ID: MRFR/ICT/4428-HCR | February 2021 | Region: Global | 100 pages
The digital storage devices are a kind of data storage device used to store and exchange data (files, images) and more. These devices prove essential for computing systems to store the necessary information and retrieve the same later. A few examples of digital storage devices are optical drives, magnetic drives, solid state drives, and the most widely used flash memory drive. The factors that affect the market growth include the increasing amount of data from digital services and industries like banking, healthcare, information technology and others. Another major factor that tends to increase the market growth is growth in cloud computing services. Moreover, the rising trend of smartphones with high capacity storage is also expected to fuel the market.
By the type, the market is segmented into flash storage, solid state drives, magnetic disk drives, optical disk drives, and others. Flash storage is further segmented into USB storage and memory card. Solid State drives are further segmented into flash memory based, DRAM-based, and other. Magnetic storage is further segmented into the floppy disk, magnetic recording tape, magnetic strips, hard disk, and others. Optical storage is further segmented into a digital versatile disc, compact disc, Blu-Ray DVD, and others.
On the basis of application, the market is segmented into personal computers, laptops, smartphone, networking, and others.
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, 2 Tb and above
On the basis of usage, the market is segmented into individual usage and enterprise usage
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and rest of the world.
Global Digital Storage Devices Market, USD Billion
Source: MRFR Analysis
The global digital storage devices market is estimated to grow at a significant rate during the forecast period due to higher demand for faster and secure storage devices. The geographical analysis of digital storage devices market marks the study for regions like North America, Europe (including Russia), Asia Pacific (including Australia and New Zealand) and rest of the world (including the Middle East, Africa, and South America). Among these regions, the market is led by North America. Nearly half of the total device vendors are concentrated in North America providing digital storage devices for laptops, desktops, and portable storage. These vendors comprise a large market of storage device manufacturers. 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 plying in Asia Pacific providing memory chips, magnetic storage, and others are expected to witness greater opportunities. The smartphone penetration rate is creating the need for secure data storage. Many companies are developing advanced products due to the rising demand for smart cards with magnetic storage in regions like the Middle East, Asia Pacific, and Africa.
Some of the major players in global digital storage devices market include Western Digital Technologies, Inc (U.S.), Toshiba Corporation (Japan), Sony Corporation (Japan), Intel Corporation (U.S.), Lenovo Group Ltd (China), Samsung Electronics Co Ltd (South Korea), SanDisk Corporation (U.S.), Seagate Technology PLC (U.S.), Teradata Corporation (U.S.), Transcend Information, Inc (Taiwan), among others.
Other vendors include Kingston Technology Corporation, Inc (U.S.) International Business Machines Corporation (U.S.), EMC Corporation (U.S.), Hewlett Packard Company (U.S.), Brocade Communications Systems, Inc. (U.S.), NetApp, Inc. (U.S.), Netgear, Inc. (U.S.), Fujitsu Ltd. (Japan), Violin Systems (U.S.), LSI Corporation (U.S.), Kingmax Semiconductor Inc. (Taiwan), Hitachi-LG Data Storage (South Korea), Promise Technology, Inc. (Taiwan), among others
The prominent players keep innovating and investing in research and development to maintain a cost-effective product portfolio. Recent mergers and acquisitions among the key players is a strategy the business entities leverage to strengthen their reach to the customers.
Frequently Asked Questions (FAQ) :
The digital storage device market is anticipated to strike 27% CAGR.
The valuation of the digital storage device market, by 2023, is poised to touch USD 11 Bn mark.
North America is assessed to lead the expansion of the digital storage device market.
The segments identified on the basis of usage are individual usage and enterprise usage.
Some of the players of the digital storage device market expected to expedite growth rate are Western Digital Technologies, Inc (U.S.), Sony Corporation (Japan), Toshiba Corporation (Japan), Intel Corporation (U.S.), Samsung Electronics Co Ltd (South Korea), Lenovo Group Ltd (China), SanDisk Corporation (U.S.), Teradata Corporation (U.S.), Seagate Technology PLC (U.S.), and Transcend Information, Inc (Taiwan),