Storage - Cyprus | Statista Market Forecast

Revenue in the Storage market is projected to reach US$5.62m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.34%, resulting in a market volume of US$8.39m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$8.16 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.

For more information on the data displayed, use the info button right next to the boxes.

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 Data Center Market in Cyprus has seen a decline in growth rate due to factors such as limited infrastructure and high costs. Despite this, the market is driven by increasing demand for data storage solutions and the convenience offered by digital technologies.

Customer preferences: As data storage needs continue to grow in Cyprus, there has been a noticeable shift towards cloud-based solutions. This trend is driven by the convenience and cost-effectiveness of cloud storage, as well as the increasing demand for remote access and collaboration. Additionally, with the rise of remote work and online learning, there has been a growing need for reliable and secure data storage solutions. This has led to a surge in demand for data center services that offer scalable and flexible storage options.

Trends in the market: In Cyprus, the Storage Market within the Data Center Market is experiencing a shift towards cloud-based storage solutions, with more businesses adopting virtualized storage environments. This trend is driven by the need for scalability, cost-effectiveness, and remote access capabilities. Additionally, there is a growing demand for data backup and disaster recovery services, leading to the emergence of specialized storage providers. These developments have significant implications for industry stakeholders, as they must adapt to the changing market landscape and invest in advanced storage technologies to remain competitive. Furthermore, the increasing reliance on digital data and the potential for data breaches highlight the importance of robust security measures in the storage market.

Local special circumstances: In Cyprus, the Storage Market within the Data Center Market is influenced by its strategic location at the crossroads of Europe, Asia, and Africa. This has led to the country being a hub for international data center providers, catering to the increasing demand for data storage and processing in the region. Additionally, the government's favorable tax policies and incentives for data center investments have contributed to the growth of the market. The unique blend of European and Middle Eastern cultures in Cyprus has also influenced the adoption of advanced storage technologies, making it a key market for data center operators.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Cyprus is influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Countries with advanced technological infrastructure and supportive policies are experiencing higher market growth compared to regions with limited resources. Additionally, the growing prevalence of data-driven industries and the need for efficient data storage solutions are driving the demand for storage services in the country. The government's efforts to attract foreign investment and promote digitalization are also expected to further boost the growth of the Storage Market within the Data Center Market in Cyprus.

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.