Storage - Bangladesh | Statista Market Forecast

Revenue in the Storage market is projected to reach US$87.77m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.00%, resulting in a market volume of US$129.00m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$1.12 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 the Data Center Market of Bangladesh is facing a negligible growth rate due to factors such as low investment in infrastructure, lack of awareness, and slow adoption of digital technologies. Despite this, the convenience and cost-effectiveness of online storage services may drive future growth.

Customer preferences: The Storage Market within the Data Center Market in Bangladesh is experiencing a growing demand for cloud-based solutions, as businesses seek to optimize their data storage and management processes. This trend is driven by the increasing adoption of digital technologies in various industries, as well as the need for cost-effective and scalable storage solutions. Furthermore, the shift towards cloud-based storage is also influenced by the rise of remote work and the need for secure and efficient data access from anywhere.

Trends in the market: In Bangladesh, the Data Center Market is experiencing a surge in demand for storage solutions, driven by the rapid growth of cloud computing and big data analytics. This trend is expected to continue, with the country's digital transformation initiatives and increasing reliance on technology. The significance of this trend lies in the need for efficient and secure storage solutions to handle the increasing data volume. Industry stakeholders, including data center providers and storage vendors, have the opportunity to capitalize on this trend by offering innovative and cost-effective solutions to meet the evolving storage needs of businesses in Bangladesh. However, this also presents challenges in terms of managing and protecting sensitive data, highlighting the importance of data security and compliance in the storage market.

Local special circumstances: In Bangladesh, the Storage Market within the Data Center Market is heavily influenced by the country's geographical location and cultural norms. With a high population density and limited land availability, data centers face unique challenges in terms of space and power management. Additionally, the country's conservative culture and government regulations on internet usage can impact the adoption of cloud storage and data center services. This creates a potential barrier for market growth, requiring providers to tailor their offerings to meet local needs and preferences.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Bangladesh is heavily influenced by macroeconomic factors such as government policies, technological advancements, and investment in digital infrastructure. With a growing economy and increasing investments in the IT sector, the demand for storage solutions in data centers is expected to rise. Additionally, the rise in internet penetration and the adoption of cloud computing technologies are also contributing to the growth of the Storage Market. However, challenges such as limited internet connectivity in rural areas and lack of skilled IT professionals may hinder market growth.

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.