Revenue of Consumer Storage Devices Market Up 3% CAGR by 2025 End

According to a market report published by Persistence Market Research titled Consumer Storage Devices Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025), ($4,900), the consumer storage devices market was valued at $ 14,250.6 million in 2016 and is projected to reach $18,796.5 million by 2025 end, registering a CAGR of 3.3% from 2017 to 2025.

Rising adoption of smartphones is one of the major factors driving market revenue growth during the forecast period.

The use of external storage devices is on the rise among consumers, as the number of connected devices per user increases. The adoption of smartphones is fueling the growth for memory cards. Although the consumer storage devices market is combating competition with cloud storage, external storage devices are generally preferred for the storage of large files and documents of high value.

Segmental Analysis and Forecast
This market is categorized on the basis of type and capacity. On the basis of type, the market is segmented as HDD, SSD, memory card, USB flash drive and optical disk.

Of these segments, the SSD segment is anticipated to register a CAGR of 7.8% during the forecast period.

The capacity segment is divided into HDD with sub segments <= 2TB, 2.1-6TB and 8TB and SSD with segments <= 1TB and 1.1-2TB. SSDs with capacity of <= 1TB and 1.1-2TB are expected to witness a CAGR of 7.8%. This is primarily because SSDs are a new introduction in the market and have a low adoption currently. SSDs will witness a growth in sales once the prices are reduced and customers find it affordable to purchase the product.

This report also covers drivers, restraints and trends driving each segment and offers analysis and insights regarding the growth potential of the consumer storage devices market in regions including North America, Latin America, Europe, AsiaPac, and the Middle East and Africa. Among these regions, AsiaPac accounted for the largest market share in 2016 owing to the huge installed base of smartphones and laptops in the region. The Latin America regional market is expected to exhibit a CAGR of 3.7% during the forecast period. The demand is expected to increase in the markets in North America and Europe in the coming years.

Some of the companies identified across the consumer storage devices value chain are: Seagate Technology LLC, Western Digital Corporation, Toshiba Corporation, Samsung, Sony Corporation, Transcend Information, Inc., Verbatim (Mitsubishi Chemical), PNY Technologies Inc., Kingston Technology company, Inc., Corsair.