Portable Data Storage Market – Cloud computing, growing digital media generation, big data and others expected to drive a handsome CAGR of 20%!

Portable Data Storage Market Size

Portable data storage devices stores digital information which can be accessed on a later date. The global portable data storage market is expected to grow at approx. USD 4 Billion by 2023, at 20% of CAGR between 2017 and 2023.

Market Dynamics of Portable Data Storage Market:

Drivers

Advantages over other storage media such as disks which include large storage capacity, higher readability, robustness, high data stability, greater reliability, speed, resiliency and others
Growing need for backup and growing data volume
Growing virus and software which indirectly create backup needs due to corruption
Government regulation for business to store and maintain a backup of data
Up gradation of software and operating system which requires high storage capacity of hard drives.
Growing volume of larger file types such as media files, used to store videos, audio and others which generate the demand for high capacity solution.
Technological advancements such as Blu-ray disk which are capable of using storing large volume of data and also enhances users experience by offering improved network connectivity feature, solid state drives which provide better performance, improved scratch resistant disc coating
Growing popularity of camera-equipped devices will boost the need for additional storage due to large digital content, leading to rising demands for storage. Syncing service providers are expected to demand greater storage capacity as data storage is expected to outpace the capabilities of smartphones.
Growing social networking and media websites, growing internet using populations, growing bandwidth, growing media content of the internet are expected to demand a large amount of data storage capacity.

Restraints

Highly fragmented market which has put pressure on pricing
High per GB cost of solid state drives, and other advanced technologies
Falling demand from personal consumers for storage devices above 1 TB

Key Players of Portable Data Storage Market:

SanDisk (U.S.), ADATA Technology Co., Ltd. (Taiwan), Seagate Technology PLC (U.S.), Samsung Group (South Korea), Transcend Information, Inc. (Taiwan), Toshiba Corporation (Japan), Freecom (Germany), Hewlett-Packard (U.S.), Sony Corporation (Japan), Other World Computing (U.S.), among others.

Current Market Trends and Expectations

Advent of cloud computing will result a shift from smaller data storage solutions to enterprise and large data storage capacity. We expect that cloud will store greater than 50 % of total consumer data by the end of forecast period.
Solid state drive (SSD) will be one of the fastest segment, but hard disk drive (HDD) technology is here to stay due to their cost effectiveness and large data capacities. Hybrid drives are expected to be the new standard (SSD + HDD). SSD prices are expected to fall but will be higher than HDD.
Trends such as the consumerisation of IT, big data, enterprise mobility and others are expected to create connected data ecosystems driving demand for storage capacity.
Demand from large enterprises expected to outstrip other segment
Big data is expected to be a momentous market opportunity
Apart from SSD, other drives such as high performance, high RPM drives such as 15K RPM, and 10K RPM will drive the market. Faster data flows by these high performance drives is expected to create additional data storage needs
Dual booting, interoperability and multi operating systems will create need for greater data storage

Segments of Portable Data Storage Market:

Storage Type - Pen Drive, SSD Memory Card, Hard Drives, Blu-ray Disk, USB, Portable Web Servers, Others

Memory Size - Below 256 GB, 256-320 GB, Above 320 GB

Formatting Type - FAT32 (File Allocation Table), NTFS (Windows NT File System), HFS + (Hierarchical File System)

More Information@

Portable Data Storage Market by type, Size, Share and Global Forecast – 2025 | MRFR

portable data storage market was valued at USD 2,698.5 million in 2018 and is expected to reach USD …

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