Digital Storage Devices Market Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

 

Rising laptop users due to growing digitalization and increasing data from several industries, such as BFSI and IT & Telecom, Rising laptop users are various pivotal factors driving the global digital storage devices market growth.

 

Description

 

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)

 

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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.

 

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.

 

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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.

 

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.  

 

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