Storage - Philippines

Philippines

Revenue in the Storage market is projected to reach US$76.12m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.33%, resulting in a market volume of US$101.00m by 2028.
The average Spend per Employee in the Storage market is projected to reach US$1.54 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

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Currency

Analyst Opinion

The Storage market in Philippines is witnessing significant growth and development in recent years.

Customer preferences: Customers in Philippines are increasingly demanding storage solutions that are efficient, secure, and scalable. They are looking for storage systems that can handle large amounts of data, provide high-speed access, and offer reliable backup and recovery options. Additionally, customers are also seeking storage solutions that are cost-effective and environmentally friendly.

Trends in the market: One of the key trends in the Storage market in Philippines is the adoption of cloud storage solutions. Cloud storage offers numerous benefits such as flexibility, scalability, and cost-effectiveness. Many businesses in Philippines are transitioning from traditional on-premise storage systems to cloud-based solutions to meet their growing storage needs. This trend is driven by the increasing demand for data storage and the need for remote access to data. Another trend in the market is the growing demand for solid-state drives (SSDs). SSDs are faster, more reliable, and consume less power compared to traditional hard disk drives (HDDs). As a result, many customers in Philippines are opting for SSDs to improve the performance and efficiency of their storage systems.

Local special circumstances: The storage market in Philippines is also influenced by local special circumstances. The country has a large population and a rapidly growing economy, which has led to an increase in the amount of data generated and stored by businesses and individuals. This has created a need for robust storage solutions that can handle the growing data volumes. Furthermore, the Philippines is prone to natural disasters such as typhoons and earthquakes. As a result, businesses in the country are increasingly focusing on disaster recovery and backup solutions to protect their data from potential loss or damage. This has led to a higher demand for storage systems that offer reliable backup and recovery options.

Underlying macroeconomic factors: The growth of the storage market in Philippines can be attributed to several underlying macroeconomic factors. The country has been experiencing steady economic growth, which has led to increased investment in technology infrastructure, including storage systems. Additionally, the government of Philippines has been implementing initiatives to promote digital transformation and encourage the adoption of advanced technologies, which has further fueled the demand for storage solutions. In conclusion, the Storage market in Philippines is witnessing significant growth and development due to customer preferences for efficient and scalable storage solutions, the adoption of cloud storage and SSDs, local special circumstances such as the need for disaster recovery solutions, and underlying macroeconomic factors such as economic growth and government initiatives.

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.