led to the development of innovative, eco-friendly storage solutions in the market. The UK's advanced technology infrastructure and strong digital economy also contribute to the growth of the storage market, making it a key player in the global data center market.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in the United Kingdom is influenced by macroeconomic factors such as technological advancements, government policies, and overall economic health. With the UK being a major player in the global data center market, its robust economy, favorable regulatory environment, and significant investments in digital infrastructure are driving the growth of the storage market. Additionally, the increasing demand for cloud storage and the rise in data center construction projects in the country are also contributing to the growth of the storage 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.