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Personal And Entry Level Storage (PELS) Market Size, Share Analysis, Growth Trends And Global Forecast To 2033
Personal And Entry Level Storage (PELS) Market
According to The Business Research Company's, The personal and entry level storage (PELS) market size has grown exponentially in recent years. It will grow from $29.38 billion in 2023 to $39.70 billion in 2024 at a compound annual growth rate (CAGR) of 35.1%. The growth in the historic period can be attributed to rising need for digital storage solutions propels market growth, increasing digitalization, proliferation of smartphones and tablets, internet of things (iota) devices, expansion of e-commerce.
The personal and entry level storage (PELS) market size is expected to see exponential growth in the next few years. It will grow to $133.28 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%. The growth in the forecast period can be attributed to growing awareness towards data storage, growing demand for portable storage, cloud storage adoption, increasing use of high-definition content, development of edge computing. Major trends in the forecast period include technological advancements in storage solutions, subscription-based storage services, integration with mobile devices, shift towards wireless connectivity, storage capacities.
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Market Drivers and Trends:
The growing demand for cloud computing services is expected to propel the growth of the personal and entry-level storage (PELS) market going forward. Cloud computing services refer to delivering hosted computing services and IT resources over the Internet with pay-as-you-go pricing. The demand for cloud computing services is increasing due to flexibility, accessibility, data security, and reliability. Cloud computing services enhance personal and entry-level storage (PELS) by providing scalable, accessible, cost-effective storage solutions with data backup, recovery, and collaboration features. For instance, in December 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union, 42.5% of European Union businesses purchased cloud computing services, primarily for office software, file storage, and email. Further, in 2023, there was a 4.2 percentage point increase in the share of European Union firms purchasing cloud computing services compared to 2021. Therefore, the growing demand for cloud computing services is driving the growth of the personal and entry-level storage (PELS) market.
Major companies operating in the personal and entry-level storage market are developing products with advanced technologies, such as the Hitachi virtual storage platform, to manage their data effectively. Hitachi virtual storage platform one is a hybrid cloud data platform is a unified hybrid storage platform that simplifies data management across various storage environments, including block, file, object, and mainframe data. For instance, in October 2023, Hitachi Ltd., a Japan-based conglomerate company organization, launched the Hitachi virtual storage platform to address the challenges faced by IT leaders in scaling data and modernizing applications across complex hybrid and multi-cloud infrastructures. It features a single control plane, data fabric, and data plane managed by AI-enabled software to unify separate data silos. This platform's design focuses on reliability, security, and sustainability, enhancing its impact on customers with varying data storage needs, including those at the personal and entry-level storage scale.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd, Dell Technologies Inc, Hitachi Ltd, Intel Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc, Broadcom Inc, Fujitsu Limited, Micron Technology, Hewlett Packard Enterprise Company, Toshiba Corporation, Western Digital Corporation, Asustek Computer Inc, Seagate Technology Holdings plc, NetApp Inc, Pure Storage Inc, Nutanix Inc, ADATA Technology Co. Ltd, Netgear Inc, PNY Technologies Inc, Tintri Inc, DataCore Software, Drobo Inc, Kingston Technology Company Inc, Scality Inc, Apricorn Inc, Glyph Production Technologies, TerraMaster Technology Co. Ltd, Thecus Technology Corporation
Personal And Entry Level Storage (PELS) Market 2024 Key Insights:
• The personal and entry level storage (PELS) market size is expected to see exponential growth in the next few years. It will grow to $133.28 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%.
• Cloud Computing Services Fueling Expansion of The Personal and Entry-Level Storage (PELS) Market
• Introducing Advanced Hybrid Cloud Solutions For Seamless Application Deployment And Scalability
• North America was the largest region in the personal and entry level storage (PELS) market in 2023
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