ID: MRFR/ICT/6222-HCR | February 2021 | Region: Global | 100 pages
It is estimated that the Personal and Entry Level Storage (PELS) Market will register a CAGR of 30%. According to MRFR analysis, the market expands up to USD 100 Billion during the forecast period 2021-2028. Personal and entry-level storage is a technology that is used for storing and retaining data on the computer. The data can also be stored on other devices. Several factors are promoting the market growth extensively during the forecast period. One major driving factor is the rising growth of digital data.
Data storage is crucial for both businesses and customers as well. It is because they are used to store and preserve valuable information and photos too. Also, the rapid advancement in technology and increasing use of the internet and electronic devices are fuelling the personal and entry level storage market growth. With the use of these devices, more data is generated at a faster pace. As a result, the demand for an effective solution for data backup is rising. Also, the rising concern about data security among enterprises can be a huge restraint for market growth.
The outbreak of COVID-19 disease halted the growth of almost every economy around the world. The supply chain was also badly hit by the pandemic due to lockdown. It slowed down the economic growth. But after some tome the number of several enterprises began to increase. Thus, these enterprises will deploy more employees that will increase the demand for data storage. As a result, the personal and entry level storage market will improve its growth in the upcoming years.
The major driver of the Personal and Entry Level Storage Market is the rising digital data significantly. The increasing number of electronic gadgets such as smartphones, computers, laptops are increasing the amount of data rapidly. As a result, enterprises are looking for sustainable options for the storage and backup of data. Thus, Personal and Entry Level Storage (PELS) is an efficient option.
There are still some restraints that are observed to hinder the market growth during the forecast period. Especially the high consumption of energy and time is a crucial concern. It is because of the low availability of pro-environmental solutions. Thus, due to this reason, the personal and entry level storage market growth can slow down to a certain rate.
Several opportunities will extend the market and benefit the enterprises as well. The low costs of the devices are a major reason for the exponential growth. Also, the escalating demand for Machine Learning (ML) and Artificial Intelligence to handle the growing demand will open several opportunities for the Personal and Entry Level Storage (PELS) Industry.
The major issue is the concern regarding the privacy and security of data. Due to rapid digitalization, the chances of data theft and security will be challenging for enterprises to cope up. The cases of cyber theft have also increased in the past few years. This issue can result in speculation of data theft and eventually restrict the market growth.
The Personal and Entry Level Storage (PELS) Industry is expected to record immense growth in the upcoming years. The Compound Annual Growth Rate (CAGR) of the market is expected to reach 30%. It is estimated that the market value will further reach up to USD 100 Billion during the forecast period 2021-2028 as per MRFR Analysis.
Value Chain Analysis
The rising demands and improvement of technology will elevate the Personal and Entry Level Storage Market Sales. Thus, the value chain of the market will further strengthen in the upcoming period. Various key players and increasing awareness are promoting the value of the market extensively. Hence, as the demand will increase, which is estimated to rise due to various reasons, the value will increase simultaneously.
The Personal and Entry Level Storage (PELS) Market Segments are- technology, storage system, vertical, and product.
On the basis of product, the market is divided into non-cloud storage and cloud storage. The sub-segment of the non-cloud system is divided into solid-slate drives, hard disk drives, flash drives, and recordable disks.
Further, the storage system can be categorized into Unified Storage, Direct Attached Storage, Software-Defined Storage, Network Attached Storage, and Cloud Storage and Cloud Storage.
On the basis of technology, the market is further segmented into Solid Stage Storage and Entry Level Storage.
On the basis of vertical, the Personal and Entry Level Storage Industry is classified into Defence and Government, Telecommunications and IT, BFSI, Retail, and Consumer Goods, Utilities, Life science and Healthcare, Entertainment and Media, Consulting and Business, Research and Education and Manufacturing.
Geographically, the Personal and Entry Level Storage Market Share is divided into Asia-Pacific, North America, Europe, and the Rest of the World. North America is expected to dominate the market in the upcoming years. The growing demand especially in the media and entertainment industry is fuelling the market. Along with that, Europe will also contribute to Personal and Entry Level Storage (PELS) Market Profit. It is estimated to be the second-largest region that is escalating the market growth.
However, the Asia-Pacific region will record the highest Personal and Entry Level Storage Market Growth. Due to the rapid development and establishment of new technology and enterprises, the market will flourish in the forthcoming years. Major countries such as China, India, and Japan are largely contributing to the immense growth of the market.
There are several key players that are investing and taking huge steps to promote their brand. They are focusing on various tactics to become the top key players in the market. They are announcing mergers, collaborations, acquisitions, new product launches, etc. Major Personal and Entry Level Storage Market Players are listed below-
No Recent Developments Found.
The report overview of the personal and entry level storage market is listed in the following-
Report Score and Segmentation
The score of the Personal and Entry Level Storage (PELS) Industry is to give insight into the market. It highlights the strength and growth of the market during the forecast period. The information in this report is collected from secondary and primary sources. It also gives short information about the key players in the market.
|Market Size||USD 100 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Product, Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Dell Inc. (US), Hewlett Packard Enterprise (HPE) Company (US) , NetApp, Inc. (US) , Hitachi Ltd. (Japan), IBM Corporation (US), Toshiba Corporation (Japan), Pure Storage, Inc. (US), Nutanix, Inc. (US), Tintri, Inc. (US), Simplivity Corp. (US), Scality, Inc. (US), Cisco Systems, Inc. (US), Western Digital Corporation (US), Seagate Technology (US) and Symantec Corporation (US).|
|Key Market Opportunities||The demand for data analytics with artificial intelligence (AI) and machine learning (ML) and rising need for data batckup offer lucrative opportunities to players in the global personal and entry level storage market.|
|Key Market Drivers||The global personal and entry level storage market has been divided into cloud-based storage and non-cloud storage. The non-cloud storage segment has been further categorized as recordable discs, flash drives, hard disk drives, and solid-state drives.|
Frequently Asked Questions (FAQ) :
The market expansion in the near future can take place at a rate of 25.5%.
The market size can increase to USD 94.63 billion by 2023.
The top companies striving to make a mark include Symantec Corporation (US), Hitachi Ltd. (Japan), Western Digital Corporation (US), Simplivity Corp. (US), Hewlett Packard Enterprise (HPE) Company (US), IBM Corporation (US), Seagate Technology (US), Scality, Inc. (US), Cisco Systems, Inc. (US), Pure Storage, Inc. (US), Dell Inc. (US), Tintri, Inc. (US), NetApp, Inc. (US), Nutanix, Inc. (US), Toshiba Corporation (Japan), and others.
The market vendors are adopting strategies like agreements, partnerships, new product launch and collaborations.
Europe can be the second-most profitable market on account of the rising need for data analytics with machine learning and artificial intelligence, combined with the rising establishment of start-ups that offer their customers with personal as well as entry level storage software.