Digital Storage Devices Market Research Report- Forecast till 2023
Market Highlights
Digital storage devices are used for storing multimedia data and exchanging information. Examples of digital storage devices are solid-state drives, external hard disk drives, flash drives, and others. Virtual data storage devices are trustworthy owing to its reliability and durability. The global digital storage devices market report by Market Research Future (MRFR) looks at the prospects of these devices for retaining and archiving of data for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impacts are included in the report.
Market Scope
The global digital storage devices market size can touch USD 11 billion by 2023, according to MRFR. It is expected to exhibit a CAGR of 27% over the forecast period.
The large amount of data processed by companies in healthcare, banking, information technology, and others is expected to drive the market demand. Increase in cloud computing services and smartphones with additional storage services can bode well for the market. The dipping prices of solid state drives can benefit the market owing to its high functionality and long shelf life. The popularity of cloud owing to its easy availability, low deployment cost, and fast scaling of services can boost the demand for digital storage devices.
The shift from a file-based service to digital service can reduce the storage space and improve the retrieval of important documents from a centralized location. Management of data and saving of documents from any place and time can give it a prime advantage. Adoption of solid state drives and cloud storage owing to its benefits can bode well for the market. Moreover, the use of cold wallets for storage of bitcoins and other cryptocurrencies offline can provide plenty of opportunities for the market.
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Segmentation:
By the type, the market is segmented into solid state drives, flash storage, magnetic disk drives, optical disk drives, and others. Solid state drives are further segmented into flash memory based, DRAM-based, and others. Flash storage is further segmented into USB storage and memory card. Magnetic storage is segmented into hard disk, floppy disk, magnetic recording tape, magnetic strips, and others. Optical storage is further segmented into Blu-Ray DVD, digital versatile disc, compact disc, and others. Among these, solid state drives can capture a large market share owing to its ability for retaining data when the power is off. Its data transfer speed and portable nature compared to its counterparts can lead to its demand among enterprises.
On the basis of application, the market is segmented into networking, personal computers, laptops, smartphone, and others. The networking application is expected to capture a large market share due to the requirement of storage services by small and medium businesses. The ability to access data by multiple users and expansion of storage capacity by upgrading solution software can drive the global digital storage devices market demand share.
On the basis of storage, the market is segmented into up to 8 GB, 8-128 GB, 128-512 GB, 512 GB to 2 TB, and 2 TB and above.
On the basis of usage, the market is segmented into individual usage and enterprise usage.
Regional Analysis
North America can lead the global digital storage devices market. This is attributed to large number of vendors providing digital storage device services for storage purposes. One of the major factors contributing to the growth of digital storage devices is the higher adoption of flash storage and rising penetration of smartphones with higher capacity storage. North America, due to early adoption of this technology, has experienced a high market share in digital storage devices market.
As the demand for smartphones with higher and faster storage increases, semiconductor companies are establishing their base in Asia Pacific providing memory chips, magnetic storage, and others to capitalize on large storage opportunities. The smartphone penetration rate is creating the need for secure data storage.
Competitive Outlook
Toshiba Corporation, Transcend Information, Inc, Intel Corporation, Western Digital Technologies, Inc, Sony Corporation, SanDisk Corporation, Teradata Corporation, Samsung Electronics Co Ltd, Seagate Technology PLC, and Lenovo Group Ltd are key players of the global digital storage devices market.
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Global Digital Storage Devices Market: Type (Flash Storage, Solid State Drives, Magnetic Disk Drives), Application (Personal Computer, Laptops, Smartphone), Storage (up to 8 Gb, 8-128 Gb, 128-512 Gb), Usage (Individual, Enterprise) – Forecast till 2023