Digital Storage Devices Market Report Scope

Global Digital Storage Devices Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global digital storage devices market is estimated to garner a significant revenue of by the end of 2031 by growing at a CAGR of ~19% over the forecast period, i.e., 2023 – 2033. Further, the market generated a notable revenue in the year 2022. Market growth is primarily driven by rising number of mobile phone users. Mobile phones are powerful communication device and has become a habitual necessity of humans. The rise in adaptation of mobile phones creates massive opportunity for USB flash drives and memory care manufacturers. In 2021, there were about 15 billion active mobile devices worldwide.

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Watching online videos is one of the most liked activities among the population. On the account of rising engagement of people in online videos, brands have massively shifted from traditional marketing to video marketing, OTT platforms are producing more and more content. In turn, it is boosting the market growth of digital storage devices. There are approximately 3 billion digital video viewer worldwide. Moreover, nearly 47% of marketer are using video in emails. Further, abundant data produces digitally and rising prevalence of internet in developing countries is likely to propel the digital storage devices market growth.

Global Digital Storage Devices Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Number of Smartphone Users Worldwide

Smartphone users are increasing exponentially as the economy of developing countries is blooming. These users are a potential market for storage device manufacturers. In India, the number of smartphone users was estimated at around 748 million in the year 2020 and is anticipated to reach over 1 billion by 2040.

• Rising Popularity of HD Video Content

HD video has gained popularity owing to need of video marketing. Marketers are using more of video content for advertising and traction of consumers. Video-based marketing has helped approximately 83% of marketers for generation leads. Furthermore, people are rapidly consuming online content on OTT platforms for their entertainment.

• Rapid Penetration of Internet Usage

This surge is attributed to digital transformation therefore more people are using the internet to access services. In the year leading up to July 2022, the number of people who use the internet increased by over 180 million.

• Increase in Number of Social Media Creators and Users

Social media is a two-way platform, creators make content, users consume their content and this cycle sustains rising engagement of both creators and users. Around 50 million people are expected to soon join the creator economy and become content creator.

Challenges

• Higher Cost of Storage Devices

• Lack of Skilled Personnel

• Probability of Data Loss or Violation on Storage Devices

Storage devices that are based on hardware components have a high possibility of crashing, data loss and other. This can happen due to invasion of viruses, computer theft, hard drive damage, and corrupted software.

The digital storage devices market is segmented and analyzed for demand and supply by type into the hard disk drive, solid-state drive, USB flash drive, memory cards, optical disks and others. Amongst these solid-state drive or SSD is anticipated to hold the largest market size by the end of 2033. In the terms of speed, SSD outperforms all the other storage devices, it is highly adopted for its high-speed computing, lower failure rates, reliability and compact structure. Furthermore, SSD has the ability to write data up to 20 times quicker and read up to 10 times faster than a hard disc drive.

Global Digital Storage Devices Market Regional Synopsis

Regionally, the global digital storage devices market is studied in five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The rising number of online video users has given ample opportunity to digital storage producers. In addition, increased number of smartphone users is likely to fuel the market trends. As of 2022, there are more than 290 million smartphone users in the United States.

Market Segmentation

Our in-depth analysis of the global digital storage devices market includes the following segments:

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Key Companies Dominating the Global Digital Storage Devices Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global digital storage devices market that are included in our report are SanDisk Corporation, Toshiba Corporation, Sony Corporation, Samsung Electronics, Lenovo, Seagate Technology, Intel Corporation, Kingston Technology, Dell EMC, Hitachi Vantara Corporation, and others.

Global Digital Storage Devices Market: Latest Developments

• April, 2022: KIOXIA America, Inc. has introduced the XG8 Series of client SSDs, it is designed to satisfy the high-performance need of clients. It strengthens its comprehensive PCIe 4.0 SSD speed and storage.

• February, 2020: Western Digital, announces the selling of its ActiveScale business to Quantum Corp., an industry key player known for storing video content and unstructured data.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal. 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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