The External Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s External Storage Global Market Report 2024, The external storage market size has grown rapidly in recent years. It will grow from $35.45 billion in 2023 to $40.44 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to rise in data generation, emergence of cloud-based services, expansion of digital media and entertainment, growing small and medium-sized enterprises (smes), increasing importance of data backup.
The external storage market size is expected to see rapid growth in the next few years. It will grow to $65.43 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to continued data proliferation, growing demand for remote work solutions, rising emphasis on cybersecurity measures, increasing adoption of 4k and 8k content, expanding use of edge computing. Major trends in the forecast period include expansion of network-attached storage (nas), adoption of solid-state drives (ssds), integration of artificial intelligence (ai) for smart storage, evolving role in edge computing, sustainable and eco-friendly storage solutions.
The increasing demand for data storage is expected to propel the growth of the external storage market going forward. Data storage refers to saving files, folders, or other digital data on a storage medium or system in a format that will allow for easy access in the future. The rising demand for data prompts increased usage of external storage due to its expanded capacity, data backup, mobility, and suitability for media, specialized applications, and collaboration needs across diverse devices and industries. For instance, in December 2022, according to a report published by The Linux Foundation, a US-based non-profit consortium, an average end-user organization with a storage capacity of up to 20 petabytes experienced annual data growth of 566 terabytes in 2021 and 1,746 terabytes in 2022. Similarly, yearly data growth for organizations with a storage capacity of up to 25 petabytes reached a significant 2,208 terabytes in 2022, an increase of 215.43%, or three times the 700 terabytes in 2021. Therefore, the increasing demand for data storage will drive the external storage market.
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The external storage market covered in this report is segmented –
1) By Storage Type: Optical Storage, Solid-State Storage Devices, Flash Storage Devices, External Hard Drives, Other Storage Type
2) By Interface: Universal Serial Bus (USB), Thunderbolt, External SATA (eSATA), Firewire
3) By Capacity: Up To 1 TB, 1TB To 100 TB, Above 100 TB
4) By Application: Consumer Electronics, Healthcare Devices, Automotive Application, Enterprise Storage, Industrial Applications, Other Applications
Major companies operating in the external storage markets are focused on developing technologically advanced solutions, such as NAND flash memory, to gain a competitive edge in the market. NAND flash memory is a non-volatile storage technology that retains data even when power is disconnected and is widely used in various electronic devices, from smartphones and laptops to data centers and enterprise storage systems. For instance, in March 2022, Micron Technology Inc., a US-based memory and storage solutions producer, launched the 7450 solid-state drive (SSD) based on 176-layer 3D NAND technology. The 7450 SSD offers an extensive capacity spectrum ranging from 400 GB to 15.36 TB, which can be tailored to meet diverse requirements within data centers. Further, it ensures dependable and uniform latencies under two milliseconds, a crucial factor in facilitating high-quality service delivery for large-scale data center workloads.
The external storage market report table of contents includes:
1. Executive Summary
2. External Storage Market Characteristics
3. External Storage Market Trends And Strategies
4. External Storage Market – Macro Economic Scenario
5. Global External Storage Market Size and Growth
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31. External Storage Market Other Major And Innovative Companies
32. Global External Storage Market Competitive Benchmarking
33. Global External Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The External Storage Market
35. External Storage Market Future Outlook and Potential Analysis
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