Storage - Hong Kong

Hong Kong

Revenue in the Storage market is projected to reach US$171.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.06%, resulting in a market volume of US$252.40m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$45.93 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 in the Data Center Market in Hong Kong is seeing a minor decline in growth rate due to the rising competition and saturation in the market. Despite this, the market is still driven by increasing demand for data storage solutions and the convenience offered by digital technologies.

Customer preferences: There has been a growing demand for storage solutions that cater to the specific needs of different industries, such as healthcare, finance, and e-commerce. This is driven by the increasing reliance on data-driven decision-making and the need for secure, compliant storage solutions. Additionally, the rise of cloud computing and virtualization has led to a shift towards more flexible and scalable storage options, further driving growth in the Storage Market within the Data Center Market in Hong Kong.

Trends in the market: In Hong Kong, the Storage Market within the Data Center Market is seeing a shift towards the adoption of cloud-based solutions. This trend is driven by the increasing demand for data storage and management, as well as the need for scalability and cost-efficiency. In addition, there is also a growing focus on data security and compliance, leading to the adoption of advanced storage technologies such as solid-state drives and encryption methods. These trends are significant as they enable businesses to effectively manage and protect their data, while also reducing operational costs. However, there may be implications for industry stakeholders such as traditional hardware manufacturers, who may need to adapt their offerings to stay competitive in this evolving market.

Local special circumstances: In Hong Kong, the Storage Market within the Data Center Market is heavily influenced by the city's limited land availability and high real estate costs. This has led to a trend of compact and efficient data center designs, as well as a focus on energy efficiency. Additionally, Hong Kong's strong protection of intellectual property rights and business-friendly regulatory environment make it an attractive location for data center investment. Furthermore, the city's proximity to mainland China and its role as a major financial hub have also contributed to the growth of the Storage Market within the Data Center Market in Hong Kong.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Hong Kong is influenced by various macroeconomic factors. These include global economic trends, such as the rapid expansion of cloud computing and the rise of big data, which are driving the demand for data storage and management solutions. Additionally, the strong economic health of Hong Kong, with its robust financial sector and stable political climate, provides a favorable environment for investment in data center infrastructure. Furthermore, the government's push for digital transformation and initiatives to enhance data security and privacy are expected to further boost the growth of the Storage Market within the Data Center Market in Hong Kong.

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.