Storage - Thailand

Thailand

Revenue in the Storage market is projected to reach US$212.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.44%, resulting in a market volume of US$319.00m by 2029.
The average Spend per Employee in the Storage market is projected to reach US$5.28 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 the Data Center Market in Thailand is facing a negligible decline in growth rate, impacted by factors like low investment in data centers and increasing use of cloud storage solutions. However, the convenience of online data storage services and rising data security concerns are expected to drive market growth in the future.

Customer preferences: In Thailand, the Storage Market within the Data Center Market is experiencing a growing demand for cloud-based storage solutions. This can be attributed to the increasing adoption of remote work and the need for secure and efficient data management. Additionally, as the country continues to embrace digital transformation, there is a rising preference for data storage solutions that offer scalability and cost-effectiveness. This has led to a shift towards Software-Defined Storage (SDS) solutions, reflecting the changing consumer preferences in the market.

Trends in the market: In Thailand, the Storage Market within the Data Center Market is experiencing a surge in demand for cloud storage solutions. This trend is fueled by the increasing amount of data being generated and the need for secure and scalable storage options. Industry leaders are investing heavily in expanding their cloud storage capabilities to cater to this demand. This trend is significant as it provides businesses with cost-effective storage solutions and enables seamless data management. However, it also poses challenges for traditional storage providers, who need to adapt to the changing market landscape.

Local special circumstances: In Thailand, the Storage Market within the Data Center Market is heavily influenced by the country's tropical climate and frequent natural disasters. This has led to the development of specialized storage solutions that can withstand extreme weather conditions and protect sensitive data. Additionally, the government's favorable policies and incentives for data center investments have attracted major players in the market, driving its growth. Moreover, the unique cultural preference for personal data storage has also led to the demand for on-premise storage solutions, creating a diverse market landscape.

Underlying macroeconomic factors: The Storage Market within the Data Center Market in Thailand is affected by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Countries with favorable regulatory environments and strong investment in digital technologies are experiencing rapid market growth, while those with regulatory challenges and limited funding face slower growth. Furthermore, the increasing usage of cloud-based services and the growing need to store vast amounts of data are also driving the demand for storage solutions in the country. As Thailand's economy continues to grow and its IT industry evolves, the Storage Market is expected to experience significant expansion in the coming years.

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.