Storage - Central & Western Europe

Central & Western Europe

Revenue in the Storage market is projected to reach US$7.81bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.85%, resulting in a market volume of US$9.44bn by 2028.
The average Spend per Employee in the Storage market is projected to reach US$47.02 in 2024.
In global comparison, most revenue will be generated in the United States (US$20,060m in 2024).

Key regions: Brazil, Indonesia, Europe, United States, Italy

Market

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Region comparison

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Analyst Opinion

The Storage market in Central & Western Europe is experiencing significant growth and development, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Central & Western Europe are shifting towards more advanced and efficient storage solutions. With the increasing amount of data being generated and the need for quick access and retrieval, customers are demanding storage systems that can handle large volumes of data and provide high performance. Additionally, there is a growing demand for storage solutions that offer scalability and flexibility to accommodate future growth. Trends in the market indicate a move towards cloud-based storage solutions. Central & Western European businesses are increasingly adopting cloud storage services due to their cost-effectiveness, scalability, and ease of use. Cloud storage allows companies to store and access their data remotely, reducing the need for on-premises infrastructure and maintenance. This trend is further supported by the advancements in internet connectivity and the availability of high-speed networks in the region. Another trend in the market is the adoption of solid-state drives (SSDs) over traditional hard disk drives (HDDs). SSDs offer faster data access and transfer speeds, lower power consumption, and greater reliability compared to HDDs. As the cost of SSDs continues to decline, more businesses in Central & Western Europe are opting for these high-performance storage solutions. Local special circumstances in Central & Western Europe also contribute to the development of the storage market. The region is home to several technology hubs and innovation centers, attracting businesses and startups that require robust storage solutions. Additionally, the implementation of data protection and privacy regulations, such as the General Data Protection Regulation (GDPR), has increased the demand for secure and compliant storage solutions. Underlying macroeconomic factors, such as economic growth and digital transformation initiatives, are driving the growth of the storage market in Central & Western Europe. The region has a strong and stable economy, with businesses investing in technology infrastructure to remain competitive. Furthermore, the increasing adoption of digital technologies across industries, such as e-commerce, healthcare, and finance, is generating a massive amount of data that needs to be stored and managed effectively. In conclusion, the Storage market in Central & Western Europe is witnessing growth and development due to customer preferences for advanced and efficient storage solutions, market trends towards cloud-based and SSD storage, local special circumstances such as technology hubs and data protection regulations, and underlying macroeconomic factors such as economic growth and digital transformation initiatives.

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.