Market Highlights
The Internet-based service organizations have been making efforts to innovate efficient and pragmatic techniques to accord with the rising number of data servers demanding a greater space for storage, this is a major factor which affects the global digital storage devices market 2020. This has spawned a huge demand for storage in cloud-based services. The digital storage devices are a type of data storage equipment used to exchange data, store the data, files, images and more. These machineries have been proved to be important for a computing system to accumulate the necessary data and retrieve that information later. The digital storage devices market is likely to expand at a CAGR of 27% during the review period. The valuation of the market is estimated to attain USD 11 billion by the end of 2023.
Market Drivers & Trends
The digital storage devices are gaining prominence as these prove to be essential for computing systems to store necessary information and revive the same when required. Various types of digital storage devices like solid-state drives, magnetic drives, optical drives, and the most broadly used are flash memory drive.
Therefore, the factors that affect market growth are the increasing amount of data from digital services and industries such as banking, healthcare, information technology and many more. With this, the escalation of the market growth is happening due to the increase in cloud computing services, which is yet another important factor driving the market considerably.
On the other hand, the rising trend of smartphones with high capacity storage is also anticipated to fuel the market during the forecast period. Similarly, big data is swelling exponentially, driving demand for storage capacity.
Segmentation:
The market is segregated on the basis of application, storage, usage, type, and region.
On the basis of application, the market is segregated into networking, laptops, smartphone, personal computers, and others.
On the basis of storage, the market is divided 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 enterprise usage and individual usage
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 region, the market is classified into Europe, North America, Asia Pacific, and the rest of the world.
Regional Outlook
Regionally, the global digital storage devices market is segmented into North America, Asia Pacific, Europe, and the Rest of the World.
Among these regions, the market in North America is in the leading pace. Around half of the total device, vendors are concentrated in this region that offers digital storage devices for laptops, desktops, and portable storage. One of the significant factors causative to the growth of digital storage devices is the higher adoption of flash storage and intensifying penetration of smartphones with higher capacity storage. Even North America, owing to prompt adoption of technology that has qualified to contribute to the high market share in digital storage devices market.
As the demand for smartphones with higher and faster storage is increasing, semiconductor companies are actively playing in the Asia Pacific region with providing memory chips, magnetic storage, and others. These factors are likely to observe more significant opportunities in the coming years. Alongside, the rate of smartphone penetration is also creating the need for secure data storage. Countless companies are emerging with advanced products owing to the intensifying demand for smart cards with magnetic storage mainly in regions such as the Middle East, Asia Pacific, and Africa.
Key Players
The well-known players in global digital storage devices market are listed as Intel Corporation (U.S.), Toshiba Corporation (Japan), Lenovo Group Ltd (China), Sony Corporation (Japan), Western Digital Technologies, Inc (U.S.), SanDisk Corporation (U.S.), Transcend Information, Samsung Electronics Co Ltd (South Korea), Teradata Corporation (U.S.), Seagate Technology PLC (U.S.), Inc (Taiwan), and to name a few.
Some more vendors such as International Business Machines Corporation (U.S.), Hewlett Packard Company (U.S.), Kingston Technology Corporation, Hitachi-LG Data Storage (South Korea), Brocade Communications Systems, Netgear, Inc. (U.S.), EMC Corporation (U.S.), Fujitsu Ltd. (Japan), Violin Systems (U.S.), LSI Corporation (U.S.), Kingmax Semiconductor Inc. (Taiwan), NetApp, Inc. (U.S.), Promise Technology, Inc. (Taiwan), and more are also known for contributing to the market share considerably.
Industry News
October 2019:
Western Digital addressed the need to optimize storage for video and AI analytics at the network edge. The surged use of smart cameras and ever-rising video resolutions are driving the requirement for on-camera storage.
Western Digital Corp. introduced the WD Purple SC QD101 Ultra Endurance microSD card, addressing the rising need to optimize storage for security cameras that perform video analytics and machine learning at the network edge.
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