Storage - Albania | Statista Market Forecast

Revenue in the Storage market is projected to reach US$3.74m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.43%, resulting in a market volume of US$5.60m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$2.70 in 2024.
In global comparison, most revenue will be generated United States (US$24bn in 2024).

Definition:

The Storage market focuses on computing equipment specifically designed for information storage, including storage-intensive servers, external storage systems, and storage expansion systems. This market specifically focuses on solutions that target the high-capacity storage requirements of businesses and organizations, setting aside options like consumer-grade storage products such as portable storage devices and Network Attached Storage (NAS). These storage systems are vital for organizations that require dependable archiving, data backup, and recovery capabilities, serving as an indispensable component in advancing the digital capabilities of industries worldwide.

Additional Information:

The Storage market includes revenue, revenue change, average spend per employee, and key player market shares as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in the Storage market include companies such as Dell, HPE, NetApp, and IBM.

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Storage Intensive Servers, such as Dell EMC PowerVault Series, and HPE StoreEasy Storage
Enterprise Storage Devices, such as HPE 3PAR StoreServ Storage, and IBM FlashSystem
Cloud Storage Solutions, such as integration with Amazon AWS S3, and Microsoft Azure Blob Storage

Personal Computers, such as Apple iMac, and Dell Inspiron Series
Consumer-Grade Storage, such as Seagate Hard Disk, and Samsung NVMe SSD

The Storage Market in Albania within the Data Center Market is facing a minimal decline in growth rate due to various factors such as limited infrastructure, slow adoption of digital technologies, and lack of awareness among consumers. However, the convenience offered by online storage services is expected to drive growth in the future.

Customer preferences: With the rapid growth of e-commerce and online shopping in Albania, there has been a significant increase in demand for secure and reliable data storage solutions within the Data Center Market. This trend is driven by the rise in online transactions and the need to ensure the protection of sensitive customer information. As a result, there has been a shift towards cloud-based storage solutions and the adoption of advanced security measures to safeguard data. This trend is also influenced by the country's digital transformation and the increasing reliance on technology for business operations.

Trends in the market: In Albania, the Storage Market within the Data Center Market is seeing a rise in cloud storage services, as more businesses are transitioning to remote work and require secure data storage solutions. This trend is expected to continue, with a focus on data encryption and backup services. Additionally, there is a growing demand for data center colocation services, as companies seek to outsource their data management and storage needs. This trend is significant for industry stakeholders, as it presents new opportunities for growth and partnerships. However, it also highlights the need for strong cybersecurity measures and reliable infrastructure to support the increasing demand for data storage.

Local special circumstances: In Albania, the Storage Market within the Data Center Market is influenced by the country's geographical location between the Adriatic and Ionian Seas. This provides opportunities for renewable energy sources, such as hydro and solar power, to support data center operations. Additionally, the country's regulatory framework, which includes tax incentives for foreign investors, has attracted international data center operators to establish a presence in Albania. Furthermore, the country's increasing focus on digital transformation and e-government initiatives is expected to drive demand for data storage and processing services, further fueling the growth of the Storage Market within the Data Center Market.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Albania is heavily impacted by macroeconomic factors such as the country's overall economic health and fiscal policies. With a growing trend towards digital transformation and increased reliance on data storage, Albania's data center market is experiencing rapid growth. However, challenges such as limited access to capital and regulatory hurdles can hinder market growth. Additionally, the country's favorable investment climate and increasing demand for digital services from various industries are driving the growth of the Storage Market within the Data Center Market in Albania.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

As businesses generate unprecedented volumes of data, the future of enterprise storage is evolving rapidly, driven by the rise of cloud solutions. Cloud storage offers scalability and flexibility, making it essential for enterprises aiming to manage data efficiently and cost-effectively. Undoubtedly, the need to assess storage requirements has been heavily influenced by the demands posed by data centers and artificial intelligence (AI) applications. From handling big data analytics in AI to supporting 5G in telecoms, traditional data storage methods have been challenged, with cloud solutions redefining how organizations store and access critical information.