Countries in the Middle East are in the midst of a transformation as most of them are trying to find ways to move from a predominantly oil-based economy to a more diversified one. This is causing new investments to be pumped into the Middle East in industries such as tourism, information technology, banking, and retail. And this, in turn, is being enabled by a digital transformation, necessitating the creation of large-scale data storage solutions.
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Growing Presence of Data Storage Providers Testament to Booming Data Storage Market in Middle East
Having identified the unmet need for data storage market in several Middle Eastern countries, companies such as Microsoft Corporation and IBM have scaled up their presence in countries such as the United Arab Emirates, Kuwait, and Qatar. Many others are following suit by expanding their presence in the Middle East. With the emergence of more vendors providing data analytics, hybrid cloud storage, and mobile integration solutions, the foundation for the strong growth of the market has been laid. The advent of the Internet of Everything (IoE) is further expected to roil things in the data storage market in the Middle East. With the volume of data produced on the brink of exploding, enhanced data storage is the need of the hour for enterprises of all sizes in the Middle East.
Declining Prices of Data Storage Devices Promoting Market Growth
Ubiquitous data storage devices such as solid-state drives and hard disk drives have become more affordable than before; their prices continue to fall. This has brought more consumers into the folds of the data storage market in the Middle East, upping sales of data storage devices.
Another high-impact factor at play in the data storage market worldwide is the game-changing development of the 3D NAND technology, which has consequently caused capacities of SSDs to expand enormously. All of these factors, coupled with the growing market presence of several regional players in countries such as Oman, Qatar, United Arab Emirates, Kuwait, and Bahrain are fuelling competition, leading to the prevalence of highly competitive prices of data storage devices.
High Double-digit Growth on Cards for Middle East Data Storage Market
According to a study featured on Market Research Reports Search Engine (MRRSE), the global data storage market stood at a valuation of US$1.47 bn in 2014. The report predicts that the market will surpass US$6.53 bn in valuation by 2025, displaying a CAGR of 14.4% between 2015 and 2025.
The market for data storage in the Middle East can be classified on the basis of its end users into residential and commercial. Of these, the commercial end-user segment approximated US$1.08 bn in 2014 and will exhibit a 14.3% CAGR from 2015 to 2025. Although the demand for data storage devices in the commercial sector will remain healthy over the next nine years, the residential sector is expected to show marginally better demand. According the report featured on MRRSE, the residential sector will have a CAGR of 14.7% over the same period.
Telecom and IT contributed the highest share of revenue to the Middle East Data storage market in 2014 and the trend will likely continue over the next few years.
Companies that have an established presence in the Middle East data storage market include: Microsoft Corporation, VMware Corporation, IBM Corporation, Hewlett-Packard Enterprise Co., Open Text Corp., Nexenta Systems, Inc., NetApp Inc., and EMC Corporation.