According to Market Research Future (MRFR), the global personal and entry level storage market is estimated to reach USD 100 billion at a CAGR of 30.0% from 2021 to 2028 (forecast period). The report scrutinizes the impact of the COVID-19 pandemic on the global personal and entry level storage market and provides a reliable estimate of the anticipated volatility in demand over the forecast period.
Personal and entry level storage relates to the use of technology for the retention and storage of data using computers or other devices. Data storage is important, and consumers and businesses rely on it to maintain information ranging from personal images to business-critical information.
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Market Dynamics
The growing volume of digital data is the key factor leading to the growth of the market. The high proliferation of the Internet is another factor. Advances in technology, such as IPV6 and 5 G, promote the spread of the Internet. The number of smartphones, tablets, and laptops is also growing, resulting in an increase in data generated. These data require a range of storage and backup solutions and devices. In addition, these devices are available at low cost, which attracts a significant number of customers, which has increased the usage of personal storage and entry level storage.
Various players involved in the industry face the challenge of rising carbon footprint owing to the lack of green data center solutions for storage. Nevertheless, concerns about security and privacy are expected to restrict the adoption and affect the market's growth during the forecast period. The need for data analytics with artificial intelligence (AI) and machine learning (ML) and the increasing need for data backup offer lucrative opportunities to players in the global personal and entry level storage market.
Market Segmentation
The global market for personal and entry level storage has been divided based on product, storage system, technology, and vertical.
Based on the product, the global market has been divided into cloud-based storage and non-cloud storage. The non-cloud storage segment has been further classified as recordable discs, flash drives, hard disk drives, and solid-state drives.
Based on the storage system, the global market has been categorized as direct-attached, unified storage, cloud storage, network-attached storage (NAS), and software-defined storage (SDS).
By technology, the global market has been divided into magnetic storage and solid-state storage.
By vertical, the global market has been divided into banking, financial services and insurance (BFSI), education and research, consumer goods retail, IT telecommunications, healthcare, and life science, utilities, business and consulting, government and defense, media and entertainment, manufacturing, and others.
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Regional Analysis
By region, the global personal and entry level storage market has been segmented into Asia Pacific (APAC), North America, Europe, and the rest of the world.
The market in North America is predicted to have the highest market share in the forecast period. The increased demand from the relatively large media and entertainment industry in North America is expected to fuel the regional market's growth.
The market in Europe is projected to be second-largest during the review period due to the growing need for data analytics with artificial intelligence and machine learning and the establishment of start-ups offering personal and entry-level storage software. The industry in Asia Pacific region is expected to rise fastest during the assessment period.
Developing nations like India and China and mature markets such as Singapore and Japan are propelling the personal and entry level storage market's development in this region. The industry in the rest of the world provides vendors numerous opportunities, as most of the nations in the region have yet to implement personal and entry level storage solutions.
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Key Players
The industry giants in the global personal and entry level storage market are recognized on the basis of their country of origin, presence across different regions, recent significant progress, product diversification, and market expertise. These include Dell Inc. (US), Toshiba Corporation (Japan), Hewlett Packard Enterprise (HPE) Company (US), NetApp, Inc. (US), Hitachi Ltd. (Japan), IBM Corporation (US), Pure Storage, Inc. (US), Nutanix, Inc. (US), Tintri, Inc. (US), Western Digital Corporation (US), Simplivity Corp. (US), Cisco Systems, Inc. (US), Seagate Technology (US), Scality, Inc. (US), and Symantec Corporation (US). The key tactics adopted by most of the participants are partnerships, agreements, collaborations, and new product development.
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