Storage - Greece

Greece

Revenue in the Storage market is projected to reach US$61.53m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.59%, resulting in a market volume of US$92.89m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$12.74 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

Market

Region

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Currency

Analyst Opinion

The storage market in the data center market in Greece is experiencing a slight decline due to factors such as slow adoption of digital technologies and low health awareness among consumers. This has resulted in a negligible growth rate for the market.

Customer preferences: As the demand for data storage continues to grow in Greece, there is a noticeable trend towards cloud-based storage solutions. This can be attributed to the increasing reliance on digital platforms for business and personal use, as well as a desire for more efficient and scalable storage options. Additionally, there is a growing preference for green data centers, driven by the country's commitment to sustainability and the adoption of renewable energy sources. This is reflected in the increasing use of energy-efficient storage solutions in data centers, such as solid-state drives and software-defined storage.

Trends in the market: In Greece, the Storage Market within the Data Center Market is experiencing a shift towards cloud-based storage solutions. This trend is driven by the increasing demand for cost-effective and scalable storage options, as well as the growing adoption of virtualization and hybrid cloud environments. Additionally, there is a rise in the use of AI and machine learning technologies, driving the need for more advanced storage capabilities. These trends are significant as they offer more flexibility and agility for businesses, but also pose challenges for data center operators to keep up with evolving storage technologies. Industry stakeholders must stay informed and adapt to these trends to stay competitive in the market.

Local special circumstances: In Greece, the Data Center Market is heavily impacted by the country's geographical location as it experiences frequent earthquakes. This necessitates data centers to have robust disaster recovery plans, driving the demand for storage solutions. Additionally, the Greek government has implemented strict data protection laws, making it necessary for data centers to have secure storage systems. These factors create a unique market environment, where data security and reliability are top priorities for businesses and data center providers.

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 support, and investment in digital infrastructure. Countries with favorable economic conditions and strong investment in data center technologies are experiencing faster market growth compared to regions with economic challenges and limited funding. Additionally, the increasing adoption of cloud computing and big data analytics is driving the demand for data storage solutions to support the digital transformation of businesses worldwide.

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.