External Storage Market to Record an Exponential CAGR by 2027
In recent years, external storage market witnessed a significant year-on-year growth, mainly due to due to increased spending in storage technology across communications, media and banking verticals along with residential sector, especially in emerging economies.
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After an initial slowdown in 2014, the demand for external storage picked up with customer preference shifting to low-cost storage solutions. This shift has resulted in a loss of share for large storage vendors at the expense of smaller providers.
External storage systems involves range of techniques such as magnetic storage, optical storage, solid state storage and smart cloud devices.
External storage tools are crucial components of modern businesses. The growth of external storage market is driven by factors such as increasing uptake of digital transformation projects across organizations, momentum in the adoption of hybrid & all flash arrays, increased government spending in advanced storage technologies and growing volumes of data due to increasing workloads (such as VDI, OLTP and DB) across verticals.
Additionally, increasing number of enterprises are shifting to procure external storage solutions from by small storage vendors, offering better capacity/performance with competitive prices. Enterprises are allocating significant share of their budgets for external storage solutions and an appreciable portion of these investments are expected to flow into the external storage market.
However, advanced technologies such as software-defined storage and hyper-converged infrastructure are expected to cannibalize traditional external storage market, and is expected to have a large impact during the forecast period.
Global External Storage market is mainly classified on the basis of type of storage technique, end user and regions.
On the basis of type of storage technique, global external storage market is segmented into police optical storage (CD/DVD and blue-ray), solid state storage & flash memory devices (memory cards, memory stticks), smart cloud devices, and external hard drives.
On the basis of verticals the market is segmented as commercial (BFSI, IT & Telecommunication, hospitals, media & entertainment, law firms, education, government institutions and others) and residential.
On the basis of regions, the market is segmented into 7 key regions:
Asia Pacific Excluding Japan
Middle East & Africa
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Key Market Players
The major players in the global external Storage market include of Netapp, EMC Corporation (Dell), Hewlett Packard Enterprise Development LP, International Business Machines Corporation (IBM), Toshiba Corporation, Hitachi Data Systems, Seagate Technology LLC, Pure Storage, Inc., Fujitsu and Huawei Technologies Co., Ltd.
In recent years, external storage systems vendors have witnessed a decline in revenues due to a slowdown in hardware sales, majorly due to increasing competition from smaller vendors and flash-storage startups.
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