Strong Growth Ahead: External Storage Market Size To Grow At Arecord 12.6% Cagr By 2029

The External Storage Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the External Storage Market Size Expected to Be by 2034?
In recent times, the market size of external storage has experienced swift expansion. There is an expected growth from $40.44 billion in 2024 to $46.05 billion in 2025, marking a compound annual growth rate (CAGR) of 13.9%. The factors responsible for the incremental growth during the historic period include an upsurge in data production, the proliferation of cloud-based services, the growth of digital media and entertainment. Additionally, the emergence of small and medium-sized enterprises (SMEs) and the increasing significance attributed to data backup also contribute to this growth.

The market size of external storage is forecasted to undergo swift expansion in the forthcoming years. It's predicted to escalate to $74.06 billion in 2029, showing a compound annual growth rate (CAGR) of 12.6%. The anticipated expansion in the predicted period can be ascribed to ongoing data propagation, amplified requirement for remote work solutions, surging focus on cybersecurity protocols, rising uptake of 4k and 8k content, along with increased utilization of edge computing. Noteworthy trends expected in the forecast duration incorporate the growth of network-attached storage (NAS), adoption of solid-state drives (SSDs), assimilation of artificial intelligence (ai) for intelligent storage, evolving contribution in edge computing, and sustainable, environmental-friendly storage solutions.

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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping External Storage Market Trends?
Anticipated growth in the external storage market is being driven by the escalating demand for data storage. This encompasses the preservation of digital data such as files and folders, on a device or system that facilitates straightforward future access. A surge in data demands has led to increased use of external storage due to its enhanced capacity, mobility, data backup, and appropriateness for different applications, media, and collaborative efforts across various devices and industries. For example, a study by the non-profit consortium, The Linux Foundation in the US, indicated that organizations holding a storage capacity of up to 20 petabytes witnessed an annual data growth of 566 terabytes in 2021 and 1,746 terabytes in 2022. Also, organizations with a storage threshold of up to 25 petabytes particularly noted a sizable data growth of 2,208 terabytes in 2022. This is an upswing of 215.43% or triple of 700 terabytes in 2021. Consequently, this escalating demand for data storage will thrust the external storage market forward. The expansion seen in the external storage market is also being induced by a surge in the quantity of enterprises. Enterprises encompass organizations or business entities that have the autonomy to engage in business-related activities. External storage is utilized in enterprises as the chief storage connected to servers via Ethernet or fiber channel switches, or as backup and archiving storage. Illustrating this is a report from Startups.co.uk, a UK-based online consultancy platform, which noted that in 2023, there was a 19.5% surge in new business numbers, amassing a total of 39,966 establishments. This also shows a 6.5% uptick compared to the preceding year. Thus, a rise in the count of enterprises is another driver propelling the external storage market.

Who Are the Top Competitors in Key External Storage Market Segments?
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.

What External Storage Market Trends Are Gaining Traction Across Different Segments?
Big players in the external storage markets are striving to create cutting-edge technologies like NAND flash memory in an effort to establish a market advantage. This form of non-volatile storage technology, which preserves data even after power is cut off, is prevalent in a variety of electronic devices ranging from smartphones and laptops to data centers and enterprise storage systems. For example, Micron Technology Inc., an American firm specializing in memory and storage solutions, introduced its 7450 solid-state drive (SSD) based on 176-layer 3D NAND technology in March 2022. This 7450 SSD provides a broad capacity range from 400 GB to 15.36 TB, customizable to fulfill diverse data center needs. Moreover, it delivers reliable and consistent latencies under two milliseconds, a critical element in ensuring top-notch service for large-scale data center operations.

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Which Regions Are Becoming Hubs for External Storage Market Innovation?
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

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the External Storage Market?
2. What is the CAGR expected in the External Storage Market?
3. What Are the Key Innovations Transforming the External Storage Industry?
4. Which Region Is Leading the External Storage Market?

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