Storage - Worldwide

Worldwide

Revenue in the Storage market is projected to reach €46.24bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.56%, resulting in a market volume of €57.41bn by 2028.
The average Spend per Employee in the Storage market is projected to reach €13.18 in 2024.
In global comparison, most revenue will be generated in the United States (€18,340m in 2024).

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

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Analyst Opinion

The Storage market in Worldwide is experiencing significant growth and development due to various factors such as increasing demand for data storage, advancements in technology, and the need for efficient and secure storage solutions.

Customer preferences: Customers in the Storage market in Worldwide are increasingly looking for scalable and flexible storage solutions that can accommodate their growing data needs. With the exponential growth of data generated by businesses and individuals, there is a need for reliable and secure storage options that can handle large volumes of data. Additionally, customers are also concerned about data security and are looking for storage solutions that offer robust security features to protect their valuable information.

Trends in the market: One of the key trends in the Storage market in Worldwide is the shift towards cloud storage solutions. Cloud storage offers numerous benefits such as scalability, cost-effectiveness, and accessibility from anywhere, making it an attractive option for businesses and individuals. The increasing adoption of cloud computing and the need for remote access to data are driving the demand for cloud storage solutions. Another trend in the market is the emergence of solid-state drives (SSDs) as a popular storage option. SSDs offer faster data transfer speeds, lower power consumption, and greater durability compared to traditional hard disk drives (HDDs). As a result, SSDs are becoming increasingly popular in both consumer and enterprise markets.

Local special circumstances: In the Storage market in Worldwide, there are certain local special circumstances that impact the market dynamics. For example, in countries with limited internet connectivity or unreliable power supply, customers may prefer on-premises storage solutions that do not rely on internet connectivity or require constant power supply. Additionally, data privacy regulations and compliance requirements vary across countries, which may influence the choice of storage solutions.

Underlying macroeconomic factors: The growth and development of the Storage market in Worldwide are also influenced by underlying macroeconomic factors. For example, the increasing digitalization of businesses and the adoption of technologies such as artificial intelligence and big data analytics are driving the demand for storage solutions. Additionally, economic factors such as GDP growth, disposable income, and business investments also play a role in the expansion of the market. Overall, the Storage market in Worldwide is witnessing significant growth and development driven by customer preferences for scalable and secure storage solutions, the adoption of cloud storage and SSDs, local special circumstances, and underlying macroeconomic factors. As the demand for data storage continues to increase, the market is expected to further expand and evolve to meet the evolving needs of customers.

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.