Storage - Guatemala

Guatemala

Revenue in the Storage market is projected to reach US$19.89m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.78%, resulting in a market volume of US$30.30m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$2.74 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

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Analyst Opinion

The Storage Market within the Data Center Market in Guatemala is facing a decline in growth rate due to various factors such as limited infrastructure, low investment in technology, and lack of awareness among businesses.

Customer preferences: There has been a growing demand for edge computing solutions in the Storage Market within the Data Center Market in Guatemala, as businesses and organizations seek to improve the speed and reliability of data access. This trend is particularly driven by the need for real-time analytics and processing of large amounts of data, as well as the adoption of Internet of Things (IoT) devices and applications. Additionally, the increasing use of cloud-based storage and virtualization technologies has also contributed to the growth of the edge computing market in Guatemala.

Trends in the market: In Guatemala, the Storage Market within the Data Center Market is experiencing a shift towards cloud-based solutions, with a focus on scalability and cost-efficiency. This trend is driven by the growing demand for data storage and management solutions, as well as the increasing adoption of virtualization technologies. Additionally, there is a rising interest in green data centers, with efforts to reduce energy consumption and carbon footprint. These trends have significant implications for industry stakeholders, as they must adapt to the changing market dynamics and invest in innovative solutions to remain competitive. Failure to do so could result in a loss of market share and missed opportunities for growth.

Local special circumstances: In Guatemala, the Storage Market within the Data Center Market is influenced by a number of unique local factors. Firstly, the country's geographical location and terrain make it vulnerable to natural disasters, leading to increased demand for disaster recovery and backup storage solutions. Additionally, the high cost of internet connectivity limits the adoption of cloud storage options, making on-premises storage more popular. Furthermore, the country's regulatory environment favors local providers, leading to a relatively smaller market dominated by domestic players.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Guatemala is influenced by various macroeconomic factors. Global economic trends, such as the increasing demand for data storage and the rise of cloud computing, are driving the growth of the market. Additionally, the national economic health of Guatemala, with its stable GDP growth and increasing investment in technology, is creating a positive environment for the storage market. Fiscal policies, such as tax incentives for data center investments, are also contributing to market growth. Moreover, the country's growing digital economy and the increasing use of data-intensive applications are creating a strong demand for storage solutions in the data center market. Overall, these factors are expected to drive significant growth in the storage market within the data center market in Guatemala.

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.