Storage - Belgium

Belgium

Revenue in the Storage market is projected to reach US$246.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.24%, resulting in a market volume of US$290.40m by 2028.
The average Spend per Employee in the Storage market is projected to reach US$48.10 in 2024.
In global comparison, most revenue will be generated in the United States (US$20,060m in 2024).

Key regions: Brazil, Indonesia, Europe, United States, Italy

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Analyst Opinion

The Storage market in Belgium has been experiencing significant growth in recent years, driven by a number of factors.

Customer preferences: Customers in Belgium have shown a strong preference for storage solutions that are efficient, secure, and scalable. They are increasingly looking for storage options that can handle large amounts of data, while also ensuring the safety and accessibility of that data. Additionally, customers are seeking storage solutions that can easily integrate with other technologies and systems, allowing for seamless data management and analysis.

Trends in the market: One of the key trends in the storage market in Belgium is the increasing adoption of cloud storage solutions. Cloud storage offers numerous advantages, including flexibility, scalability, and cost-effectiveness. As businesses in Belgium continue to generate and accumulate large amounts of data, cloud storage provides an efficient and convenient way to store and manage that data. Additionally, the rise of remote work and the need for data accessibility from anywhere has further fueled the demand for cloud storage solutions. Another trend in the market is the growing focus on data security. With the increasing frequency and sophistication of cyber threats, businesses in Belgium are placing a high priority on protecting their data. This has led to a rising demand for storage solutions that offer robust security features, such as encryption, access controls, and data backup and recovery capabilities.

Local special circumstances: Belgium is known for its strong technology infrastructure and digital ecosystem. The country has a highly developed IT sector and a favorable business environment for technology companies. This has attracted numerous storage providers to establish a presence in Belgium, offering a wide range of storage solutions to meet the diverse needs of businesses in the country. Additionally, Belgium's central location in Europe makes it an ideal hub for data storage and management, serving as a gateway to other European markets.

Underlying macroeconomic factors: The growth of the storage market in Belgium is also influenced by macroeconomic factors. Belgium has a stable and prosperous economy, with a strong focus on innovation and technology. This has led to increased investments in digital infrastructure and the development of advanced storage technologies. Furthermore, the increasing digitization of various industries, such as healthcare, finance, and manufacturing, has created a growing demand for storage solutions to handle the large volumes of data generated by these sectors. In conclusion, the storage market in Belgium is experiencing growth due to customer preferences for efficient and secure storage solutions, as well as the adoption of cloud storage and the emphasis on data security. The country's strong technology infrastructure, favorable business environment, and central location in Europe contribute to its attractiveness as a storage market. The underlying macroeconomic factors, such as a stable economy and the digitization of industries, further drive the growth of the storage market in Belgium.

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.