Middle East Storage Market Expected to Register CAGR of 14.4% – Research and Markets

The Middle East storage market was valued at $1,475.9 million in 2014 and is expected to expand at a CAGR of 14.4% during the forecast period (2015-2025) to reach $6,537.6 million by 2025, according to the report Storage Market: Middle East Industry Analysis and Opportunity Assessment, 2015 – 2025 (€3,216) from Research and Markets.

The commercial end-user segment was valued at $1,085.9 million in 2014 and is expected to expand at a CAGR of 14.3% during the forecast period. However, as compared to the commercial end user segment, the residential end user segment is expected to expand at a higher CAGR of 14.7% during the forecast period.

Continuous decline in the prices of consumer storage devices, such HDD and SSD, is further promoting growth of the storage market currently. Development of the 3D NAND technology has been a game-changer for the consumer storage industry, resulting in the rise in SSD capacities and decline in prices.

Increasing market presence of regional players in majority of the countries is further cementing competition and, in turn, leading to the reduction in the ASP of consumer storage devices.

Advancements in information and social technology have paved the way for unabated data growth. Business enterprises have moved from duplication and compression techniques to rack servers and data centres in order to manage growth of big data. This offers enterprises an improved, scalable and cost effective platform solution. Additionally, surge in demand for smartphones and other IoT devices, along with growth of social media channels, have led to a rise in demand for additional storage, which in turn is further driving growth of the global storage market currently.

Introduction of high-performance computing solutions with minimum complexities is the key focus area for vendors in the enterprise storage market. In data-intensive applications, such as simulation and modelling of enterprise process creates huge amounts of complex data. In order to store and process this data, high performance solutions that can manage escalating data capacities are of utmost importance.