A recent report published by Infinium Global Research on the data storage devices market provides in-depth analysis of segments and sub-segments in the global as well as regional data storage devices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional data storage devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global data storage devices market. According to the report, the global Data Storage Devices Market was nearly worth USD 75 billion in 2020 and is expected to reach over USD 100 billion by 2026, growing with a CAGR of 5% over the forecast period of 2020-2026.
The importance of data has increased many folds over the past years. Every day huge amount of data is generated. Thus, data storage is becoming equally important. Data storage devices vary in storage capacity. Small flash drives of 32GB, 64GB, and 128GB are primarily used for storing data temporarily, to port and transfer data from one machine to another. While the HDDs and SDDs having a capacity of 1TB or over 1TB are majorly used to store the data permanently. The flash drives fall under the category of external storage devices while HDDs and SDDs are available as both internal and external storage devices. For several past years, the use of optical storage devices is continuously declining as portable flash drives are being widely adopted by consumers. The very nature of data storage is changing. New methods of data storage such as cloud data storage are emerging in the market. Though this cloud data storage is more of a service and requires strong internet connectivity to upload data.
The COVID-19 affected the data storage market in various manners. It provided various growth opportunities and the also market experienced some shortfalls. Millions of people were tested for COVID-19 and thousands of vaccination trials were carried out which in turn generated a huge amount of data. This pandemic forced millions of people to work from home. Therefore storing data at the individual level and for enterprises became very important. The existing storage capacities of the industries came under severe stress. Thus, demand for data storage devices increased. The only fallout of the COVID-19 pandemic on the market was the shortage in inventories. These shortages were the result of supply chain disruptions and the halting of manufacturing activities. Implementations of stringent restrictions were the main cause behind these disruptions. The planned expansions of the manufacturers were either postponed or canceled due to the onslaught of the pandemic. After the closure of retail stores, online platforms emerged as the primary channel of distribution during the COVID-19 pandemic.
The market for data storage devices is poised for significant growth. In recent times, growth in the number of data centers has been observed. Data centers are at the core of cloud computing. The applications of cloud computing such as data storage and big data analytics are becoming popular among businesses. Thus, expanding the scope of cloud computing. The growth in cloud computing operations needs to be supplemented by a similar robust data center infrastructure. Thus, the companies operating data centers are constantly upgrading their data storage capacities with the latest data storage devices available in the market. The demand for data storage devices is increasing from end-user industries. The digitization of documents is the current trend followed by most industries. In, addition as the business operations of the end-user industries increase so does the amount of data generated. For smooth functioning of these industries data storage and data transfer is also equally important. The prices of the data storage devices are low and they are continuously declining. These low prices are instrumental in increasing their adoption among consumers. These are the major factors that are driving the market. The penetration of data storage devices is low in developing counties. Therefore this is the major factor that is restraining the market. The technological advancements and new innovative product launches are expected to provide new opportunities in the market.
North America is expected to be the dominant region in the market. Asia-Pacific is poised to grow at the fastest rate in the market. The advanced IT, technological and industrial base is paving the growth of the market in the North American region. Businesses in the region put a lot of emphasis on data storage. Furthermore, the presence of global data storage manufacturers such as Western Digital Corporation, Broadcom Inc., and IBM Corporation results in the easy availability of their best data storage products in the North American region. Thus, the demand for data storage devices is expected to remain healthy in the North American region. Asia-Pacific is experiencing growth in the number of companies offering data storage devices. Many multinational companies in the market are planning on setting up manufacturing facilities in Asia-Pacific.
The report on global data storage devices market covers segments such as device type, and end user. On the basis of device type, the sub-markets include hard disk drive (HDD), solid-state drive (SDD), flash memory device, optical storage device, and tape drive. On the basis of end user, the sub-markets include education, media and entertainment, medical, manufacturing, information technology, BFSI, and others.
The report provides profiles of the companies in the market such as Seagate Technology LLC, Toshiba International Corporation, Western Digital Corporation, IBM Corporation, Quantum Corp., TeraData Corp, Samsung Electronics Co., Ltd., Broadcom Inc., Micron Technology, Inc., and KIOXIA Holdings Corporation.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of data storage devices market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.