Storage - Canada

Canada

Revenue in the Storage market is projected to reach US$1.31bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.83%, resulting in a market volume of US$1.91bn by 2029.
The average Spend per Employee in the Storage market is projected to reach US$60.04 in 2024.
In global comparison, most revenue will be generated in the United States (US$23,930m in 2024).

Key regions: United Kingdom, Brazil, India, China, Indonesia

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Analyst Opinion

The Data Center Market in Canada is facing a negligible decline in growth rate, impacted by factors such as saturation in the market, increasing competition, and economic uncertainties. Despite this, the Storage Market within the Data Center Market is still experiencing growth, driven by the need for efficient data storage and management solutions in the digital age.

Customer preferences: As the demand for cloud storage and data management solutions continues to rise in Canada, data centers are increasingly offering flexible and scalable storage options to meet the evolving needs of consumers. This trend is driven by the growing reliance on digital technologies for work and personal use, as well as the increasing adoption of cloud-based services by businesses. Additionally, the shift towards virtualized storage and software-defined storage solutions is being driven by the need for efficient and cost-effective data management in the face of growing data volumes and regulatory requirements.

Trends in the market: In Canada, the Storage Market within the Data Center Market is seeing a rise in demand for cloud-based storage solutions, as more companies shift towards remote work and digital transformation. This trend is expected to continue as the need for secure and scalable storage options grows. Additionally, there is a growing focus on sustainability in the data center industry, with companies investing in renewable energy sources and implementing green data center practices. These trends signal a shift towards more efficient and environmentally friendly storage solutions, which will be important for industry stakeholders to consider in their future strategies.

Local special circumstances: In Canada, the Storage Market within the Data Center Market is heavily influenced by the country's vast geography and harsh climate, which has led to the development of innovative storage solutions to withstand extreme temperatures and weather conditions. Additionally, Canada's strict data privacy laws and regulations have shaped the market, with a focus on secure and compliant storage options. The country's diverse cultural landscape also plays a role, with a growing demand for cloud-based storage solutions in remote Indigenous communities.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Canada is impacted by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Canada's strong economic health and stable fiscal policies have created a favorable environment for market growth. Additionally, the increasing demand for cloud-based services and the growing adoption of IoT technologies are driving the demand for storage solutions in the country. Furthermore, the government's focus on promoting data privacy and security is also expected to boost the growth of the storage market in Canada.

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.