The global digital storage devices market is predicted to reach USD 3.96 billion in 2024, and it is estimated to reach a valuation of USD 7.27 billion by the end of 2029, expanding at an annual growth rate of 12.9% during the forecast period.
Digital storage devices are nothing but computer data storage technology, also referred to as storage media devices. For example, CDs, DVDs, Blu-Ray, DVD-Rs, DVD+Rs and store internally in Memory cards, flash drives, digital cameras, blackberry devices, MP3 iPod & players, digital recorders, cell phones, and PDAs. Most genealogists make use of these digital storage devices to store genealogical information, which includes names, places, dates, photographs, historical documents, emails, sources, family videos & contact information, and audio recordings.
Inclination in the amount of data from digital services & firms such as banking, information technology, healthcare, and others is one of the major factors that drive the global digital storage devices market. High growth in cloud computing services, rising adoption of flash storage, and increasing trend of smartphones with high-capacity storage were also the factors that boost the digital storage devices market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
12.9% |
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Segments Covered |
By Product Type, Application, Storage, Usage, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Kingston Technology Corporation, International Business Machines Corporation, Hewlett Packard Company, Brocade Communications Systems, NetApp, Inc., Hitachi-LG Data Storage, Fujitsu Ltd., Promise Technology, Inc., and Violin Systems and Others. |
the global digital storage devices market is segmented into flash storage, solid-state drivers, and magnetic disk drivers. Among these segments, solid-state drivers (SSD) were probably the most widely used data storage device. Since it has no moving parts and information it gathers is installed in microchips, and it does not require power as it is a flash technology-based storage. The solid-state drive uses NAND-based flash memory that helps it to enable and store and remember the information even after the disk is turned off. SSD has a standard size of 1.8”, 2.5”, or 3.5” that can perfectly fit into the connectors.
the global digital storage devices market is augmented into laptops, personal computers, and smart phones. Among these segments, smartphones and tablets are becoming more powerful year on year than desktops and laptops due to their components, size, and low restrictive power requirements, although they can run powerful software than a tablet or a smartphone. In terms of market share, smartphones occupied almost 55 percent of the market as of February 2021, whereas laptops taking up to 42 percent.
the global digital storage devices market is segmented into up to 8 GB, 8-128 GB, and 128-512 GB. The unit of digital information is a byte, which consists of 8 bits, generally used to encode a single character of text in desktops, laptops, and others. Coming to the performance, both 8GB and 128 GB SSD has better performance and can have adverse read and write speed and also more memory for multitasking of applications.
the global digital devices storage market is segmented into Enterprise and Individual. No matter or what, digital storage devices are generally used in all aspects of people’s lives and in several workplaces since these are considered an integral part of the business.
North America holds the highest market share of the global digital devices market during the forecast period since nearly 50 percent of the total vendors were concentrated in North America and also comprised the highest market of storage device manufacturers. Increasing adoption of flash storage, the rapid growth of digital storage devices, and increasing usage of smartphones with larger capacity storage are the major factors that fuel the global digital storage devices market growth in North America.
On the other hand, the Asia Pacific and Europe hold the second and third largest market share of global digital storage devices, followed by Latin America and Middle East Africa, where the countries have less population that makes these countries hold less market share of digital storage devices market.
Some of the leading companies operating in the global digital storage devices market are Kingston Technology Corporation, International Business Machines Corporation, Hewlett Packard Company, Brocade Communications Systems, NetApp, Inc., Hitachi-LG Data Storage, Fujitsu Ltd., Promise Technology, Inc., and Violin Systems.
On July 19, 2021, Kingston Fury an affiliate of Kingston Technology Company Inc., has announced that it has shipped its high-performance memory, namely Kingston Fury Renegade, Kingston Fury Impact, and Kingston Fury beast.
Recently, a Brazil Company, Sercompe, decided to expand its already existing partnership with Hewlett Packard Company in order to grow its market offerings and further drive core operational efficiencies. On the other hand, Orock Technologies, a USA-based company, has announced its strong relationship with HPE would be expanded further in order to deliver innovative open-source cloud solutions.
By Product Type
By Application
By Storage
By Usage
By Region
Frequently Asked Questions
Key factors driving the growth include the increasing amount of data generated by consumers and businesses, the growing adoption of cloud computing and IoT devices, the demand for high-performance computing solutions, advancements in storage technologies like NVMe SSDs, and the rising need for data backup and security solutions.
Current trends include the shift towards SSDs from HDDs due to their faster speed and reliability, the integration of AI and machine learning for enhanced storage management, the rise of edge computing necessitating local storage solutions, and the growing popularity of hybrid storage systems that combine on-premises and cloud storage.
The price of digital storage devices varies significantly by type and capacity. HDDs are generally cheaper per gigabyte compared to SSDs, but SSDs offer better performance and reliability. USB flash drives and memory cards vary in price based on capacity, speed, and brand. Cloud storage services often follow a subscription model with costs based on storage size and additional features.
The future outlook for the digital storage devices market is positive, with continuous growth expected due to the increasing data generation from various sectors. Emerging technologies like 5G, AI, and IoT will further drive demand for advanced storage solutions. Additionally, innovations in storage technologies, such as higher capacity SSDs and more efficient cloud storage solutions, will likely shape the market's future.
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