Storage - Central America

Central America

Revenue in the Storage market is projected to reach US$70.88m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.18%, resulting in a market volume of US$105.00m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$3.03 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

Market

Region

Region comparison

Currency

Analyst Opinion

The Storage market in Central America is experiencing significant growth and development driven by various factors.

Customer preferences: Customers in Central America are increasingly seeking storage solutions that are not only cost-effective but also offer high performance and reliability. With the growing digitization of businesses and the increasing adoption of cloud storage services, there is a rising demand for scalable storage solutions that can efficiently manage large volumes of data. Additionally, customers are placing a strong emphasis on data security and are looking for storage options that offer robust encryption and data protection features.

Trends in the market: In countries like Costa Rica and Panama, there is a noticeable trend towards the adoption of flash storage technology due to its superior speed and performance compared to traditional hard disk drives. This trend is driven by the need for faster data processing and reduced latency in various applications. Moreover, the market is witnessing a shift towards software-defined storage solutions, which offer greater flexibility and scalability to meet the evolving storage needs of businesses in the region.

Local special circumstances: In countries such as Guatemala and Honduras, where infrastructure challenges are prevalent, there is a growing demand for network-attached storage (NAS) solutions that can provide centralized data storage and easy access to multiple users. NAS systems are becoming increasingly popular among small and medium-sized enterprises in these countries as they offer a cost-effective way to store and share data within limited IT environments.

Underlying macroeconomic factors: The economic growth and increasing investments in the IT sector across Central America are playing a significant role in driving the growth of the Storage market. As businesses expand and modernize their IT infrastructure, there is a growing need for advanced storage solutions to support their operations. Additionally, favorable government policies and initiatives aimed at promoting digital transformation are creating a conducive environment for the development of the Storage market in the region.

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.