Storage - Malaysia

Malaysia

Revenue in the Storage market is projected to reach US$157.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.49%, resulting in a market volume of US$225.90m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$8.69 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 Malaysia is experiencing significant growth and development.

Customer preferences: Customers in Malaysia are increasingly seeking storage solutions that offer not only ample space but also advanced security features to protect their data. With the rise of digitalization and e-commerce in the country, there is a growing demand for storage options that are not only reliable but also easily accessible. Moreover, customers are looking for storage solutions that are cost-effective and energy-efficient to meet their evolving needs.

Trends in the market: One of the key trends in the Storage market in Malaysia is the shift towards cloud storage solutions. As businesses and individuals generate more data, the need for scalable and flexible storage options has become crucial. Cloud storage offers the advantage of easy accessibility, cost-effectiveness, and scalability, making it a popular choice among customers in Malaysia. Additionally, there is a growing trend towards adopting solid-state drives (SSDs) due to their faster data access speeds and reliability compared to traditional hard disk drives.

Local special circumstances: In Malaysia, the government's initiatives to promote digital transformation and Industry 4. 0 have played a significant role in driving the growth of the Storage market. With increasing investments in digital infrastructure and technology, businesses in Malaysia are looking to upgrade their storage capabilities to stay competitive in the digital landscape. Furthermore, the country's strategic location in Southeast Asia makes it a hub for data storage and distribution, attracting both local and international players to invest in the market.

Underlying macroeconomic factors: The growing economy and rising disposable income in Malaysia have contributed to the expansion of the Storage market. As businesses expand and consumer purchasing power increases, there is a greater need for reliable storage solutions to manage the growing volumes of data. Additionally, the government's focus on developing the digital economy and improving connectivity infrastructure has created a conducive environment for the Storage market to thrive in Malaysia.

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.