Storage - Worldwide

Worldwide

Revenue in the Storage market is projected to reach €54.81bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.54%, resulting in a market volume of €94.64bn by 2029.
The average Spend per Employee in the Storage market is projected to reach €15.40 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 Storage Market in the Data Center Market Worldwide is facing stagnant growth due to factors such as slow adoption of digital storage solutions and limited awareness among consumers. These challenges are impacting the market's growth rate, which is currently negligible.

Customer preferences: The growing adoption of cloud-based services is driving the demand for storage solutions within the data center market. Additionally, the rise of virtualization and software-defined storage is enabling more efficient and cost-effective storage management. This trend is further supported by the increasing need for data storage and management solutions due to the proliferation of data-intensive applications and the growing focus on data privacy and security. As a result, there is a growing preference for scalable and secure storage solutions that can support diverse workloads and data types.

Trends in the market: In the worldwide Storage Market within the Data Center Market, there is a strong trend towards adoption of cloud-based storage solutions. This is driven by the increasing need for scalable and cost-effective storage options, as well as the growing demand for data analytics and AI applications. This trend is expected to continue in the coming years, with industry stakeholders investing in advanced storage technologies to meet the evolving needs of businesses. This shift towards cloud-based storage has significant implications for industry players, as it requires them to develop innovative solutions and strategies to stay competitive in the market and cater to the evolving needs of their customers.

Local special circumstances: In China, the Storage Market within the Data Center Market is rapidly expanding due to the large population and the government's focus on digital transformation. The country has a high demand for data storage, driven by the growth of e-commerce and cloud computing industries. Additionally, China's strict data localization laws require companies to store data within the country, further driving the growth of the storage market.

Underlying macroeconomic factors: The growth of the Storage Market within the Data Center Market is also influenced by macroeconomic factors such as technological advancements, global economic trends, and government policies. Countries with strong investment in IT infrastructure and favorable regulatory environments are experiencing faster market growth compared to regions with limited funding and regulatory challenges. Additionally, the increasing demand for data storage solutions, driven by the proliferation of digital data and the need for efficient data management, is further contributing to the growth of the Storage Market within the Data Center Market worldwide.

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.