Digital Storage Devices Market Size

Digital Storage Devices Market Overview

In terms of value, the global digital storage devices market is expected to register a CAGR of 10.05% during the ongoing forecast period of 2022-2030. The digital storage devices market was valued at a global sum worth USD 14,250.6 Mn during the historic forecast period that had ended in 2022 and is projected to reach a final market sum of USD 9.5 Bn by the end of the forecast period in 2030. The rising amount of HD Video Content in the global market premises is a major factor driving the market.

The data storage device is more like computing hardware that is used to store, porting, and extract the data from the files and objects. Data storage devices are one of the core components that are related to a computing device. It works as a storage medium that can be attached to a computer or a server, both internally or externally. They are also available in different form factors such as hard disk drives (HDD) and others like Solid State Drives (SSD), memory cards, floppy disks, optical disk drives (Compact Disk – CD, Digital Versatile Disc – DVD, Blu-Ray DVD), and USB flash drives.

Figure 1: Digital Storage Devices Market Size, 2022-2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

COVID 19 Analysis

The outbreak of the pandemic has had an impact on the digital storage devices market. The virtual working followed by the work-from-home scenario is likely to create issues like data breach and trust issues. The global market manufacturers need to be more inventive in terms of product offering, with the main motive to retain their competitive position in this highly elastic market of data storage devices.

Market Dynamics

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  Drivers

  
  

The large internet-based service companies that are functional in various locations have sought out more efficient methods of scaling out a large number of servers with a huge storage, as demand for cloud services grew and are growing tremendously. This advent of cloud computing is likely to have given rise to trends such as enterprise mobility, Big Data, and analytics - which are known to have created increasingly linked data ecosystems, and this is driving the demand for digital data storage capacity based on the digital storage devices market trends. However, the cloud cannot be considered as the end of traditional storage. Instead, cloud storage followed by web-based service providers is requiring more than the normal capacity to store the increasing volume of data and retain the data for longer periods relatively than ever.

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  Restraints

  
  

The digital storage devices market size is facing major challenges due to the outbreak and other technical errors that are hampering its growth during the forecast period that will be ending in 2030. Lack of awareness and investment followed by the reduction in research and development is hampering the growth of the market that has been projected for the forecast period that will be ending in 2030.

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  Technology Analysis

  
  

There has been a growing demand for digital storage devices market in small businesses is expected to grow exponentially, with regards to interoperability, as storage systems must accommodate various kinds of operating systems. Network-attached storage (NAS), which is emerging basically in the form of a bundle of multiple hard drives and allied software, represents a smart solution for such purposes. The features of a NAS solution of this type are likely to provide small businesses the advantages of cloud computing, such as the ability to easily back up or transfer files to a secondary storage device, alongside the remote access to files via a web browser. NAS, with these propelling capabilities coupled with low costs, represents the future of private cloud storage for small and medium businesses. In response to such dynamic changes in demand from businesses, HDD manufacturers have developed a variety of cost benefits in comparison to an enterprise-class drive and come along with enterprise-class features.

Segment Overview

The digital storage devices market has been segmented as follows:

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  Based on the Type

  
  

The global digital storage devices market is segmented into flash storage, solid-state drives, amongst the others like magnetic disk drives, optical disk drives, and others. Flash storage has further been segmented into USB storage and memory card. Solid-State drives that the segment is further segmented into flash memory-based, DRAM-based, and others. Magnetic storage is also being segmented in the form of the floppy disk, magnetic recording tape, magnetic strips, hard disk, amongst others. Optical storage, as a part of the market, is further segmented into a digital versatile disc, compact disc, Blu-Ray DVD, and others.

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  Based on the Market Application

  
  

The global digital storage devices market has been segmented into personal computers, laptops, smartphones, networking, and others.

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  Based on the Storage

  
  

The global digital storage devices market is segmented into up to 8 Gb, 8-128 Gb, 128-512 Gb, 512 Gb to 2 Tb, 2 Tb, and above.

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  Based on the Usage

  
  

The digital storage devices market is segmented based on the usage and includes individual usage and enterprise usage

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  Based on the Global Region

  
  

The global digital storage devices market is segmented into North America, Europe, Asia Pacific, and the rest of the world.

Regional Analysis

The global digital storage devices market growth is estimated to grow at a significant rate during the forecast period that will be ending in 2028 due to higher demand for faster and secure storage devices. The geographical analysis of the digital storage devices market marks the study for geographical regions like North America, Europe including Russia, the Asia Pacific including Australia and New Zealand, and the rest of the world that are including the Middle East, Africa, and South America. Among these geographical regions, the global market is led by North America. Nearly half of the total device vendors are concentrated in the North American region that are providing digital storage devices for laptops, desktops, and portable storage. One of the major factors that are contributing to the growth of digital storage devices is that there is a higher adoption of flash storage and rising penetration of smartphones with higher capacity storage. North America, due to the early adoption of this technology, has been projected to be experiencing a high market share in the digital storage devices market.

Competitive Landscape

Some of the major players that are responsible for growth in the global digital storage devices market include the ones mentioned below:

• Western Digital Technologies, Inc (U.S.)


• Transcend Information, Inc (Taiwan)


• Toshiba Corporation (Japan)


• Teradata Corporation (U.S.)


• Sony Corporation (Japan)


• Seagate Technology PLC (U.S.)


• Samsung Electronics Co Ltd (South Korea)


• Intel Corporation (U.S.)


• SanDisk Corporation (U.S.)


• Lenovo Group Ltd (China)

Other market vendors include some like:

• Kingston Technology Corporation, Inc (U.S.)


• EMC Corporation (U.S.)


• Promise Technology, Inc. (Taiwan)


• Hewlett Packard Company (U.S.)


• International Business Machines Corporation (U.S.)


• Hitachi-LG Data Storage (South Korea)

Digital Storage Devices Market Recent Developments

The global digital storage devices market is projected to be witnessing moderate growth during the forecast period ending in 2028 due to the established penetration of storage devices among consumers coupled with the competition from cloud storage fueled by the growing penetration of the internet in developing nations. The global growth of these market devices is also expected to be fueled by the growing proliferation of such devices among multiple users.

The number of laptop users on a worldwide scale is poised to grow as the digitization of content increases. Laptop users will be the primary addressable market for SSD & HDD marketers and manufacturers. Smartphone users will grow with the increase of disposable income in developing economies. These users are likely to serve as a primary addressable market for USB Flash Drives and Memory Card manufacturers.

Network-attached storage (NAS), which is a bundle of multiple hard drives and allied software, helps in the representation of a smart solution for such purposes. The features of a NAS solution of this type of global market is to provide small businesses the advantages of cloud computing, like the ability to easily back up or transfer files to a secondary storage device, along with remote access to files via a web browser. NAS, with these fluent capabilities coupled with low costs.