Fact.MR, a market research and competitive intelligence provider, in its newly published research report, reveals that the global Consumer Data Storage Device Market is calculated at US$ 17.57 billion for 2024 and is forecasted to increase at a CAGR of 3.4% from 2024 to 2034.
Expansion of the global market is attributed to several factors, including the growing adoption of machine learning (ML), artificial intelligence (AI), analytics, and cloud-based services across many enterprises. Further, the Internet of Things (IoT) and rising digitalization are projected to lead to more data generation.
A significant increase in data generation through various large-scale industries, including banking, medical records, e-commerce, and financial services, is driving the need for effective storage devices to store their respective data.
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Growing emphasis on improving hardware and software storage solutions to minimize data loss threats, which arise while transferring data, is also influencing market growth. In addition, more efficient consumer data storage devices can help improve user experience. Moreover, owing to technological advancements, there is an increase in the demand for container-based storage systems, which are projected to contribute to market proliferation.
Key Takeaways from Market Study
- The global consumer data storage device market is estimated at US$ 17.57 billion in 2024.
- Global sales of consumer data storage devices are projected to reach US$ 24.45 billion by the end of 2034.
- The market is forecasted to expand at 3.4% CAGR from 2024 to 2034.
- East Asia is projected to hold 38.4% share of global market revenue by the end of 2034.
- The United States market is projected to expand at 4% CAGR and reach a value of US$ 5.16 billion by the end of 2034.
- Worldwide demand for optical disks is forecasted to increase at 3% CAGR and reach a market valuation of US$ 10.66 billion by the end of 2034.
“Increasing data generation, growing demand for high-capacity data storage solutions, and rising adoption of tablets and smartphones are contributing to the sales of consumer data storage devices,” says a Fact.MR analyst.
Rapid Penetration of Smartphones Internet Makes China a Key Market
China has a larger base of smartphone users. The proliferation of smartphones with higher-quality cameras is projected to lead to an explosion in the generation and storage of multimedia content. More users are seeking additional storage space to store videos, photos, and applications. In addition, the growing use of the internet along with easy access to streaming content and online services are contributing to the creation of an increased amount of digital data, which requires effective storage systems.
Key Market Players
Leading manufacturers of consumer data storage devices are Seagate Technology LLC, Samsung, Toshiba Corporation, Western Digital Corporation, Sony Corporation, Verbatim (Mitsubishi Chemical), Transcend Information, Inc., PNY Technologies Inc., Corsair, Kingston Technology Company, Inc., HP Inc., Apple Inc., and Lenovo Group Limited.
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US Dominance in North American Consumer Data Storage Market: Drivers and Key Players
By 2034, the United States is forecasted to dominate the North American market, capturing a significant 73.3% share. This surge in demand for consumer data storage devices is propelled by the thriving gaming and entertainment industry, expected to drive the need for high-performance and high-capacity storage solutions, particularly among content creators and gaming enthusiasts.
Key players in the consumer data storage device sector, including Seagate Technology LLC and Western Digital Corporation, are pivotal contributors to market revenue. Their focus on optimizing system initialization processes and minimizing data loss risks enhances their market position. Additionally, these players are targeting cloud service providers, hyperscale data centers, and system integrators to bolster profitability.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the consumer data storage device market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (hard disk drives, solid-state drives, memory cards, USB flash drives, optical disks) and capacity (hard disk drives [<=2TB, 1 TB to 6 TB, and 8TB], solid state drives [<=1 TB and 1 TB to 2 TB]), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).