Latin America Data Storage Market Report and Forecast 2024-2032

Latin America Data Storage Market Size

The Latin America data storage market is projected to grow at a CAGR of 16.5% between 2024 and 2032. The market is being driven by the growing adoption of 5G networks and technological advancements and innovations.

Latin America Data Storage Market Outlook

• 5G is expected to account for nearly 60% of all mobile connections in Latin America by 2030. This rollout of 5G networks is boosting connectivity and data processing, driving the need for new data storage systems. 

• Latin America is emerging as a focal point for AI-powered data centres. Microsoft is in the process of establishing a new data centre region in Chile and partnering on AI initiatives aimed at addressing deforestation in the Amazon.

• Reportedly, 39% of organisations in Latin America planned to invest in cloud computing in 2021.

Latin America Data Storage Market Growth

By March 2023, eight countries in Latin America had already introduced commercial 5G services. Consequently, it is projected that 5G adoption will surpass 2G in 2024, 3G in 2026, and 4G in 2029. Hence, the increasing accessibility of 5G networks is surging the requirement for data storage solutions in Latin America. The rapid growth of the market in Latin America can be attributed to various factors such as digital transformation, increased cloud adoption, and technological advancements. This expansion is further bolstered by supportive government policies and economic progress. According to the Inter-American Development Bank (IDB) in 2020, digitisation of infrastructure is likely to add 5.7% to Latin American GDP over the next 10 years.

Data centres play a crucial role in providing the necessary infrastructure for data storage, management, and distribution in both physical and virtual environments. These facilities are specifically designed to accommodate a large number of servers and storage devices, ensuring the secure and efficient handling of data for various entities such as businesses, governments, and organisations. Hence, the growth of data centres, buoyed by escalating demand for cloud services, the implementation of 5G technology, and the growing adoption of AI workloads, is surging the demand for data storage solutions.

Latin America Data Storage Market Segmentation

“Latin America Data Storage Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Storage Type

• Enterprise Storage
  • Flash Storage
  • Cloud Based Storage
  • Hard Disk Drive (HDD)
  • Software Defined Storage
  • Hyper-Converged Infrastructure
  • Others 
• Consumer Storage
  • Optical Disk
  • Memory Card
  • USB Flash Drives
  • Solid State Devices
  • Hard Disk Drive (HDD)
  • Others

Market Breakup by Storage System

• Network Attached Storage

• Direct Attached Storage

• Storage Area Network

Market Breakup by Storage Architecture

• File and Object-Based Storage

• Block Storage

Market Breakup by Application

• IT and Telecommunication

• BFSI

• Education

• Media and Entertainment

• Government

• Others

Market Breakup by Country

• Brazil

• Mexico

• Argentina

• Others

Latin America Data Storage Market Share

Based on storage type, the market is segmented into enterprise storage and consumer storage. Enterprise storage is projected to grow at a CAGR of 18.2% during the forecast period of 2024-2032. Enterprise storage solutions are created to oversee, store, and safeguard large quantities of data produced by companies. These solutions provide flexible, dependable, and effective methods to manage data, guaranteeing its accessibility and safety.

Leading Companies in the Latin America Data Storage Market

Major players are focusing on the proliferation of IoT storage and cloud adoption to gain a competitive edge in the market.

• Hewlett Packard Enterprise Development LP

• Dell Inc.

• International Business Machines Corporation

• Pure Storage, Inc.

• Dropbox, Inc.

• Seagate Technology Holdings PLC

• Lenovo Group Ltd.

• Google LLC

• Amazon Web Services, Inc.

• Hitachi, Ltd.

• Others

Key Highlights of the Report