Storage - Kuwait | Statista Market Forecast

Revenue in the Storage market is projected to reach US$14.75m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.92%, resulting in a market volume of US$22.61m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$5.80 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 Kuwait's Data Center Market is facing a negligible decline in growth rate due to various factors such as economic instability, limited infrastructure, and increasing competition. However, the market is expected to see growth in the coming years due to the rising demand for data storage and the increasing adoption of cloud computing technologies.

Customer preferences: As Kuwait continues to invest in digital transformation and data-driven initiatives, demand for advanced storage solutions within the Data Center Market is on the rise. This is driven by a growing preference for cloud-based storage and virtualization, as well as the need for secure and scalable data management. Additionally, the rise of e-commerce and online banking has led to an increased need for data storage and security measures to protect sensitive consumer information. This trend is expected to continue as the country's digital landscape evolves.

Trends in the market: In Kuwait, the Data Center Market is experiencing a surge in demand for storage solutions, driven by the rapid adoption of cloud computing and big data analytics. This trend is expected to continue as businesses increasingly rely on data-driven insights for decision making. As a result, industry players are investing in advanced storage technologies such as all-flash arrays and software-defined storage to meet the growing demand for high-performance and scalable storage solutions. These developments not only provide significant cost savings for businesses but also enable them to manage and analyze large volumes of data more efficiently. Additionally, the rise of edge computing and the Internet of Things (IoT) is further fueling the demand for local data storage solutions, leading to potential collaborations and partnerships between data center providers and IoT solution providers. This trend is set to revolutionize the data center market in Kuwait, creating new opportunities for industry stakeholders.

Local special circumstances: In Kuwait, the Storage Market within the Data Center Market is heavily influenced by the country's geographical location and its status as a major oil producer. This has led to a high demand for secure and reliable storage solutions for sensitive data in the energy sector. Additionally, the country's strict data privacy laws and regulations have created a need for specialized storage systems that comply with these requirements. This has resulted in a unique market dynamic with a focus on high-security and compliance-driven storage solutions.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Kuwait is influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. As the global demand for data storage and processing increases, Kuwait's strong economic growth and favorable regulatory environment make it an attractive market for data center investments. The country's strategic location as a regional hub for data connectivity and its focus on diversifying its economy through digitalization further contribute to the growth of the Storage Market within the Data Center Market in Kuwait.

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.