Storage - Latvia

Latvia

Revenue in the Storage market is projected to reach US$10.22m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.73%, resulting in a market volume of US$15.53m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$10.42 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 Data Center storage market in Latvia is facing a negligible decline in growth rate, impacted by factors such as saturation in the market, decreasing demand for traditional storage solutions, and the shift towards cloud-based storage options. This has been a significant trend in the technology landscape, with digitalization and data-driven strategies driving the need for efficient and scalable storage solutions.

Customer preferences: The growing adoption of cloud computing and virtualization technologies is driving the demand for storage solutions within the Data Center Market in Latvia. This trend is fueled by the increasing use of data-heavy applications such as AI, IoT, and Big Data analytics. Additionally, the rise of remote work and online learning has led to a surge in data storage needs, as individuals and organizations rely on cloud-based solutions for collaboration and productivity. This shift towards cloud-based storage is expected to continue, as it offers scalability, cost-efficiency, and improved accessibility for users.

Trends in the market: In Latvia, there is a growing trend towards cloud-based storage solutions within the Data Center Market. This trend is driven by the increasing demand for storage capacity and data management services. As more businesses and organizations adopt cloud computing, the demand for secure and scalable storage solutions is expected to continue to rise. This trend is significant for industry stakeholders as it presents opportunities for growth and innovation in the storage market. However, it also poses challenges in terms of data privacy and security. Stakeholders must prioritize data protection measures to build trust and maintain competitiveness in the market.

Local special circumstances: In Latvia, the Storage Market within the Data Center Market is influenced by the country's strategic location as a gateway between Europe and Russia, as well as its investment-friendly business environment. The market is also shaped by the country's strong emphasis on data privacy and security, in line with EU regulations. Additionally, the small size of the market and the dominance of a few key players create a highly competitive landscape, driving innovation and efficiency in the market.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Latvia is heavily influenced by macroeconomic factors such as economic stability, government policies, and investments in digital infrastructure. With the increasing demand for data storage and cloud services, the country's strong economic growth and favorable regulatory environment have created a conducive market for data center operators. Additionally, the growing adoption of digital technologies and the rise of e-commerce are driving the need for efficient and secure data storage solutions, further boosting the growth of the Storage Market within the Data Center Market in Latvia.

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.