Storage - Hungary | Statista Market Forecast

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 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 Storage Market in the Data Center Market in Hungary is facing a negligible decline in growth rate due to various factors such as economic instability, increasing competition, and technological advancements. However, the market is expected to recover soon with the adoption of cloud storage solutions and the growing demand for data storage in various industries.

Customer preferences: As data storage needs continue to grow, there has been a noticeable shift towards cloud-based storage solutions in Hungary's Data Center Market. This is driven by the increasing demand for cost-effective and scalable storage options. Additionally, the rise of remote work and the need for secure data access from anywhere has also contributed to the popularity of cloud storage. This trend is expected to continue as businesses prioritize flexibility and accessibility in their storage solutions.

Trends in the market: In Hungary, 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 transformation strategies by businesses, as well as the growing volume of data generated by IoT devices. This trajectory is significant as it enables companies to scale their storage needs without the high costs associated with traditional on-premise storage solutions. Additionally, it allows for better data management and accessibility, providing a competitive edge for businesses. This trend also has implications for industry stakeholders, such as data center operators and cloud service providers, who will need to continually innovate and expand their offerings to meet the growing demand for cloud storage solutions in Hungary.

Local special circumstances: In Hungary, the Storage Market within the Data Center Market is driven by the country's strategic location in Central Europe, making it a key hub for data center operations. The growing demand for cloud services and the government's efforts to attract foreign investments have also contributed to the market's growth. Additionally, the country's favorable regulatory environment and skilled workforce have made it an attractive destination for data center providers.

Underlying macroeconomic factors: The growth of the Storage Market within the Data Center Market in Hungary is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in IT infrastructure. Countries with favorable regulatory environments and strong investment in digital technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for cloud storage solutions and the growth of data-driven industries in Hungary are driving the need for advanced storage capabilities within data centers. These factors are expected to continue driving the growth of the Storage Market in Hungary in the coming years.

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.