Storage - China

China

Revenue in the Storage market is projected to reach €7.75bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.63%, resulting in a market volume of €10.40bn by 2028.
The average Spend per Employee in the Storage market is projected to reach €9.79 in 2024.
In global comparison, most revenue will be generated in the United States (€18,600m in 2024).

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

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Analyst Opinion

The Storage market in China has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Chinese customers have shown a strong preference for storage solutions that are affordable, reliable, and scalable. They are increasingly looking for storage options that can handle large amounts of data and provide quick access to information. Additionally, there is a growing demand for cloud storage solutions, as businesses and individuals seek to store and access their data remotely.

Trends in the market: One of the major trends in the storage market in China is the increasing adoption of solid-state drives (SSDs). SSDs offer faster data access speeds and higher reliability compared to traditional hard disk drives (HDDs). As a result, more and more consumers and businesses are opting for SSDs for their storage needs. Another trend is the rise of network-attached storage (NAS) systems, which allow multiple users to access and share data over a network. This is particularly popular among small and medium-sized enterprises (SMEs) that need a cost-effective and efficient storage solution.

Local special circumstances: China has a large population and a rapidly growing economy, which has led to a surge in data generation. This has created a need for robust storage infrastructure to handle the increasing data volumes. Additionally, the Chinese government has been promoting the development of the digital economy, which has further fueled the demand for storage solutions. Moreover, the country has a strong manufacturing base, which has enabled the production of storage devices at competitive prices.

Underlying macroeconomic factors: The growth of the storage market in China is also influenced by several macroeconomic factors. The country's strong economic growth has led to increased investment in technology infrastructure, including data centers and storage systems. Furthermore, the rise of e-commerce and the digitalization of various industries have created a need for storage solutions to handle the growing volumes of data. Additionally, the Chinese government's focus on innovation and technological advancement has encouraged the development and adoption of storage technologies. In conclusion, the Storage market in China is experiencing significant growth due to customer preferences for affordable and scalable storage solutions, the adoption of SSDs and NAS systems, the need to handle large volumes of data, and the government's support for the digital economy. These factors, combined with China's strong manufacturing base and macroeconomic growth, have contributed to the expansion of the storage market in the country.

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.