Storage - Serbia

Serbia

Revenue in the Storage market is projected to reach US$21.29m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.50%, resulting in a market volume of US$33.51m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$6.55 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 Serbia has seen a decline in growth due to factors such as the slow adoption of digital technologies and lack of awareness among consumers. However, the convenience offered by online services may drive future growth.

Customer preferences: Consumers in Serbia are increasingly prioritizing data security and privacy when it comes to their storage needs in the data center market. This is driven by the growing awareness of cyber threats and the need to protect sensitive information. As a result, there is a growing demand for secure and reliable storage solutions, such as encrypted storage and data backup services. Additionally, with the rise of remote work and online learning, there is a trend towards cloud-based storage options that offer flexibility and accessibility.

Trends in the market: In Serbia, the Storage Market within the Data Center Market is experiencing a rise in demand for cloud-based storage solutions. This is driven by the increasing adoption of digital transformation strategies by businesses, leading to a need for scalable and flexible storage options. Additionally, there is a growing trend of data center consolidation, as businesses look to streamline their IT infrastructure and reduce costs. These trends are significant for industry stakeholders as they highlight the importance of investing in advanced storage technologies to stay competitive in the market. The trajectory of these trends is expected to continue, with potential implications including an increased focus on data security and the emergence of new storage solutions to cater to the evolving needs of businesses.

Local special circumstances: In Serbia, the Data Center Market is still in its early stages of development, with a growing demand for cloud services and data storage. The country's location in Southeast Europe allows for strategic international connectivity, making it an attractive location for data centers. Additionally, Serbia's government has implemented policies to promote the growth of the digital economy, including tax incentives for data center investments. These factors, coupled with the increasing adoption of digital technologies in the country, are expected to drive the growth of the Storage Market within the Data Center Market.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Serbia is impacted by macroeconomic factors such as the country's economic stability, government policies, and investments in information and communication technologies. With a growing digital economy, Serbia has been investing in the development of its IT infrastructure, creating a favorable environment for the growth of the Storage Market within the Data Center Market. Moreover, the increasing demand for data storage and management solutions, driven by the rising adoption of cloud computing and big data analytics, is also contributing to the growth of the market in the country.

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.