Consumer Data Storage Devices are gaining adoption across enterprises, owing to the rapid increase in the amount of data generated by users. Consumer Data Storage Devices help users store data securely and provide accessibility of data to users at any point in time. These devices include Solid State Drives, Hard Disk Drives, Memory Cards, USB Flash Drives and Optical Disks.
Global Consumer Data Storage Devices Market: Forecast
In terms of value, the global Consumer Data Storage Devices market is expected to register a CAGR of 3.3% during the forecast period 2017 – 2025. The Consumer Data Storage Devices market was valued at US$ 14,250.6 Mn in 2016 and is projected to reach US$ 18,796.5 Mn by 2025 end. Rising amount of HD Video Content is a major factor driving the market. The global Consumer Data Storage Devices Market is expected to witness a moderate growth during the forecast period due to the established penetration of storage devices among consumers coupled with the competition from cloud storage fueled by growing penetration of the internet in developing nations. The growth of these devices is also expected to be fueled by the growing proliferation of such devices among multiple users.
Factors impacting revenue growth of the global market
Growth in revenue of the global Consumer Data Storage Devices Market is anticipated to be driven by the following factors:
- Number of laptop users worldwide is poised to grow as digitization of content increases. Laptop users will be the primary addressable market for SSD & HDD manufacturers.
- Smartphone users will grow exponentially with the increase of disposable income in developing economies. These users will serve as a primary addressable market for USB Flash Drives and Memory Card manufacturers.
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Market segmentation and forecast
The Consumer Data Storage Devices market is categorized on the basis of Type, Capacity, and region. On the basis of type, the market is segmented into Hard Disk Drive, Solid State Drive, USB Flash Drives, Memory Cards, and Optical Disks. Solid State Drive is anticipated to register a CAGR of 7.8% during the forecast period. In terms of value, the Hard Disk Drive Segment is expected to create an incremental opportunity of US$ 68.1 Mn between 2017 and 2025. The Capacity Segment is divided into Hard Disk Drive with sub segments <= 2TB, 2.1-6TB & 8TB and Solid State Drive with segments <= 1TB and 1.1-2TB. In terms of value, the HDD segment is expected to increase 2.9X between 2017 and 2025.
Among regions, Asia Pacific accounted for the largest market share in 2016 owing to the high proliferation of consumer electronics in the region. The Latin America regional market is expected to register a CAGR of 3.7% during the forecast period. Also, demand for Consumer Data Storage Devices products and services is increasing in the markets in North America and Europe.