Portable Data Storage Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Portable Data Storage Market is segmented By Storage Type (External Hard Drives, Flash Storage, USB Storage, External CD/DVD Drives, Others), By Memory Size (Below 256 GB, 256GB to 1TB, 1TB to 5TB, Above 5 TB), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Portable Data Storage Market Overview

The Global Portable Data Storage Market is expected to grow roughly at a CAGR of 20% during the forecasting period (2023-2030). Data storage became an important factor due to new computing applications, such as Artificial Intelligence (AI), Deep Learning and Blockchain have increased the demands on processing performance dramatically.

These technologies are expected to generate more data and demand access to data solutions. Moreover, portable data storage following Moore's law. For example, USB memory sticks are very popular today. In 2000, USB memory sticks offered 8 megabytes in a device the size of the finger. At present, the capacities start at 8 gigabytes and these are expected to give us 8 terabytes, or roughly 8.8 trillion bits, in the same tiny package by 2040.

Portable Data Storage Market Scope

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Portable Data Storage Market Growth and Trends

Emerging data computing technologies will boost the market demand for portable data storage

New computing applications, such as Artificial Intelligence (AI), Deep Learning and Blockchain have increased the demands on processing performance dramatically. These technologies are expected to generate a huge amount of data that should be stored. AI became the most popular technology in 2019 and the corporates are investing huge amounts on this technology. Conversational AI remains at the top of corporate agendas spurred by the worldwide success of Amazon Alexa, Google Assistant and others. Meanwhile, new technologies continue to emerge such as augmented intelligence, edge AI, data labeling and explainable AI. According to Gartner’s study in 2019, Between 2018 and 2019, organizations that have deployed artificial intelligence (AI) grew from 4% to 14%. Similarly, other computing applications such as deep learning and blockchain are growing at a faster pace. Immense penetration of these computing applications are generating huge demand for data storage. In order to meet the expectations of these applications, companies are deploying new data storage technologies. For example, Helium HDDs which can store up to 14 TB of data. At present, major manufacturers are shipping HDD models filled with helium, with 14TB capacities currently available. Over the coming years capacity can be expected to increase at a rate of around 2TB per year, meaning 20TB HDDs should be available at the beginning of the next decade. These hard drives are likely to be optimized for high capacity at a low price, but notable improvements in other technical parameters are not expected. One exception is power consumption, which will reduce as a result of the introduction of helium in HDDs. While air-filled 3.5” 7200rpm HDDs consumed a relatively constant 11W of power under load, regardless of capacity, the power consumption of helium-filled HDDs lie at around 6 – 7W. This is as a result of the lower friction of the lighter helium gas. Thus, the introduction of helium-filled hard drives will help to tackle the challenge of increasing the energy consumption of data centers.

Portable Data Storage Market Segmentation Analysis

Flash storage is became an important asset of any electronic device since all primary storage workloads should sit on flash. Flash storage market is growing at a faster pace as compared to other storage type owing to decline in prices. Flash storage is becoming the industry storage standard for data centers and various other IT environments owing to its advantages such as faster access to data, reliability, and security. Flash storage is further classified as SSD, memory cards and others. Among all SSD are growing at a higher pace during the forecast period. SSD is faster, quieter, and generally preferable when available, as compared to the hard disk drives (HDD). With a larger capacity, faster speed, and friendlier price, SSD is expected to comprehensively replace HDD in the near future.

Portable Data Storage Market Geographical Share

North America Portable Data Storage market was valued at USD YY million in 2022 and the market is estimated to grow at a CAGR of 20% during the forecast period to reach a market value of USD YY million by 2030. The North America accounted for approximately 30% share of the market revenue in 2018. This region is home to a high number of manufacturers. The revenue contribution of the region was lower than that of APAC in 2018, but the revenue contribution of the North America is expected to remain steady during the forecast period owing to the high demand. The demand for advanced computing devices and higher storage density is expected to drive growth in the North America over the next few years. Although the revenue generated from the North America will increase, the market share of the region will slightly decrease due to competition from APAC during the forecast period.

Portable Data Storage Market Companies

Major players are Western Digital Corporation, Samsung Electronics Co Ltd, Transcend Information, Inc., Seagate Technology PLC, Toshiba Corporation, Sony Corporation, HP Inc, Kingston Technology Corporation, Buffalo Americas, Inc., PNY Technologies.

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