Storage - Eastern Asia | Statista Market Forecast

Revenue in the Storage market is projected to reach US$14.05bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.64%, resulting in a market volume of US$24.37bn by 2029.
The average Spend per Employee in the Storage market is projected to reach US$15.38 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 Eastern Asia nan is facing minimal growth due to factors such as limited infrastructure and high costs. Despite this, the region is expected to see gradual growth in the coming years, driven by increasing demand for data storage solutions in industries such as healthcare and finance.

Customer preferences: With the rise of cloud computing and the growth of big data, there has been a significant increase in demand for storage solutions in the Data Center Market, particularly in Eastern Asia. This trend is driven by the region's rapidly expanding technology sector and the need for efficient data management and storage. As a result, there has been a shift towards more advanced and scalable storage solutions, such as software-defined storage and hyper-converged infrastructure. Additionally, with the growing importance of data security and privacy, there is a rising demand for secure and reliable storage options in the region. This has led to the emergence of local data center providers offering specialized storage services tailored to the unique needs and preferences of Eastern Asian consumers.

Trends in the market: In Eastern Asia, the Storage Market within the Data Center Market is experiencing a surge in demand for cloud storage solutions, driven by the rapid growth of big data and the increasing adoption of hybrid cloud strategies by businesses. This trend is expected to continue, with a projected compound annual growth rate of 18.7% in the region. Additionally, there is a growing focus on data security and compliance, leading to the development of advanced encryption and data protection technologies. These developments hold significant implications for industry stakeholders, as they strive to meet the growing storage needs of businesses while ensuring the security and integrity of their data.

Local special circumstances: In Eastern Asia, the Storage Market within the Data Center Market is heavily influenced by the region's rapid technological advancements and strong government support for digital transformation. For example, in China, the market is driven by the government's push for cloud computing and data center consolidation. In Japan, strict data privacy laws and a strong focus on disaster recovery have led to the adoption of advanced storage solutions. And in South Korea, the market is driven by the country's high internet penetration rate and the increasing demand for efficient data management solutions.

Underlying macroeconomic factors: The growth of the Storage Market within the Data Center Market is also influenced by macroeconomic factors such as technological advancements, government policies, and investment in IT infrastructure. Countries with strong government support and investments in data center infrastructure are experiencing faster market growth compared to regions with limited government support and funding. Additionally, the increasing demand for cloud computing, big data analytics, and virtualization technologies is driving the demand for storage solutions in data centers, with the rise of digital transformation and the increasing amount of data being generated worldwide.

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.