Digital Storage Devices Market will be valued at USD 7.6 billion by 2025

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Oklahoma, Perkins, 2022-Nov-24 — /EPR Network/ —

Digital Storage Devices Market: by Storage Technology (Magnetic Storage, Solid-state Storage, Cloud-based Storage, and Hybrid Array), Storage System (Network-attached Storage, Direct-attached Storage, Cloud Storage, Unified Storage, Storage Area Network, and Software-Defined Storage), Vertical Industry (BFSI, Retail, IT & Telecommunications, Healthcare, Government, Education, Media & Entertainment, and Others), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

The digital storage devices market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the digital storage devices market.

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Global Digital Storage Devices Market Research Report, 2018-2025 (USD Billion)

Digital Storage Devices Industry Introduction

The digital storage devices market size valued at USD 3.1 billion in 2019 and expected to register a CAGR of 17%, during the forecast period, 2020-2025. Digital storage devices are a type of data storage device used to store and exchange data (files, images, etc.). These devices are the essential component of any computing system to store and retrieve the necessary information. A few examples of digital storage devices are the most widely used flash memory drive, optical drives, magnetic drives, and solid-state drives. Digital storage devices are used in each and every end-use industries, including banking, healthcare, information technology, and manufacturing, among others. Digital storage devices are utilized as a storage medium attached or detached to a computing device or a server, externally or internally.

Digital Storage Devices: Market Dynamics

Various pivotal factors drive the global digital storage devices market growth, including the rising laptop users due to growing digitalization across the globe and the increasing amount of data from several industries, such as BFSI and IT & Telecom, among others. Moreover, smartphone users’ exponential growth due to rising disposable income in emerging economies, such as India, China, and Mexico, offers growth to the digital storage devices market across the globe. Furthermore, the continuous growth in the IoT market, increasing trend for data analytics and cloud storage, and the rising adoption of high-end cloud computing will further offer growth opportunities to the market during the forecast period.

However, certain factors impede global market growth, including concerns for breach in data security across cloud computing platform and lack of awareness in the underdeveloped economies. In addition, the high cost of cloud storage services and the rising need for high-speed data storage are some of the challenges for the market growth during the forecast period. Moreover, the COVID-19 pandemic outbreak is estimated to affect market growth in 2020 and subsequent years. The lockdown had a severe impact on the manufacturing companies, as nearly every plant was halted. Due to the lack of workforce amid the pandemic, many essential commodity manufacturing companies cannot continue with production. Thus, the next-generation data storage applications may experience a slight decline due to COVID-19 impact on the digital storage devices market.

Digital Storage Devices Market: Scope of the Report

The report outlines the study of the digital storage devices market based on storage technology, storage system, and end-use industry-

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Based on storage technology, the digital storage devices market is segmented into-
•   Magnetic Storage
•   Solid-state Storage
•   Cloud-based Storage
•   Hybrid Array
Based on storage system, the digital storage devices market is segmented into-

•   Network-attached Storage
•   Direct-attached Storage
•   Cloud Storage
•   Unified Storage
•   Storage Area Network
•   Software-Defined Storage

Based on end-use industry, the digital storage devices market is segmented into-

•   BFSI
•   Retail
•   IT & Telecommunications
•   Healthcare
•   Government
•   Education
•   Media & Entertainment
•   Others

Digital Storage Devices Market by Storage Technology, 2018-2025 (USD Million)

Source: MSG Analysis, 2020

Digital Storage Devices Market: Regional Outlook

According to geographical outlook, the digital storage devices market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa (MEA). North America is estimated to dominate the global digital storage market, followed by Europe and the Asia Pacific. In North America, increasing demand for digital storage devices in laptops, desktops, and auxiliary storage devices is the key factor for the growth of the digital storage devices market. Moreover, the digital storage devices market is expected to create significant growth opportunities across the region due to increased digitalization.

Digital Storage Devices Market Growth by Region, 2020-2025

Source: MSG Analysis, 2020

Europe also holds a significant share in the global digital storage devices market due to increased production and sales of laptops and desktops for the education sector and the growing number of IT firms. These factors are expected to accelerate the European digital storage devices market over the forecast period. The Asia Pacific is estimated to grow with the highest growth rate over the forecast/assessment period due to an increase in international companies’ numbers and the need for secure data storage devices. Further, India and China are the most opportunistic geographies/economies in the Asia Pacific for ease of business in the digital storage devices market.

Competitive Landscape

The leading manufacturers of digital storage devices in the global market include Hewlett Packard Enterprise Company, Dell Inc., NetApp, Inc., Hitachi Ltd., and International Business Machines Corporation.
Other digital storage devices manufacturers include Toshiba Corporation, Western Digital Technologies, Inc, Sony Corporation, Intel Corporation, Lenovo Group Ltd, Samsung Electronics Co Ltd, SanDisk Corporation, Seagate Technology PLC, Teradata Corporation, Transcend Information, Inc.

In June 2020, Dell Technologies announces Dell EMC PowerScale, a new family of storage systems designed with industry-leading storage software and server hardware to set a new industry standard for how organizations are capturing and capitalizing on unstructured data, such as documents, images, videos and content on social media.
In April 2019, Dell Technologies announces new and enhanced storage, data management, and data protection solutions that directly impact an organization’s data capital. Dell Technologies is empowering businesses on their digital transformation journey with these new offers to preserve essential information and become more adaptive, competitive, and innovative.

The digital storage devices market report provides a thorough analysis of macro-economic factors along with the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.

Digital Storage Devices Industry Introduction

Digital Storage Devices: Market Dynamics

Digital Storage Devices Market: Scope of the Report

Digital Storage Devices Market: Regional Outlook

Competitive Landscape

The Digital Storage Devices market report covers comprehensive analysis on:

Regional Analysis Includes:

Digital Storage Devices: Target Audience

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