Storage - Singapore

Singapore

Revenue in the Storage market is projected to reach US$146.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.02%, resulting in a market volume of US$224.80m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$39.47 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 Singapore continues to experience growth and evolution, driven by various factors shaping consumer preferences and market trends.

Customer preferences: Customers in Singapore are increasingly looking for storage solutions that offer not only ample space but also smart features such as cloud integration, security enhancements, and energy efficiency. The demand for storage solutions that are compact yet high in capacity is on the rise, reflecting the urban living environment in Singapore where space is a premium.

Trends in the market: One prominent trend in the Singaporean Storage market is the growing adoption of solid-state drives (SSDs) over traditional hard disk drives (HDDs). This shift is fueled by the need for faster data access speeds, lower power consumption, and greater reliability. Additionally, there is a rising interest in network-attached storage (NAS) systems, driven by the increasing use of multimedia content and the desire for centralized data management.

Local special circumstances: Singapore's strategic location as a regional business hub and its tech-savvy population contribute to the unique dynamics of the Storage market. The country's strong emphasis on innovation and digitalization is reflected in the demand for cutting-edge storage solutions that cater to both personal and professional needs. Furthermore, the government's push towards a Smart Nation initiative further propels the adoption of advanced storage technologies in various sectors.

Underlying macroeconomic factors: The stable economic environment in Singapore, coupled with high levels of disposable income, supports the growth of the Storage market. As businesses and individuals alike generate increasing amounts of data, the need for reliable and efficient storage solutions continues to expand. Moreover, Singapore's status as a global financial and technological center attracts investments and drives technological advancements in the storage industry.

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.