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Global Personal And Entry Level Storage (PELS) Market Projected to Grow at 35.3% CAGR, Reaching $180.15 Billion by 2029
Personal And Entry Level Storage PELS
What Is the Expected CAGR for the Personal And Entry Level Storage (PELS) Market Through 2025?
The market for personal and entry level storage (PELS) has seen a significant expansion in its size lately. This market is anticipated to swell from $39.7 billion in 2024 to a whopping $53.79 billion in 2025, bearing a composite annual growth rate (CAGR) of 35.5%. Factors that have ignited growth in preceding times include the growing demand for digitalized storage solutions, rising digitalization, surge in smartphone and tablet usage, internet of things (iota) gadgets, and the boom in e-commerce activity.
What's the Projected Size of the Global Personal And Entry Level Storage (PELS) Market by 2029?
The market size for personal and entry level storage (PELS) is predicted to have substantial growth in the coming years. It is set to reach $180.15 billion in 2029, with a compound annual growth rate (CAGR) of 35.3%. The forecasted growth could be due to a spike in awareness about data storage, increased demand for mobile storage, the adoption of cloud storage, the growing use of high-definition content, and the advancement of edge computing. Significant trends in the forecast period entail technological improvements in storage solutions, subscription-based storage services, compatibility with mobile gadgets, a transition towards wireless connectivity, and storage capacity enhancements.
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Top Growth Drivers in the Personal And Entry Level Storage (PELS) Industry: What's Accelerating the Market?
In the personal and entry-level storage (PELS) market, the rising demand for cloud computing services is poised to drive significant growth. These services, which offer IT resources and hosted computing capabilities over the internet on a pay-as-you-go pricing model, offer several benefits, including improved flexibility, data security, reliability, and wider accessibility. They greatly enhance the PELS capabilities by offering scalable, easy-to-access, and cost-effective data storage solutions with features such as data backup, recovery, and collaboration. This is evidenced by Eurostat, a statistical office based in Luxembourg for the European Union, which reported that in December 2023, 42.5% of businesses in the European Union purchased cloud computing services, predominantly for purposes such as file storage, email, and office software usage. Additionally, the share of European Union firms that purchased these services saw a rise of 4.2 percentage points in 2023 compared to 2021. Thus, it's clear that the surging demand for cloud computing services is fuelling the growth of the PELS market. One of the key drivers propelling the growth of the personal and entry-level storage (PELS) market is the rising impact of digitalization. This process, which involves the conversion of data, information, or physical objects into a digital format that computers can readily process, store, and transmit, is growing in importance due to factors such as boosted brand visibility and awareness, improved customer service, enhanced consumer engagement, and cost-effective marketing strategies. PELS supports digitalization by offering accessible, scalable, and affordable solutions that enable individuals and small businesses to securely manage, store, and swiftly retrieve digital data. This facilitates efficient sharing of information and promotes smooth digital workflows and better data accessibility, which are critical for a successful digital transformation. This is reinforced by a February 2024 report published by gov.UK, a UK government website, which shows that in 2022, provisional estimates indicated the digital sector contributed $171.25 million to the UK's economy, a figure which represented 7.2% of UK's total gross value added (GVA) - a slight increase from 7.1% in 2021, after adjustments for inflation. Therefore, the rising importance of digitalization is undoubtedly contributing to the growth of the PELS market.
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What Are the Key Trends Driving Personal And Entry Level Storage (PELS) Market Growth?
Leading corporations in the personal and entry-level storage industry are bringing forward products created using cutting-edge technologies, like the Hitachi virtual storage platform, to handle their data more effectively. The Hitachi virtual storage platform one functions as a hybrid cloud data platform and integrates hybrid storage for simplified data management across myriad storage conditions such as block, file, object, and mainframe data. For example, in October 2023, Hitachi Ltd., a conglomerate based in Japan, introduced the Hitachi virtual storage platform to tackle obstacles encountered by IT professionals in expanding data and modernizing applications throughout intricate hybrid and multi-cloud frameworks. The platform houses a single control plane, data fabric, and data plane supervised by AI-assisted software to consolidate distinct data silos. The design of this platform prioritizes reliability, security, and sustainability, intensifying its effect on customers with diverse data storage requirements, including those at the personal and entry-level storage level.
What Are the Main Segments in the Personal And Entry Level Storage (PELS) Market?
The personal and entry level storage (PELS) market covered in this report is segmented -
1) By Product: Cloud, Non-Cloud
2) By Technology: Serial Attached SCSI (SAS), Direct Attached Storage (DAS), Network Attached Storage (NAS), Cloud Storage Technology, Other Technologies
3) By End-Use Industry: Financial Services, Media And Entertainment, Healthcare And Life Sciences, Public Sector, Other End-Use Industries
Subsegments:
1) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud
2) By Non-Cloud: External Hard Drives, Solid-State Drives (SSDs), USB Flash Drives, Network Attached Storage (NAS)
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Which Top Companies are Driving Growth in the Personal And Entry Level Storage (PELS) Market?
Major companies operating in the personal and entry level storage (PELS) market are 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
Which Regions Will Dominate the Personal And Entry Level Storage (PELS) Market Through 2029?
North America was the largest region in the personal and entry level storage (PELS) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personal and entry level storage (PELS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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