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 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 elements that impact market expansion include the rising amount of data from digital services and industries like healthcare, banking, information technology, and others. Another important factor that leads to market expansion is increasing cloud computing services. Additionally, the rise in the sales and purchase of smartphones with high capacity storage is also expected to propel the market.
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.
The global digital storage devices market is likely to expand at a considerable rate during the review period due to increased demand for faster and secure storage equipment. The regional analysis of the digital storage devices market marks the study for regions like Europe including Russia, North America, the Asia Pacific including Australia and New Zealand and the Rest of the World including the South America Middle East, and Africa. Among these regions, the market is dominated by North America. Almost half of the total machine vendors are accumulated in the North American market assisting digital storage devices for desktops, laptops, and portable storage. These vendors acquire a large digital storage devices market size. One of the primary elements devoting to the expansion of digital storage equipment is the greater adoption of flash storage and increasing usage of smartphones with greater capacity storage. North America, with being technically advanced, has seized a higher digital storage device market share.
Due to the increase in demand for smartphones with higher storage propels, semiconductor enterprises competing in the Asia Pacific producing magnetic storage and memory chips are estimated to acquire better opportunities. The smartphone penetration rate is catering to the need for secure data storage. Several enterprises are advancing their products due to the greater demand for smart cards with magnetic storage in regions like the Asia Pacific, Middle East, and Africa.
The digital storage devices market size 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.