Press release
External Storage Global Market Analysis: Trends, Growth, and Future Forecast
External Storage Global Market Analysis
According to The Business Research Company's, 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..
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Dell Technologies Inc., Lenovo Group Limited, International Business Machines Corporation, Oracle Corporation, SK hynix Inc., Fujitsu Ltd., Hewlett Packard Enterprise Development LP, Toshiba Corporation, Micron Technology Inc., Western Digital Corporation, Seagate Technology LLC, Kingston Technology Company Inc., NetApp Inc., Hitachi Vantara LLC, Pure Storage Inc., SanDisk Ltd., ADATA Technology Co. Ltd., Transcend Information Inc., Quantum Corporation, QNAP Systems Inc., Synology Inc., LaCie, Infortrend Technology Inc., Promise Technology Inc., Zoolz, Thecus Technology Corp., pCloud International AG, ID Cloud Services LTD, Koofr d.o.o.
External Storage Market 2024 Key Insights:
• The External Storage Market is expected to grow to $65.43 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
• Surge In Enterprise Numbers Sparks Growth In The External Storage Market
• 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.
• North America was the largest region in the external storage market in 2023. The regions covered in the external storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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