Market Highlights
As per a detailed analysis by Market Research Future (MRFR), the global portable data storage market will garner USD 4 billion, registering a CAGR of 20% during the forecast period (2017-2023). Government mandates for the business to maintain and store backup of data is encouraging the growth of the market globally. Portable data storage is a device which can store digital information. These devices can store a huge amount of data at a faster rate. The high stability of portable devices allows the enterprises to rely on these devices during sharing large volume of data. In this steadily transforming world of technology, portable data storage market is experiencing major growth prospects.
Market Potential and Pitfalls
The adoption of portable data storage is increasing across the globe due to the extensive need to store huge volumes of data. The portable data storage market is gaining impetus due to the government regulations across the world for business to maintain and store a backup of the data used. The need to protect the data from malware software and virus require high storage capacity and strong backup solutions. This is likely to fuel the market growth during the review period. As per a recent study, every new up gradation of operating system and software needs high storage capacity of hard drives. The augmenting need to store media files like videos, movies, documentaries, and songs to make it available to the users on network is creating high demand for portable data storage across the globe. The surging adoption of cloud technology has introduced trends like big data and enterprise mobility. This has further inflated the connectivity within the enterprise. With the rising adoption of cloud, the demand for solid-state drives (SSD) and hard drives increases. This is estimated to provide tailwind to the portable data storage market.
On the contrary, concerns related to privacy and data security are presumed to restrict the market growth during the review period. Moreover, these storage devices are susceptible to unauthorized access to sensitive data. They may also get infected and spread spyware and viruses which can affect the stored data. Such factors are predicted to disrupt the portable data storage market in the foreseeable future.
Segmentation:
The global portable data storage market has been segmented on the basis of storage type, memory size, and formatting type.
By mode of storage type, the portable data storage market comprises Blu-ray Disk, SSD Memory Card, USB, and others. The advanced Blu-ray Disks are highly capable of storing data of 50 GB and more. It also displays premium quality audios and videos. The recent development comprises additional commentaries behind the scene. It also enhances the user experience by providing improved connectivity and network feature. This enhances the segment’s growth.
The memory size segment constitutes of below 256 GB, 256-320 GB, and above 320 GB.
The formatting type segment comprises FAT 32, NTFS, and HFS+.
Regional Frontiers
Geographically, the portable data storage market has been studied under regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World.
The North American region has been observed to command the largest market share. The growth in this region has been credited to the well-established infrastructure and technical advancements. The presence of major market giants which require storage devices to store huge data generated for data backup and analysis purpose is encouraging the market in this region. Moreover, economies like Mexico, US, and Canada have a well-established infrastructure which provides high-speed and easy connectivity of devices for storage and transfer of data. Such factors are likely to drive the portable data storage market in this region.
Asia Pacific has proved to be an important region, registering the highest CAGR due to the presence of major data portable device manufacturers. The prominent players in this region are continuously investing in R&D activities of emerging technologies to provide cost-effective and technologically advanced solutions to their customers. Such factors highly contribute to the market growth.
Industry Updates
May 13, 2019: A leading manufacturer of multimedia and storage products, Transcend Information Inc. has recently announced the release of its all-new Portable SSD, the ESD350C. The drive delivers unrivaled performance and can also be used with devices which are equipped with USB Type-A and USB Type-C ports. It also features a USB Type-C port and supports the USB 3.1 Gen 2 interface.
Competitive Dashboard
The prominent players operating in the global portable data storage market comprises ADATA Technology Co., Ltd. (Taiwan), SanDisk (U.S.), Samsung Group (South Korea), Seagate Technology PLC (U.S.), Toshiba Corporation (Japan), Transcend Information, Inc. (Taiwan), Hewlett-Packard (U.S.), Freecom (Germany), Other World Computing (U.S.), and Sony Corporation (Japan).