Hong Kong Data Center Storage Market Size (2024 - 2029)

The Hong Kong Data Center Storage Market is projected to experience significant growth over the forecast period, driven by the increasing demand for cloud computing among small and medium-sized enterprises, stringent government regulations for local data security, and rising investments from domestic players. This growth in market size is further supported by the expansion of IT load capacity, raised floor space, and the number of racks planned for installation. Additionally, the development of submarine cable systems is expected to enhance connectivity, contributing to the market's expansion.

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Market Size of Hong Kong Data Center Storage Industry

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Hong Kong Data Center Storage Market Summary
Study Period 2018 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 1.21 Billion
Market Size (2029) USD 1.88 Billion
CAGR (2024 - 2029) 9.09 %
Market Concentration Medium

Major Players

Hong Kong Data Center Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Hong Kong Data Center Storage Market Analysis

The Hong Kong Data Center Storage Market size is estimated at USD 1.21 billion in 2024, and is expected to reach USD 1.88 billion by 2029, growing at a CAGR of 9.09% during the forecast period (2024-2029).

  • The increasing demand for cloud computing among SMEs, government regulations for local data security, and growing investment by domestic players are some of the major factors driving the demand for data centers in the country, leading to a growing need for data center storage equipment.
  • Under Construction IT Load Capacity: The upcoming IT load capacity of the Hong Kong data center market is expected to reach 1,700 MW by 2029.
  • Under Construction Raised Floor Space: The country's construction of raised floor area is expected to increase to 6 million sq. ft by 2029.
  • Planned Racks: The country's total number of racks to be installed is expected to reach 230K units by 2029. NCR Ho Chi Minh City is expected to house the maximum number of racks by 2029.
  • Planned Submarine Cables: There are close to 2 submarine cable systems connecting Hong Kong, and we expect a few cables to come in the near future. One such submarine cable that is estimated to start service in 2025 is Asia Cable Link ALC, which stretches over 6,000 Kilometers with landing points from Hong Kong SAR, Mainland China.

Hong Kong Data Center Storage Industry Segmentation

Data center storage encompasses devices, hardware, networking equipment, and software technologies facilitating the storage of data and applications within data center facilities, used for storing, managing, retrieving, distributing, and backing up digital information within such facilities. 

The Hong Kong data center storage market is segmented by storage technology (network attached storage (NAS), storage area network (SAN), direct attached storage (DAS), and other technologies), by storage type (traditional storage, all-flash storage, and hybrid storage), and by end-user (IT & telecommunication, BFSI, government, media & entertainment, and other end-users). 

Market sizes and forecasts are provided in terms of value (USD) for all the segments above.

Storage Technology
Network Attached Storage (NAS)
Storage Area Network (SAN)
Direct Attached Storage (DAS)
Other Technologies
Storage Type
Traditional Storage
All-Flash Storage
Hybrid Storage
End-User
IT & Telecommunication
BFSI
Government
Media & Entertainment
Other End-Users
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Hong Kong Data Center Storage Market Size Summary

The Hong Kong Data Center Storage Market is experiencing significant growth, driven by the increasing demand for cloud computing, stringent government regulations on data security, and substantial investments from local players. The market is poised for expansion as businesses increasingly adopt cloud-based services for their flexibility and cost-effectiveness. The proliferation of smartphones and the adoption of 5G networks have led to a surge in data traffic, further fueling the demand for data center storage solutions. The government's preference for private cloud facilities and the strategic combination of on-premises and cloud storage solutions are enhancing the market's value. As the digital user base expands, the rapid development of IT infrastructure is amplifying the utilization of data centers, thereby increasing the demand for storage devices.

The competitive landscape of the Hong Kong Data Center Storage Market is semi-fragmented, with major players like Dell Inc., Hewlett Packard Enterprise, NetApp Inc., Huawei Technologies Co. Ltd., and Hitachi Vantara LLC holding significant market shares. These companies are actively engaging in strategic collaborations to expand their market presence and enhance profitability. Recent innovations, such as Seagate Technology's Exos® X24 hard drives and KIOXIA Corporation's next-generation SSDs, underscore the commitment to meeting the evolving needs of data centers. Partnerships, like those between Pure Storage and Westcon-Comstor, and Perifery and Seagate Technology, are further driving the adoption of advanced storage solutions, catering to diverse industries and enhancing the accessibility of high-performance, scalable storage options.

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Hong Kong Data Center Storage Market Size - Table of Contents

  1. 1. Market Dynamics

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Expansion of IT Infrastructure to Increase Market Growth

      2. 1.2.2 Increased Investments in Hyperscale Data Centers To Increase Market Growth

    3. 1.3 Market Restraints

      1. 1.3.1 High Initial Investment Cost To Hinder Market Growth

    4. 1.4 Value Chain / Supply Chain Analysis

    5. 1.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Assessment of COVID-19 Impact

  2. 2. MARKET SEGMENTATION

    1. 2.1 Storage Technology

      1. 2.1.1 Network Attached Storage (NAS)

      2. 2.1.2 Storage Area Network (SAN)

      3. 2.1.3 Direct Attached Storage (DAS)

      4. 2.1.4 Other Technologies

    2. 2.2 Storage Type

      1. 2.2.1 Traditional Storage

      2. 2.2.2 All-Flash Storage

      3. 2.2.3 Hybrid Storage

    3. 2.3 End-User

      1. 2.3.1 IT & Telecommunication

      2. 2.3.2 BFSI

      3. 2.3.3 Government

      4. 2.3.4 Media & Entertainment

      5. 2.3.5 Other End-Users

Hong Kong Data Center Storage Market Size FAQs

The Hong Kong Data Center Storage Market size is expected to reach USD 1.21 billion in 2024 and grow at a CAGR of 9.09% to reach USD 1.88 billion by 2029.

In 2024, the Hong Kong Data Center Storage Market size is expected to reach USD 1.21 billion.

Hong Kong Data Center Storage Market Report Snapshots

Hong Kong Data Center Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)