External Storage Market was valued at USD 45.75 Billion in 2022 and is projected to reach USD 83.45 Billion by 2030, growing at a CAGR of 7.7% from 2024 to 2030.
The external storage market has experienced significant growth from 2018 to 2022, driven by the increasing need for digital storage solutions across various sectors, including entertainment, education, and business. With the growing consumption of digital media, such as high-definition videos, and the rise of cloud computing, demand for external storage devices, such as USB drives, portable hard drives, and SSDs, soared. During this period, the market saw advancements in storage technology, with faster data transfer speeds, larger capacities, and more durable, portable designs that catered to both consumer and enterprise needs.
In 2018, the external storage market was valued at approximately $50 billion and experienced steady growth year over year. With the rise in data-centric applications, such as gaming, video editing, and data analytics, there was a significant demand for high-capacity external storage devices. By 2022, the market had expanded to over $80 billion, reflecting the increasing importance of external storage in both personal and professional spheres.
Looking ahead, the demand for external storage is projected to grow even further from 2023 to 2033. The need for storage solutions continues to rise as data generation continues to skyrocket. Factors such as the growing popularity of 4K and 8K content, the adoption of high-performance applications, and the proliferation of Internet of Things (IoT) devices will significantly boost demand for external storage options. Furthermore, advancements in storage technology such as NVMe-based external SSDs, higher-capacity hard drives, and wireless storage options are expected to dominate the market during this period.
As cloud storage becomes more ubiquitous, the role of external storage devices is shifting toward offering hybrid solutions, combining local storage with the cloud to offer increased flexibility and reliability. As remote work and online collaboration become more prevalent, demand for portable external storage solutions will continue to grow. Additionally, the rising popularity of digital content creation, especially in gaming, video production, and virtual reality, is further driving the need for high-capacity, high-performance external storage devices.
From a regional perspective, North America and Europe are expected to remain the largest markets, driven by the widespread adoption of advanced storage technologies. However, Asia-Pacific is anticipated to witness the highest growth rate due to the region's expanding tech sector, increased production of consumer electronics, and growing data consumption in emerging markets.
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Netapp
EMC
Hewlett
IBM
Toshiba
Hitachi
Seagate
Pure Storage
Fujitsu
Dell
Huawei
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global External Storage Market
Consumer Electronics
Healthcare Devices
Automotive Application
Enterprise Storage
Industrial Applications
Others
Based on Types the Market is categorized into Below types that held the largest External Storage market share In 2023.
Police Optical Storage
Solid State Storage
Flash Memory Devices
External Hard Drives
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global External Storage Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global External Storage Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global External Storage Market, By Type
6. Global External Storage Market, By Application
7. Global External Storage Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global External Storage Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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