Storage - Armenia | Statista Market Forecast

Revenue in the Storage market is projected to reach US$4.31m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.69%, resulting in a market volume of US$6.54m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$3.11 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 Data Center Market in Armenia is seeing a slight decline in growth rate, as the demand for storage solutions is not as high as expected. Factors such as limited investments in technology and the lack of awareness about the benefits of digital storage are impacting this decline. However, with the increasing adoption of digital technologies in various industries, the storage market is expected to experience growth in the coming years.

Customer preferences: The increasing demand for cloud storage solutions has been driven by the growing popularity of remote work and virtual learning. This has led to a rise in the adoption of hybrid and multi-cloud storage strategies, where organizations utilize a combination of on-premises and cloud storage solutions to meet their data storage needs. The pandemic has also highlighted the importance of disaster recovery and business continuity, leading to an increased focus on data backup and disaster recovery solutions within the storage market.

Trends in the market: In Armenia, the Storage Market within the Data Center Market is experiencing a shift towards cloud storage solutions, with more companies opting for virtual storage options to reduce costs and improve efficiency. Additionally, there is a growing trend of using data analytics and artificial intelligence to optimize storage capacity and improve data management. These trends are significant as they provide businesses with more flexibility and scalability in managing their data. However, this also poses challenges for traditional data center providers who may need to adapt their services to remain competitive.

Local special circumstances: In Armenia, the Storage Market within the Data Center Market is heavily influenced by the country's geographical location and political climate. Being a landlocked country, Armenia faces challenges in terms of connectivity and access to international markets, which can affect the demand and supply of storage solutions. Additionally, the country's strict data privacy laws and government regulations can impact the adoption and growth of data center services, including storage solutions. These unique factors play a significant role in shaping the market dynamics for storage in Armenia.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Armenia is heavily influenced by macroeconomic factors such as the country's economic stability, government policies, and investment in IT infrastructure. With a growing demand for data storage and management solutions, countries with strong economic growth and favorable investment policies are experiencing faster market growth compared to those with economic challenges and limited funding for technology. Additionally, the increasing digitization of businesses and the need for efficient data management are driving the demand for storage solutions in the region.

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.