Storage - EU-27

EU-27

Revenue in the Storage market is projected to reach US$8.41bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.87%, resulting in a market volume of US$12.86bn by 2029.
The average Spend per Employee in the Storage market is projected to reach US$37.49 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 Storage Market within the Data Center Market in EU-27 nan is experiencing minimal growth due to factors such as saturation in the market, slow technological advancements, and high costs associated with storage solutions. These factors have led to a stagnant growth rate in the market.

Customer preferences: In the EU-27 region, there has been a notable increase in demand for cloud-based storage solutions, as businesses and individuals prioritize data accessibility and security. This trend is driven by the growing adoption of remote work and virtual collaboration tools, as well as the need for efficient data management and backup solutions. Additionally, with the rise of e-commerce and online transactions, there is a growing need for secure and reliable storage solutions to store sensitive customer data. This has led to a surge in demand for data center storage services across various industries.

Trends in the market: In the EU-27, the Storage Market within the Data Center Market is experiencing a surge in demand for cloud storage solutions, driven by the increasing adoption of cloud computing by businesses. This trend is expected to continue as companies seek to reduce costs and improve data accessibility. Additionally, there is a growing trend towards hybrid storage solutions, combining on-premises storage with cloud storage for improved flexibility and scalability. These trends signal a shift towards more efficient and cost-effective storage solutions, offering significant opportunities for industry stakeholders to capitalize on this evolving market.

Local special circumstances: In Europe, the Storage Market within the Data Center Market is heavily influenced by the region's strict data protection regulations, such as the General Data Protection Regulation (GDPR). This has led to a high demand for secure and compliant storage solutions, driving the growth of data centers with advanced security measures. Additionally, the diverse cultural and linguistic landscape in the EU-27 countries has led to a need for localized data storage options, further fueling the demand for storage services within the region.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in EU-27 is influenced by macroeconomic factors such as technological advancements, government policies, and investment in IT infrastructure. Countries with supportive regulatory environments and robust investments in data center infrastructure are experiencing faster market growth compared to regions with limited government support and outdated infrastructure. Additionally, the growing demand for cloud-based services and the increasing volume of data generated by businesses are driving the need for efficient storage solutions, further fueling the growth of the market.

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.