Press release
Soaring Demand Set to Propel External Disk System Market to $70.87 Billion by 2029
External Disk System
What Is the Expected CAGR for the External Disk System Market Through 2025?
The market size of the external disk system has seen robust growth in the past few years. It is projected to increase from $47.43 billion in 2024 to $51.15 billion in 2025, marking a compound annual growth rate (CAGR) of 7.8%. The growth realized in the historical period is due to factors such as data explosion, business continuity strategy, the trend of remote work, security issues, and trends in consumer electronics.
What's the Projected Size of the Global External Disk System Market by 2029?
The market size for external disk systems is predicted to witness significant expansion in the coming years, with an expected growth to $70.87 billion by 2029, following a compound annual growth rate (CAGR) of 8.5%. The anticipated expansion during this predictive period can be credited to factors such as the increase in edge computing, artificial intelligence application, big data analysis, adoption of hybrid and multiple-cloud strategies, advancements in remote collaboration tools, and IoT proliferation. Several trends that will dictate the market during the forecast period are cloud synergy, technological innovations, accelerated acceptance of SSD technology, rising focus on storage space, and integration of thunderbolt and USB-c connectivity.
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Top Growth Drivers in the External Disk System Industry: What's Accelerating the Market?
The observed surge in the demand for data storage solutions is postulated to significantly contribute to the expansion of the external disk system market in the near future. These data storage solutions are characterized by technologies and techniques designed to accommodate, manage, and preserve digital data, while enabling easy retrieval and durability. As an indispensable component of data storage solutions, external disk systems provide scalable and secure storage options that can be conveniently transported, thereby catering to the needs of both businesses and individuals coping with escalating volumes of data. An illustrative example is highlighted in a December 2022 report issued by The Linux Foundation, a US-based non-profit consortium. The report indicates an uptick in the storage data for an upper limit of 20 petabytes. This marks a considerable growth of 566 terabytes in yearly data for an average end-user enterprise in 2021, and an impressive jump to 1,746 terabytes in 2022. In scenarios where the upper limit extends to 25 petabytes, the annual data growth exhibited a noteworthy increase of 700 terabytes in 2021, and an exceptional rise to 2,208 terabytes in 2022 for an average end-user enterprise. Hence, the escalating demand for data storage solutions presents a compelling growth prospect for the external disk system market. The external disk system market is also poised to benefit from the growing adoption within the gaming industry. A flourishing gaming industry is anticipated to catalyse the expansion of the external disk system market in the coming years. Broadly defined, the gaming industry encompasses a multitude of businesses, entities, and individuals dedicated to crafting, developing, marketing, distributing, and making profitable video games and akin gaming goods and services. External disk drives play a crucial role in upholding large game files, thereby facilitating storage expansion within PCs or consoles. This development streamlines the process of transferring games across various devices for gamers. As an apt illustration, the Entertainment Software Association, a US-based representative of the video game industry, released data in July 2023 stipulating that consumer spending on video game content, hardware, and add-ons amounted to $7.6 billion in the United States. This marked a modest 2% climb compared to the previous year. As a result, the growing acceptability among the gaming industry is projected to inject a fresh impetus to the growth of the external disk system market.
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What Trends Will Shape the External Disk System Market Through 2029 and Beyond?
Leading businesses in the external disk system market are shifting their attention towards the development of innovative products and solutions like portable SSDs (Solid State Drives) to boost their market earnings. A portable SSD is a compact, external storage device that utilizes flash memory for data storage and for transferring or backing up files among different computers. To illustrate, South Korean external storage device manufacturer, Samsung Electronics Co. Ltd., unveiled the PSSD T7 Shield, a highly efficient and extensive 4 TB T7 Shield Portable SSD in March 2023. Operating with USB 3.2 Gen2, this external storage device possesses read/write rates of up to 1,050/1,000 MB/s and incorporates PCI NVMe technology. The PSSD T7 Shield enhances the user experience by considerably decreasing wait times, thereby ensuring a smooth workflow. Moreover, compared to external hard disk drives (HDDs), this latest SSD performs up to 9.5 times faster. The PSSD T7 Shield, with its tough aluminum body and rubber coating, is also designed to withstand impacts from falls of up to three meters.
What Are the Main Segments in the External Disk System Market?
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
Subsegments:
1) By Network-Attached Storage HDD (Hard Disk Drive): Single-Bay NAS, Multi-Bay NAS
2) By Portable HDD (Hard Disk Drive): Compact Portable HDD, Rugged Portable HDD
3) By Desktop HDD (Hard Disk Drive): Standard Desktop HDD, High-Capacity Desktop HDD
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Which Top Companies are Driving Growth in the External Disk System Market?
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.
Which Regions Will Dominate the External Disk System Market Through 2029?
North America was the largest region in the external disk system market in 2024. The regions covered in the external disk system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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