Storage - Bosnia and Herzegovina

Bosnia and Herzegovina

Revenue in the Storage market is projected to reach US$12.08m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.03%, resulting in a market volume of US$15.27m by 2028.
The average Spend per Employee in the Storage market is projected to reach US$9.55 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

Market

Region

Region comparison

Currency

Analyst Opinion

The Storage market in Bosnia and Herzegovina is experiencing significant growth and development.

Customer preferences: Customers in Bosnia and Herzegovina are increasingly demanding storage solutions that are reliable, affordable, and scalable. They are looking for storage options that can handle large amounts of data and provide easy access to their files and documents. Additionally, customers are also placing a greater emphasis on data security and are seeking storage solutions that offer robust encryption and backup capabilities.

Trends in the market: One of the key trends in the Storage market in Bosnia and Herzegovina is the increasing adoption of cloud storage solutions. Cloud storage offers several benefits, including cost savings, scalability, and remote access to data. As a result, businesses and individuals are shifting towards cloud-based storage options to meet their growing storage needs. Another trend in the market is the rising demand for solid-state drives (SSDs). SSDs offer faster data transfer speeds and improved performance compared to traditional hard disk drives (HDDs). As the price of SSDs continues to decline, more customers in Bosnia and Herzegovina are opting for SSD storage solutions, particularly for their high-performance computing needs.

Local special circumstances: Bosnia and Herzegovina has a growing IT sector, which is driving the demand for storage solutions. The country's IT industry is expanding rapidly, with an increasing number of businesses and organizations relying on technology for their operations. This growth in the IT sector is creating a need for reliable and efficient storage solutions to manage the ever-increasing data volumes. Furthermore, the country's geographical location in Southeast Europe makes it an attractive destination for data centers and storage providers. Bosnia and Herzegovina's strategic position allows for easy connectivity to both Western and Eastern Europe, making it an ideal location for companies looking to establish data centers and storage facilities.

Underlying macroeconomic factors: The growth of the Storage market in Bosnia and Herzegovina can also be attributed to favorable macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in increased disposable income and higher consumer spending. This has led to a greater demand for storage solutions among businesses and individuals. Additionally, the government of Bosnia and Herzegovina has been actively promoting the development of the IT sector. Initiatives such as tax incentives for IT companies and investments in digital infrastructure have created a conducive environment for the growth of the Storage market. In conclusion, the Storage market in Bosnia and Herzegovina is witnessing significant growth and development driven by customer preferences for reliable and scalable storage solutions. The increasing adoption of cloud storage and solid-state drives, along with the country's growing IT sector and favorable macroeconomic factors, are contributing to the expansion of the market.

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.