Storage - Saudi Arabia

Saudi Arabia

Revenue in the Storage market is projected to reach US$124.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.65%, resulting in a market volume of US$154.50m by 2028.
The average Spend per Employee in the Storage market is projected to reach US$8.12 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 Saudi Arabia is experiencing significant growth due to several key factors. Customer preferences for storage solutions are evolving, and there is a strong demand for advanced storage technologies. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the market. Customer preferences in Saudi Arabia are shifting towards more advanced storage solutions. As businesses and individuals generate increasing amounts of data, there is a growing need for efficient and secure storage options. Customers are seeking storage solutions that offer high capacity, fast data transfer speeds, and reliable data protection. This has led to a rise in demand for technologies such as solid-state drives (SSDs) and cloud storage. Trends in the market reflect this shift in customer preferences. The adoption of SSDs is increasing rapidly, as they offer faster data access and improved performance compared to traditional hard disk drives (HDDs). SSDs are particularly popular in the consumer electronics sector, where they are used in devices such as smartphones, laptops, and gaming consoles. Additionally, cloud storage services are gaining traction, as they provide scalable and cost-effective storage solutions for businesses and individuals. These trends are driving the growth of the storage market in Saudi Arabia. Local special circumstances also contribute to the development of the storage market in Saudi Arabia. The country has a thriving IT industry, with a strong focus on digital transformation and innovation. This has created a favorable environment for storage solution providers, who are able to leverage the local expertise and infrastructure to meet the growing demand for storage services. Furthermore, Saudi Arabia has a large and young population, which is increasingly reliant on digital technologies. This demographic factor is driving the need for storage solutions to support the growing digital economy. Underlying macroeconomic factors also play a role in the development of the storage market in Saudi Arabia. The country has a strong and stable economy, supported by its vast oil reserves. This has resulted in increased investment in infrastructure and technology, including storage solutions. Additionally, the government's Vision 2030 initiative aims to diversify the economy and promote innovation, which further drives the demand for advanced storage technologies. These macroeconomic factors create a favorable business environment for storage solution providers in Saudi Arabia. In conclusion, the storage market in Saudi Arabia is experiencing significant growth due to evolving customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for advanced storage solutions, such as SSDs and cloud storage, is driving the market's development. The country's thriving IT industry, young population, and favorable economic conditions further contribute to the growth of the storage market in Saudi Arabia.

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.