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External Disk System Market Global Size, Share, Demand, Segments And Forecast 2033

04-19-2024 08:47 AM CET | IT, New Media & Software

Press release from: The Business research company

External Disk System Market

External Disk System Market

The external disk system market size has grown strongly in recent years. It will grow from $43.94 billion in 2023 to $47.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to data explosion, business continuity planning, remote work trends, security concerns, consumer electronics trends.

The external disk system market size is expected to see strong growth in the next few years. It will grow to $64.71 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to edge computing growth, ai and big data analytics, hybrid and multi-cloud strategies, remote collaboration tools, iot expansion. Major trends in the forecast period include cloud integration, technological advancements, rapid adoption of ssd technology, growing emphasis on storage capacity, integration of thunderbolt and usb-c connectivity.

Market Overview -
An external disk system is a storage solution separate from a computer or server, typically connected via USB (universal serial bus) or network protocols, used to expand storage capacity or facilitate data backup and sharing. It provides additional space for files, applications, and backups, enhancing storage flexibility and data management.

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The Growing Demand For Data Storage Solutions Fuels The External Disk System Market
The increasing demand for data storage solutions is expected to propel the growth of the external disk system market going forward. Data storage solutions refer to technologies and methods for storing and managing digital information for easy retrieval and long-term preservation. External disk systems are essential in data storage solutions, offering scalable, portable, and secure storage options for businesses and individuals managing growing data volumes. For instance, in December 2022, according to a report published by The Linux Foundation, a US-based non-profit consortium, the rise in data storage for an upper limit of 20 petabytes shows an annual data growth of 566 terabytes for an average end-user organization in 2021 and 1,746 terabytes in 2022. Whereas for an upper limit of 25 petabytes, the increase in annual data growth is 700 terabytes in 2021 and 2,208 terabytes in 2022 for an average end-user organization. Therefore, the increasing demand for data storage solutions is driving the external disk system market.

Competitive Landscape -
Major companies operating in the external disk system market report are Samsung Electronics Co. Ltd., Dell Inc., Lenovo Group Ltd., SK hynix Inc., Fujitsu Limited, Hewlett Packard Development Company L.P., Toshiba Corporation, Micron Technology Inc., Western Digital Corporation, Seagate Technology LLC, Kingston Technology Co. Inc., NetApp Inc., Lite-On Technology Corporation, Pure Storage Inc., ADATA Technology Co. Ltd., Transcend Information Inc., Quantum Corporation, QNAP Systems Inc., Synology Inc., Infortrend Technology Inc., Promise Technology Inc., Other World Computing Inc., SilverStone Technology LLC, Drobo Inc., Micronet Technology Inc., Akitio Technology Limited, Glyph Production Technologies Inc., Apricorn Inc., Angelbird GmbH, Buffalo Americas, ioSafe Inc.

Innovative Product Offerings In The External Disk System Market
Major companies operating in the external disk system market are increasing their focus on introducing innovative products and solutions, such as portable SSD (Solid State Drive), to maximize profits in the market. A portable SSD, or solid-state drive, is a small, external storage device that uses flash memory to store data and back up or transfer files between computers. For instance, in March 2023, Samsung Electronics Co. Ltd., a South Korea-based manufacturer of external storage devices, launched the PSSD T7 Shield, its powerful and massive 4 TB T7 Shield Portable SSD (Solid State Drive). This external storage device is powered by USB 3.2 Gen2 and features read/write rates of up to 1,050/1,000 MB/s and built-in PCI NVMe technology. PSSD T7 Shield offers users an expedited, interruption-free workflow by significantly reducing waiting time. Additionally, compared to external hard disk drives (HDDs), this newest SSD is up to 9.5 times faster. The sturdy aluminum body of the PSSD T7 Shield, coated in rubber, makes it shock-resistant against drops of up to three meters.

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Key Segments -
The external disk system market covered in this report is segmented -
1) By Type: Network-Attached Storage HDD (Hard Disk Drive), Portable HDD (Hard Disk Drive), Desktop HDD (Hard Disk Drive)
2) By Application: Computers Or Laptops, Mobile, Other Applications
3) By End User: Personal, Commercial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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