Storage - Ghana | Statista Market Forecast

Revenue in the Storage market is projected to reach US$34.66m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.29%, resulting in a market volume of US$51.62m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$2.29 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 Data Center market in Ghana is facing a negligible decline in growth due to factors such as limited infrastructure and high costs. The demand for storage solutions is still present, but hindered by these challenges.

Customer preferences: As data storage needs continue to grow, consumers are increasingly prioritizing cloud-based solutions that offer flexibility and scalability. This trend is driven by the increasing adoption of remote work and the need for reliable and secure access to data. Additionally, with the rise of e-commerce and digital transactions, there is a growing demand for data storage solutions that can support high volumes of online transactions and ensure quick processing times. This has led to a shift towards more advanced and efficient storage technologies such as solid-state drives (SSDs) and software-defined storage solutions.

Trends in the market: In Ghana, the Storage Market within the Data Center Market is experiencing a surge in demand for cloud-based storage solutions. This trend is driven by the increasing adoption of digital technologies, such as IoT and AI, by businesses in the country. As a result, there is a growing need for scalable and secure storage solutions to manage the vast amount of data being generated. This trend is expected to continue in the coming years, with a focus on data privacy and security. Industry stakeholders should capitalize on this trend by offering innovative and secure storage solutions to meet the evolving needs of businesses in Ghana.

Local special circumstances: In Ghana, the Storage Market within the Data Center Market is affected by the country's limited internet connectivity and inadequate power supply. This has led to the development of localized data storage solutions, such as containerized data centers, to overcome these challenges. Additionally, Ghana's growing economy and increasing demand for cloud-based services have created a need for secure and reliable data storage solutions, driving the growth of the Storage Market within the Data Center Market.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Ghana is influenced by various macroeconomic factors, such as the country's economic stability, government policies, and global economic trends. Ghana's stable economic growth and favorable investment climate have attracted major players in the data center market, leading to the development of advanced storage solutions. Moreover, the government's initiatives to promote digitalization and improve internet connectivity have further boosted the demand for data storage services in the country. Additionally, the increasing adoption of cloud computing and big data analytics in various industries is also driving the growth of the storage market in Ghana.

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.