Digital Storage Devices Market Research Methodology & Report Forecast to 2023
Posted by Ehtesham Peerzade on December 1st, 2020
The surge in digital devices is boosting the need for digital storage devices around the world. Reports that review the information and communication technology industry has been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is projected to accomplish a CAGR of 27 % while achieving revenues worth USD 11 billion in the coming years.
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.
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.
By the process of segmentation, the global digital storage devices market has been studied among the elements of type, application, storage, and usage.
In terms of type: Flash storage, solid-state drives, magnetic disk drives, optical disk drives, and more are the elements. Among these, flash storage is also segmented into USB storage and memory card. Solid State segment is also segmented into flash memory-based and DRAM-base. Magnetic storage is further segmented into the magnetic recording tape, floppy disk, hard disk, magnetic strips, and others. Optical storage is segmented into a compact disc, Blu-Ray DVD, digital versatile disc, and others.
In terms of application: Personal computers, laptops, smartphones, networking are the segments.
In terms of storage: 8 Gb, 8-128 Gb, 128-512 Gb, 512 Gb to 2 Tb, 2 Tb, and above are the segments.
In terms of usage: Individual usage and enterprise usage are the segments.
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.
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.
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.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/digital-storage-devices-market-5884
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About the AuthorEhtesham Peerzade
Joined: May 22nd, 2019
Articles Posted: 355
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