Market Synopsis
Market Research Future (MRFR) in its report on the global portable data storage market 2021 states different governing factors and their impact on the market. A complete assessment of the impact of the pandemic on the portable data storage market is released in the report. MRFR study revealed that the portable data storage market can exceed USD 2,698.5 million by in 2021 and value at USD 3 billion on the conclusion of the forecast period. Portable data storage devices can store high amount of digital information at a high pace. The high data stability offered by portable devices enable enterprises to rely on these devices for sharing large volume of data. This can support the expansion of the portable data storage market in the years to ahead. Every new up-gradation of data software is observed to gain high popularity that can promote the expansion of the market in the near future.
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Market Segmentation
The segment assessment of the global portable data storage market are file formatting, type, and memory.
By type based segments of the global portable data storage market are USB storage, flash storage, external CD/DVD drives, and external hard drives among other. The memory based segments of the portable data storage global market are 256 GB to 1TB, below 256 GB, and above 1 TB. The file formatting based segments of the portable data storage market are FAT32 and NTFS.
The advent of modern technologies to track, process, and manage massive amount of data generate from different businesses can bolster the expansion of the portable data storage market in the years to come. The centralized access of data offered by portable data storage devices is creating high popularity across large and small enterprises, which can impel the expansion of the regional market in the years to come. Effectiveness, scalability, and low-cost storage solution benefits of portable data storage market can also support the expansion of the market in the years to come.
Regional Analysis
The portable data storage market is studied across Europe, North America, and Asia Pacific, following MEA. North America portable data storage market is likely to experience a significant expansion across the analysis period. The rise of the portable data storage market in the North America region can be attributed to high technical advancements and well-established infrastructure. The rise in data generation from data centers and from consumer devices that are connected to the internet are creating the need for portable data storage. This can prompt the expansion of the regional data storage market in the years to come. In Asia Pacific, the increased application of data portable storage devices and the presence of a high number of producers can bolster the expansion of the regional market. In EU, governments are investing considerably in data storage technologies to enhance existing storage infrastructure and avail improved operation and production processes. The introduction of better data storage technologies can bolster the expansion of the market in the years ahead.
Key Players
These players of the portable data storage market is identified by origin, regional presence, recent developments, industry expertise, and product diversification. Toshiba Corporation (Japan), Western Digital Corporation (US), Transcend Information Inc (Taiwan), Samsung Electronics Co. Ltd (South Korea), Seagate Technology PLC (US), Kingston Technology Corporation (US), Sony Corporation (Japan), Buffalo Americas Inc. (US), ADATA Technology Co. Ltd (Taiwan), HP Inc. (US), MicroNet Technology (US)(Fantom Drives), Patriot Memory (US), PNY Technologies (US), Dell Inc. (US), and AsusTek Computer Inc (Taiwan) are some key players that are likely to contribute significantly to portable data storage market as listed by MRFR.
Drivers
- Advantages over other storage media such as disks which include large storage capacity, higher readability, robustness, high data stability, greater reliability, speed, resiliency and others
- Growing need for backup and growing data volume
- Growing virus and software which indirectly create backup needs due to corruption
- Government regulation for business to store and maintain a backup of data
- Up gradation of software and operating system which requires high storage capacity of hard drives.
- Growing volume of larger file types such as media files, used to store videos, audio and others which generate the demand for high capacity solution.
- Technological advancements such as Blu-ray disk which are capable of using storing large volume of data and also enhances users experience by offering improved network connectivity feature, solid state drives which provide better performance, improved scratch resistant disc coating
- Growing popularity of camera-equipped devices will boost the need for additional storage due to large digital content, leading to rising demands for storage. Syncing service providers are expected to demand greater storage capacity as data storage is expected to outpace the capabilities of smartphones.
- Growing social networking and media websites, growing internet using populations, growing bandwidth, growing media content of the internet are expected to demand a large amount of data storage capacity.
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