Press release
External Storage Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
External Storage Market Outlook
The external storage market has grown rapidly in recent years. It will increase from $40.44 billion in 2024 to $46.05 billion in 2025, at a CAGR of 13.9%. The growth is driven by the rise in data generation, the emergence of cloud-based services, the expansion of digital media and entertainment, the growth of small and medium-sized enterprises (SMEs), and the increasing importance of data backup.
The external storage market is expected to experience rapid growth, reaching $74.06 billion by 2029 at a CAGR of 12.6%. This growth is driven by continued data proliferation, demand for remote work solutions, cybersecurity concerns, increased adoption of 4K and 8K content, and edge computing expansion. Trends include the rise of network-attached storage (NAS), SSD adoption, AI integration for smart storage, and sustainable storage solutions.
What Are the Primary Growth Drivers for the External Storage Market?
The increasing need for data storage is expected to fuel the expansion of the external storage market in the coming years. Data storage involves saving files, folders, or digital data on a medium that ensures future access. The surge in data demand is driving the use of external storage due to its large capacity, data backup capability, portability, and suitability for various applications across devices and industries. A report by The Linux Foundation, published in December 2022, indicated that organizations with storage capacities up to 20 petabytes saw an annual data increase of 566 terabytes in 2021 and 1,746 terabytes in 2022. Likewise, organizations with 25 petabytes of storage capacity observed a growth from 700 terabytes in 2021 to 2,208 terabytes in 2022. The growing need for data storage is thus pushing the external storage market forward.
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Who Are the Dominant Companies Influencing External Storage Market Trends?
Major companies operating in the external storage market report are 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.
How Is the External Storage Market Evolving?
Leading companies in the external storage market are working to develop advanced solutions like NAND flash memory to gain a competitive advantage. NAND flash memory is a non-volatile storage technology that retains data even when the power is off, and it is used in a variety of electronic devices such as smartphones, laptops, and enterprise storage systems. For example, in March 2022, Micron Technology Inc., a US-based memory and storage solutions provider, launched the 7450 SSD, utilizing 176-layer 3D NAND technology. The 7450 SSD comes in capacities ranging from 400 GB to 15.36 TB, providing flexible options for data centers. It delivers consistent latencies of under two milliseconds, crucial for ensuring high-quality service in large-scale data center operations.
What Are the Different Segmentations in the External Storage Market?
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
Subsegments:
1) By Optical Storage: CDs (Compact Discs), DVDs (Digital Versatile Discs), Blu-ray Discs
2) By Solid-State Storage Devices: SATA SSDs (Serial ATA Solid-State Drives), NVMe SSDs (Non-Volatile Memory Express Solid-State Drives)
3) By Flash Storage Devices: USB Flash Drives, Memory Cards
4) By External Hard Drives: Portable External Hard Drives, Desktop External Hard Drives
5) By Other Storage Type: Hybrid Drives, Network-Attached Storage (NAS) Devices
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Which Region Is at the Forefront of the External Storage Market?
North America was the largest region in the external storage market in 2024. The regions covered in the external storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The External Storage Global Market Report?
- Market Size Analysis: Analyze the External Storage Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the External Storage Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall External Storage Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the External Storage Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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