Storage - Latvia

Latvia

Revenue in the Storage market is projected to reach US$9.09m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.29%, resulting in a market volume of US$11.60m by 2028.
The average Spend per Employee in the Storage market is projected to reach US$10.18 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 Latvia has been experiencing significant growth in recent years. Customer preferences for storage solutions have evolved, leading to new trends in the market. Additionally, there are local special circumstances and underlying macroeconomic factors that have contributed to the development of the Storage market in Latvia. Customer preferences in Latvia have shifted towards more advanced storage solutions. Customers are increasingly looking for storage options that offer higher capacity, faster data transfer speeds, and improved reliability. This has led to a growing demand for solid-state drives (SSDs) and network-attached storage (NAS) devices. SSDs provide faster access to data and are more durable than traditional hard disk drives (HDDs), while NAS devices allow for easy file sharing and remote access. Trends in the Storage market in Latvia reflect global patterns, but with some unique characteristics. One trend is the increasing adoption of cloud storage services. Many businesses and individuals in Latvia are turning to cloud storage providers to securely store and access their data from anywhere. This trend is driven by the convenience and scalability of cloud storage, as well as the need for data backup and disaster recovery solutions. Another trend in the Storage market in Latvia is the rise of data centers. As more businesses digitize their operations and generate large amounts of data, the demand for data center storage solutions has increased. Data centers provide secure and scalable storage infrastructure for businesses to store and manage their data. This trend is supported by the growth of the IT and telecommunications sectors in Latvia, which require robust storage capabilities. Local special circumstances in Latvia have also influenced the development of the Storage market. The country has a small population compared to other European countries, which means that the market size for storage solutions is relatively limited. However, this has not deterred international storage vendors from entering the Latvian market. Many global storage companies have established a presence in Latvia to tap into the growing demand for storage solutions. Underlying macroeconomic factors have also played a role in the development of the Storage market in Latvia. The country has experienced steady economic growth in recent years, which has led to increased investment in IT infrastructure and technology. This has created opportunities for storage vendors to expand their operations and cater to the growing demand for storage solutions. In conclusion, the Storage market in Latvia is experiencing growth due to changing customer preferences, global trends, local special circumstances, and underlying macroeconomic factors. The demand for advanced storage solutions, such as SSDs and NAS devices, is driving market growth. The adoption of cloud storage services and the establishment of data centers are also contributing to the development of the market. Despite its small population, Latvia has attracted international storage vendors who recognize the potential of the market. The country's steady economic growth has further supported the expansion of the Storage 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.