Storage - Hungary

Hungary

Revenue in the Storage market is projected to reach US$74.79m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.85%, resulting in a market volume of US$136.90m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$14.84 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 Hungary has been experiencing notable growth and development in recent years.

Customer preferences: Customers in Hungary are increasingly prioritizing storage solutions that offer high capacity, reliability, and fast data transfer speeds. With the growing popularity of cloud storage services and the need for efficient data management, there is a rising demand for storage solutions that can accommodate large volumes of data while ensuring data security and accessibility.

Trends in the market: One of the key trends in the Storage market in Hungary is the shift towards solid-state drives (SSDs) due to their faster performance and durability compared to traditional hard disk drives (HDDs). As technology advances and prices for SSDs become more competitive, many consumers and businesses in Hungary are opting for SSDs to enhance their storage capabilities. Additionally, there is a growing trend towards network-attached storage (NAS) systems, which allow for centralized data storage and easy access from multiple devices.

Local special circumstances: Hungary's strategic location in Central Europe makes it a hub for international trade and business activities. This has led to an increased demand for storage solutions that can support the data storage and management needs of businesses operating in the region. Furthermore, the government's initiatives to promote digitalization and innovation are driving the adoption of advanced storage technologies among businesses in Hungary.

Underlying macroeconomic factors: The growing economy in Hungary, coupled with increasing investments in information technology and telecommunications sectors, is contributing to the expansion of the Storage market. As businesses strive to improve their operational efficiency and data handling processes, the demand for storage solutions is expected to continue growing. Moreover, favorable government policies and incentives to attract foreign investments are further fueling the development of the storage market in Hungary.

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.