Digital Storage Devices Market valuation anticipated to boost during the forecast period

 

Digital Storage Devices Market Will Reach USD 7.6 Billion by 2025. The reports forecast the Digital Storage Devices market by storage technology, storage system, vertical industry and region. It highlights COVID-19 impact on the digital storage devices industry.

 

Description

Digital Storage Devices Market: by Storage Technology(Magnetic Storage, Solid-state Storage, Cloud-based Storage, Hybrid Array), Storage System (Network-attached Storage, Direct-attached Storage, Cloud Storage, Unified Storage, Storage Area Network, Software-Defined Storage), Vertical Industry (BFSI, Retail, IT & Telecommunications, Healthcare, Government, Education, Media & Entertainment)– 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 study of the report will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the digital storage devices market.

Digital Storage Devices Market: Introduction

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 that can be attached or detached to a computing device or a server, externally or internally.

Digital Storage Devices: Market Dynamics

Various pivotal factors are driving 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, are offering 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 are impeding the global market growth, including concerns for breaches in data security across cloud computing platforms and lack of awareness in 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. Also, due to the lack of workforce amid the pandemic, many essential commodity manufacturing companies cannot continue with production. Thus, the next-generation data storage market also experiences a slight decline due to COVID-19.

 

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Digital Storage Devices Market: Scope of the Report

The report outlines the study of the Digital Storage Devices market on the basis of Storage Technology, Storage System, End-Use Industry-

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

 

Digital Storage Devices Market: Regional Outlook

According to the 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.

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 Europe 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 the number of international companies 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 the 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.

 

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