Download Sample, Emerging Trends in Technologies are Likely to Present Lucrative Growth Potential for Consumer Data Storage Devices Market
Data management for IT professionals is more complex than ever as the volume of data is rising exponentially. It is important for businesses to store this enormous amount of data securely while also allowing access to the employees. Although it is not an easy issue to solve, there are many innovations on the horizon that are expected to revolutionize the industry in the near future. For instance, as stated in the Federation of American Scientists 2021 report, DNA storage can replace conventional silicon-based data storage technologies for storing the exponentially rising amount of data. The increased storage capacity of DNA along with life span and sustainability benefits is increasing the appeal and adoption of DNA storage in the market. Catalog, a Boston-based company is pursuing DNA data storage.
However, the costs of synthesizing data through DNA technology are very high. Businesses are focusing on research to cut down the costs of DNA storage. Furthermore, other emerging technologies like zero-trust architecture that aims at improving data security are adopted by businesses to avoid data crises. This technology operates on a Write-Once-Read-Many (WORM) mechanism that freezes data for a specific period of time. In addition to this, the rising use of electricity to store data is proving to be harmful to the environment. Cloud storage is responsible for large amounts of greenhouse gas emissions. Companies are adopting green data storage alternatives in order to tackle environmental issues. In December 2022, Equinix, a digital infrastructure company, announced that it is raising the temperature threshold at its data centers to 80° F in order to optimize the energy use at data centers. The company is also looking into alternative energy sources like hydrogen fuel. They reported a 95% penetration of renewable energy in 2021.
However, the costs of synthesizing data through DNA technology are very high. Businesses are focusing on research to cut down the costs of DNA storage. Furthermore, other emerging technologies like zero-trust architecture that aims at improving data security are adopted by businesses to avoid data crises. This technology operates on a Write-Once-Read-Many (WORM) mechanism that freezes data for a specific period of time. In addition to this, the rising use of electricity to store data is proving to be harmful to the environment. Cloud storage is responsible for large amounts of greenhouse gas emissions. Companies are adopting green data storage alternatives in order to tackle environmental issues. In December 2022, Equinix, a digital infrastructure company, announced that it is raising the temperature threshold at its data centers to 80° F in order to optimize the energy use at data centers. The company is also looking into alternative energy sources like hydrogen fuel. They reported a 95% penetration of renewable energy in 2021.
Rapid Increase in Data Generation, Growing Internet Adoption and Incorporation of ML, IoT & AI are Major Factors Driving the Market Expansion
The market for consumer data storage devices is expanding as a result of the rapid increase in data generation. Due to the established consumer adoption of storage devices and the competition from cloud storage, which is being fuelled by the increasing adoption of the internet in developing countries, the global market for consumer data storage devices is anticipated to grow moderately during the forecast period. The increasing proliferation of these devices among numerous users is also anticipated to fuel the development. The market for computer storage devices is anticipated to expand as a result of the rise in social media users.
The demand for computer storage devices is fuelled by the large quantity of structured and unstructured data found in big data, which necessitates enormous storage devices. Additionally, a number of businesses have started incorporating big data and Al. As a result, the market is favorably impacted by the growing use of big data by organizations to reach their target audience using data from social media. Cloud storage facilities that incorporate machine learning (ML), the Internet of Things (IoT), artificial intelligence (AI) and analytics may help manufacturers draw in more customers. All these elements are anticipated to lead to a rise in the use of consumer storage devices.
The demand for computer storage devices is fuelled by the large quantity of structured and unstructured data found in big data, which necessitates enormous storage devices. Additionally, a number of businesses have started incorporating big data and Al. As a result, the market is favorably impacted by the growing use of big data by organizations to reach their target audience using data from social media. Cloud storage facilities that incorporate machine learning (ML), the Internet of Things (IoT), artificial intelligence (AI) and analytics may help manufacturers draw in more customers. All these elements are anticipated to lead to a rise in the use of consumer storage devices.
Recent Trends in the Consumer Data Storage Devices Industry
- Rising demand for SSDs due to faster data access speeds.
- Increasing adoption of cloud-based storage solutions.
- Growth of NAS devices for centralized data storage solutions.
- Demand for high-capacity HDDs for bulk data storage.
- Increasing focus on eco-friendly storage devices with low power consumption.
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Loss of Data, High Operational Costs and Data Security Concerns are Anticipated to Hamper the Market Growth
The potential for hardware-dependent storage devices to fail, lose data, or violate data security restrains the market's expansion for computer storage devices. Many factors, including viruses and malware, damaged hard drives, computer thefts, and corrupt software, can cause this data loss or data violation. Loss of data and increased operational expenses are the results of these failures. Lifetime storage, outflow prices, and network outage and latency problems related to personal cloud environments are some of the key factors anticipated to restrain market development. Other factors that are anticipated to hinder the development of the consumer storage devices market in the forecast period include privacy and data security concerns.
According to the U.S. Securities and Exchange Commission, by 2025, it is anticipated that connected IoT devices will generate up to 175 ZB (zettabytes) of data annually. The cost requirement in order to synthesize this enormous amount of data is very high. The high operational costs are anticipated to hamper the growth of the market. With the increase in data adoption, cybersecurity issues are on the rise. The World Economic Forum’s Global Risks Report 2022 stated that a rise of 435% was experienced in ransomware attacks since 2020. In 2022, the Los Angeles Unified School District experienced a significant data breach as a result of a Russian organization stealing nearly 300,000 files holding private information and leaking them on the dark web. All these elements are responsible for the impediment of the consumer data storage devices market.
According to the U.S. Securities and Exchange Commission, by 2025, it is anticipated that connected IoT devices will generate up to 175 ZB (zettabytes) of data annually. The cost requirement in order to synthesize this enormous amount of data is very high. The high operational costs are anticipated to hamper the growth of the market. With the increase in data adoption, cybersecurity issues are on the rise. The World Economic Forum’s Global Risks Report 2022 stated that a rise of 435% was experienced in ransomware attacks since 2020. In 2022, the Los Angeles Unified School District experienced a significant data breach as a result of a Russian organization stealing nearly 300,000 files holding private information and leaking them on the dark web. All these elements are responsible for the impediment of the consumer data storage devices market.
Novel Product Developments are Anticipated to Accelerate the Market Growth for Consumer Data Storage Devices
Numerous top businesses control the market, emphasizing research and development initiatives in an effort to improve performance by incorporating cutting-edge technologies. Contracts, new product launches, corporate expansions, partnerships, and acquisitions are a few of the cutting-edge growth strategies used to increase market share globally. In September 2022, Huawei Technologies Co. Ltd. (Japan) introduced its new portfolio of All-Flash storage specifically for the financial core baking and Hospital Information Systems (HIS) scenarios. This product line offers SAN and NAS capabilities with industry-leading reliability and performance.
Additionally, OceanStor Dorado provides the only active-active NAS solution in the market, guaranteeing the continuity of file services. Moreover, the PowerFlex, formerly known as VxFlex, is a new portfolio of SDS products that Dell Technologies Inc. (US) introduced in July 2022. This solution provides comprehensive automation capabilities and cloud-enabled storage for a modern storage experience. Again, the Micron 5400 SATA SSD, the first 176-layer NAND SATA SSD for data centers, was unveiled in June 2022 by Micron Technology Inc. (US). This product comes in two variations, the 240 GB and the 5400 Max, with storage capacities varying from 240 GB to 7.68 TB and 480 GB to 3.84 GB, respectively.
Additionally, OceanStor Dorado provides the only active-active NAS solution in the market, guaranteeing the continuity of file services. Moreover, the PowerFlex, formerly known as VxFlex, is a new portfolio of SDS products that Dell Technologies Inc. (US) introduced in July 2022. This solution provides comprehensive automation capabilities and cloud-enabled storage for a modern storage experience. Again, the Micron 5400 SATA SSD, the first 176-layer NAND SATA SSD for data centers, was unveiled in June 2022 by Micron Technology Inc. (US). This product comes in two variations, the 240 GB and the 5400 Max, with storage capacities varying from 240 GB to 7.68 TB and 480 GB to 3.84 GB, respectively.
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Technological Developments, Increasing Digitisation and Presence of Major Market Participants is Impacting the Consumer Data Storage Devices Market Growth
North America holds a significant share of the consumer storage devices market. The expansion of advanced storage solutions in this area is being fuelled by the presence of major players like IBM Corporation, Microsoft, Dell Technologies, and others across numerous industries. For better revenue development, key market players are also increasing their investments in a number of nations, including Canada and Mexico. Moreover, the increasing internet traffic, user-generated data, and high adoption of IoT devices in North America also contribute to the market expansion in the region.
The demand for data storage is anticipated to rise in the upcoming years in the Asia Pacific region, due to the increasing digitization and an increase in the number of active mobile users. The industry is also growing as a result of the sale of external hard drives and other storage devices in nations like China and India. For large businesses and industries, from banks to enormous multinationals, data storage is a crucial necessity. Furthermore, it is anticipated that technological developments will progress the data storage sector. Early technological adoption and quick field breakthroughs have fuelled market expansion in the area. Additionally, the industry is anticipated to advance due to the growing internet penetration and media data transfer volumes.
The demand for data storage is anticipated to rise in the upcoming years in the Asia Pacific region, due to the increasing digitization and an increase in the number of active mobile users. The industry is also growing as a result of the sale of external hard drives and other storage devices in nations like China and India. For large businesses and industries, from banks to enormous multinationals, data storage is a crucial necessity. Furthermore, it is anticipated that technological developments will progress the data storage sector. Early technological adoption and quick field breakthroughs have fuelled market expansion in the area. Additionally, the industry is anticipated to advance due to the growing internet penetration and media data transfer volumes.
The report provides a detailed overview of the consumer data storage devices market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the consumer data storage devices market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the consumer data storage devices market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the consumer data storage devices market. Some key countries and regions included in the consumer data storage devices market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Kenya, Rest of MEA |
Consumer Data Storage Devices Market Research Report Covers In-depth Analysis on:
- Consumer data storage devices market detailed segments and segment-wise market breakdown
- Consumer data storage devices market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in consumer data storage devices industry)
- Current, historical, and forthcoming 10 years market valuation in terms of consumer data storage devices market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Consumer data storage devices market demand analysis
- Consumer data storage devices market pricing analysis over the forecast period (by key segment and by region)
- Consumer data storage devices market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in consumer data storage devices market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in consumer data storage devices market
- Consumer data storage devices market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on consumer data storage devices market forecast by countries
- Mergers and acquisitions in consumer data storage devices market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What factors are driving the growth of the consumer data storage devices market?
The market is growing due to increasing digital content consumption, demand for high-capacity storage solutions, and advancements in cloud-based and solid-state storage technologies. Evolving consumer preferences for portable and secure storage solutions also contribute.
What are the major challenges faced by the consumer data storage devices market?
Challenges include price fluctuations of storage components, increasing cybersecurity concerns, competition from cloud-based solutions, and the need for continuous technological advancements to meet evolving consumer storage needs.
Which trends are shaping the consumer data storage devices market?
Key trends include the rise of SSDs over HDDs, growing adoption of cloud storage, increasing demand for encrypted storage devices, and advancements in high-speed data transfer technologies for improved performance and security.
