Storage - South Korea

South Korea

Revenue in the Storage market is projected to reach US$0.69bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.73%, resulting in a market volume of US$0.83bn by 2028.
The average Spend per Employee in the Storage market is projected to reach US$24.32 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 South Korea has been experiencing significant growth in recent years.

Customer preferences: Customers in South Korea have shown a strong preference for storage solutions that are compact, efficient, and offer high storage capacity. They are also increasingly seeking storage options that are compatible with multiple devices and provide seamless integration with cloud storage services.

Trends in the market: One of the key trends in the storage market in South Korea is the increasing demand for solid-state drives (SSDs). SSDs offer faster data transfer speeds, better reliability, and lower power consumption compared to traditional hard disk drives (HDDs). This trend is driven by the growing need for faster and more efficient storage solutions, especially in the gaming and multimedia industries. Another trend in the market is the rising popularity of network-attached storage (NAS) systems. NAS systems allow users to centralize their data storage and access it from multiple devices over a network. This trend is driven by the increasing adoption of smart home devices and the need for convenient and secure data storage solutions.

Local special circumstances: South Korea is known for its highly advanced technology industry and has a strong focus on innovation and research and development. This has led to the development of cutting-edge storage technologies and products in the country. South Korean companies are also known for their emphasis on quality and reliability, which has contributed to the strong demand for storage solutions from local manufacturers.

Underlying macroeconomic factors: The strong growth in the storage market in South Korea can be attributed to several macroeconomic factors. Firstly, the country has a large and tech-savvy population that is increasingly reliant on digital devices and services. This has created a growing need for storage solutions to store and manage the increasing amounts of data generated. Secondly, South Korea has a highly developed e-commerce sector, which has fueled the demand for storage solutions for online retailers and logistics companies. The growth of the e-commerce sector has also led to an increased need for data centers and cloud storage services, further driving the demand for storage solutions. Lastly, the government of South Korea has been actively promoting the development of the technology industry through various initiatives and policies. This has created a favorable business environment for storage companies, attracting both local and foreign investments in the sector. In conclusion, the storage market in South Korea is experiencing significant growth due to customer preferences for compact and efficient storage solutions, the increasing demand for SSDs and NAS systems, the emphasis on innovation and quality by local manufacturers, and the underlying macroeconomic factors such as the tech-savvy population, the growth of the e-commerce sector, and government support for the technology industry.

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.