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External Storage Market Expected to Achieve 12.6% CAGR by 2029: Growth Forecast Insights
External Storage
How Large Will the External Storage Market Size By 2025?
The dimension of the external storage market has seen a swift expansion in the last few years. The market size is predicted to surge from $40.44 billion in 2024 to $46.05 billion in 2025, with a compound annual growth rate (CAGR) of 13.9%. The growth during the historical period is believed to be due to the increase in data production, the advent of cloud-centric services, the proliferation of digital media and entertainment, the evolution of small and medium-sized businesses (SMEs), and the heightened significance of data backup.
How Big Is the External Storage Market Size Expected to Grow by 2029?
Over the forthcoming years, the external storage market is poised to witness significant expansion, estimated to reach a value of $74.06 billion by 2029, with a compound annual growth rate (CAGR) of 12.6%. The anticipated growth during the forecast period can be attributed to various factors such as the perpetual data proliferation, the burgeoning demand for solutions enabling remote work, heightened attention to cybersecurity, increased uptake of 4k and 8k content, and the growing reliance on edge computing. The forecast period will also see some key trends, such as the widespread adoption of network-attached storage (NAS) systems, increased usage of solid-state drives (SSDs), incorporation of artificial intelligence (AI) for intelligent storage, the evolving role in edge computing, and the development of sustainable and environmentally friendly storage solutions.
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Which Key Market Drivers Powering External Storage Market Expansion and Growth?
The upward trend in data storage demand is set to boost the expansion of the external storage market. Data storage is the process of reserving files, folders, or other electronic data on storage equipment or systems in a manner that enables easy retrieval later. The surge in data needs is leading to an amplified use of external storage, thanks to its greater capacity, data backup solutions, portability, and appropriateness for media, specific applications, and cooperation requirements in various devices and sectors. For instance, as per a report from The Linux Foundation, a not-for-profit consortium from the USA, in December 2022, a typical end-user company with a storage limit of 20 petabytes had an annual data increase of 566 terabytes in 2021 and 1,746 terabytes in 2022. Likewise, organizations with a storage limit of up to 25 petabytes observed a notable yearly data surge of 2,208 terabytes in 2022, a 215.43% growth, or three times the 700 terabytes in 2021. Consequently, the mounting demand for data storage will propel the external storage market. External Storage Market Driver: Growth in the Number of Enterprises Fuels the Expansion of the External Storage Market
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Which Fast-Growing Trends Are Poised to Disrupt the External Storage Market?
Prominent firms in the external storage markets are prioritizing the development of sophisticated technologies, such as NAND flash memory, as a strategy to remain competitive. This non-volatile storage technology, known as NAND flash memory, preserves data in the event of a power cut and is frequently featured in numerous electronic devices, from smartphones and laptops to data centers and enterprise storage systems. For example, in March 2022, US-based memory and storage solutions manufacturer Micron Technology Inc. introduced the 7450 solid-state drive (SSD) using 176-layer 3D NAND technology. The 7450 SSD provides a broad capacity range from 400 GB to 15.36 TB, customizable to serve varying needs within data centers. Moreover, it guarantees reliable and consistent latencies below two milliseconds, a vital asset in ensuring high-standard service delivery for large data center operations.
What Are the Emerging Segments 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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Who Are the Global Leaders in the External Storage Market?
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.
Which are the Top Profitable Regional Markets for the External Storage Industry?
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
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