Storage - Thailand

Thailand

Revenue in the Storage market is projected to reach US$201.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.37%, resulting in a market volume of US$257.80m by 2028.
The average Spend per Employee in the Storage market is projected to reach US$5.16 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 Thailand has been witnessing significant growth in recent years. With the increasing demand for data storage and the rapid growth of the digital economy, the need for storage solutions has become crucial for businesses and individuals alike.

Customer preferences: In Thailand, customers have shown a preference for cloud storage solutions due to their flexibility and scalability. Cloud storage allows users to access their data from anywhere and at any time, making it highly convenient for businesses with remote teams or individuals who travel frequently. Additionally, cloud storage offers cost-effective solutions as users only pay for the storage space they need, eliminating the need for expensive physical storage devices.

Trends in the market: One of the key trends in the storage market in Thailand is the adoption of solid-state drives (SSDs) over traditional hard disk drives (HDDs). SSDs offer faster data transfer speeds, lower power consumption, and higher durability, making them ideal for both personal and professional use. As the prices of SSDs continue to decrease, more consumers are opting for this advanced storage technology. Another trend in the market is the increasing demand for network-attached storage (NAS) devices. NAS devices provide a centralized storage solution for homes and businesses, allowing multiple users to access and share files simultaneously. With the growing popularity of smart homes and the need for efficient data management in businesses, NAS devices have become a preferred choice for storage solutions in Thailand.

Local special circumstances: Thailand has a rapidly expanding digital economy, with a growing number of startups and small businesses. These businesses require reliable and secure storage solutions to store and manage their data. Additionally, the government's initiatives to promote digital transformation and e-commerce have further fueled the demand for storage solutions in the country.

Underlying macroeconomic factors: Thailand's strong economic growth and increasing internet penetration rate have contributed to the growth of the storage market. As more individuals and businesses go online, the need for storage solutions to manage and store digital data has become essential. Furthermore, the government's investments in infrastructure development and the promotion of digital technologies have created a favorable environment for the storage market to thrive. In conclusion, the storage market in Thailand is experiencing significant growth due to the increasing demand for data storage, the preference for cloud storage solutions, the adoption of SSDs, and the demand for NAS devices. The country's expanding digital economy, government initiatives, and favorable macroeconomic factors have further fueled the growth of the storage market in Thailand.

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.