Storage - Cameroon | Statista Market Forecast

Revenue in the Storage market is projected to reach US$11.36m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.49%, resulting in a market volume of US$17.07m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$0.91 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 Cameroon has been experiencing a negligible decline in growth rate. This can be attributed to factors such as slow adoption of digital technologies in the country and limited awareness among consumers about the benefits of online storage services.

Customer preferences: In Cameroon, the Storage Market within the Data Center Market is experiencing a growing demand for cloud-based storage solutions, driven by the increasing adoption of digital technologies and the need for cost-effective and scalable data storage options. This trend is further fueled by the country's young and tech-savvy population, who are increasingly relying on digital platforms for work, education, and entertainment. Additionally, the growing awareness about data privacy and security is pushing businesses to opt for advanced and secure storage solutions within data centers.

Trends in the market: In Cameroon, the Storage Market within the Data Center Market is experiencing a surge in demand for cloud storage solutions, as more companies and organizations shift towards a digital-first approach. This trend is expected to continue as the country's economy and business landscape become increasingly reliant on digital infrastructure. Additionally, there is a growing focus on data security and compliance, leading to a rise in the adoption of advanced storage technologies. These trends highlight the need for industry stakeholders to invest in robust and secure storage solutions to stay competitive in the market and meet the evolving needs of their clients.

Local special circumstances: In Cameroon, the Storage Market within the Data Center Market is influenced by the country's limited internet infrastructure and high cost of connectivity. This has led to a demand for localized storage solutions and data centers that prioritize data security. Additionally, the government's efforts to improve digital literacy and promote e-commerce are driving the growth of the data center market. This unique combination of factors highlights the need for tailored storage solutions and highlights the potential for growth in the market.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Cameroon is impacted by various macroeconomic factors. These include global economic trends, such as the increasing adoption of cloud computing and data analytics, which drive the demand for storage solutions. Additionally, the country's stable economic health and favorable fiscal policies create a conducive environment for market growth. Furthermore, the government's initiatives to improve digital infrastructure and attract foreign investments also contribute to the expansion of the data center market, including the storage segment.

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.