As technology develops, so does the way we keep data. The market for storage devices is growing as new products, such USB flash drives and external hard drives, are developed. More dependable storage choices are now required as a result, which is spurring innovation in this field.
Consumer data storage devices market was valued at $14,250.6 million in 2016 and is anticipated to reach $18,796.5 million by 2025 end, registering a CAGR of 3.3% from 2017 to 2025, according to a recent market report by Persistence Market Research titled Consumer Data Storage Devices Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025).
One of the key factors influencing the market revenue growth of this market during the forecast period is the increasing adoption of smartphones.
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 data 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
The 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 Disc. 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. They 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 this market 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.