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.
The mounting amount of data that digital services and devices are generating is expected to increase the demand for the market for digital storage devices. The escalated demand for digital storage devices in banking, healthcare, and information technology sectors is anticipated to create new avenues for evolution in the upcoming period.
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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.
The regional analysis of the digital storage device market observes that the North American region controls the market. One of the key factors enhancing the development of digital storage devices is the superior adoption of flash storage and increasing penetration of smartphones with advanced capacity storage. The North American region, owing to early adoption of this technology, has gained an elevated market portion in the digital storage devices market. The demand for smartphones with superior and quicker storage increases, semiconductor companies operating in the Asia Pacific region is providing magnetic storage, memory chips, and others are anticipated to observe greater prospects. The smartphone infiltration rate is inducing the demand for safe data storage. Several companies in the market are creating superior products owing to the increasing demand for smart cards, particularly in regions like the Asia Pacific, the Middle East, and Africa.
Some of the distinguished competitors in global digital storage devices market include Toshiba Corporation (Japan, Western Digital Technologies, Inc (U.S.), Seagate Technology PLC (U.S.), Intel Corporation (U.S.), Sony Corporation (Japan), Western Digital Technologies, Inc (U.S.), Lenovo Group Ltd (China), SanDisk Corporation (U.S.), Teradata Corporation (U.S.), Samsung Electronics Co Ltd (South Korea), Transcend Information, Inc (Taiwan), among others.
Other players are Promise Technology, Inc. (Taiwan), Fujitsu Ltd. (Japan), Kingston Technology Corporation, Kingmax Semiconductor Inc. (Taiwan), Inc (U.S.) International Business Machines Corporation (U.S.), EMC Corporation (U.S.), NetApp, Inc. (U.S.), Netgear, Inc. (U.S.), Brocade Communications Systems, Inc. (U.S.), Violin Systems (U.S.), LSI Corporation (U.S.), Hewlett Packard Company (U.S.), Hitachi-LG Data Storage (South Korea), among others.
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Global Digital Storage Devices Market: Type (Flash Storage, Solid State Drives, Magnetic Disk Drives), Application (Personal Computer, Laptops, Smartphone), Storage (up to 8 Gb, 8-128 Gb, 128-512 Gb), Usage (Individual, Enterprise) – Forecast till 2023