According to a new market report published by Future Market Insights, the market for storage in Middle East is expected to register a CAGR of 14.4% from 2015 to 2025 and in numbers the market is expected to touch US$ 6.5 billion by 2025.
Growth of the Middle East storage market is primarily driven by declining prices of consumer storage devices and advancements in information and social technology. The enterprise storage segment is anticipated to expand at a CAGR of 14.8% during the forecast period in terms of revenue.
The cloud based storage sub-segment is expected to expand at the highest CAGR of 19.1% during the forecast period in terms value. Stability and flexibility offered by the enterprise storage, coupled with its lower cost, is the prime reason responsible for the robust adoption of cloud based storage across the globe. cloud computing is a hassle-free and cost-effective storage facility.
Surge in demand for smartphones and other IoT devices and rise in number of social media channels are among the major factors that have increased the need for additional storage facility, which in turn is further driving growth of the enterprise storage segment.
Increased adoption of cloud based storage in SMBs and in-house data centres is the primary factor responsible for driving growth of the market in the Levant region. Various verticals, including BFSI and telecommunication and IT, are investing highly on the IT platform for improving their ease of operation, as compared to the conventional storage platform.
The storage market in the GCC region is primarily driven by the emergence of Internet of everything (IoE) and big data. Rise in number of consumers on social media networks, increase in broadband Internet penetration and proliferation of smartphones are factors that have led to a significant increase in cloud and data center traffic in GCC countries such as UAE and Saudi Arabia.
The players that dominated the Middle East storage market are IBM, Microsoft, VMware, Hewlett Packard Enterprise, NetApp, Open Text, SanDisk, Hitachi Data Systems Corporation, EMC and Nexenta Systems.
