The global market is anticipated to account for a value of around US$ 18,796.5 Million through 2025 end, reflecting a 3.3% CAGR throughout 2017-2025. A surge in usage of smartphones is one of the main aspects giving an impetus to this market in terms of revenue over the coming years. The utilization of external storage devices has also increased amid customers since the figure of connected devices for each user rises.
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Due to a surge in use of smartphones is boosting the market expansion of memory cards. While the consumer data storage devices market is battling competition by cloud storage, but external storage devices have usually opted for the storing large documents and files of high worth. A consumer data storage device facilitates user to store data securely along with allows for handiness of data in any instance. The consumer data storage devices are pulling in acceptance throughout enterprises, because of the fast growth in the quantity of data created by users.
The consumer data storage devices are of various types, the market is categorized into optical disks, solid state drive, hard disk drive, USB flash drive, and memory card. Among these, the solid state drive type is likely to reflect a 7.8% CAGR over the years to come. In terms of the capacity, the worldwide market is broadly categorized into solid state drive and hard disk drive. The SSD capacity is further sub-categorised into 1-2TB and <= 1TB and HDD capacity is further sub-categorised into 8TB, 1-6TB and <= 2TB. Among these, the SSD with a capacity of 1.1-2TB and <= 1TB are likely to see a 7.8% CAGR in the coming years.
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Among the key regions addressed Latin America (Brazil, Mexico and Rest of Latin America), North America (Canada and the U.S.), APAC (India, China, Australia & New Zealand, ASEAN and Rest of APAC), Middle East & Africa (GCC, South Africa, North Africa and Rest of Africa) and Europe (France, Germany, Spain, U.K., Poland, Nordic, Italy, Russia, Benelux and Rest of Europe), the APAC was considered to be the biggest market share in revenue terms as a result of the enormous established base of laptops and smartphones in the region. Latin America market is estimated to reflect a 3.7% CAGR all through the predicted period. The requirement for consumer data storage devices is likely to swell in the Europe & North America regional market in the approaching years.
The topmost companies active in the global market include Western Digital Corporation, Seagate Technology LLC, Samsung, Toshiba Corporation, Transcend Information, Inc., Lenovo Group Limited, Sony Corporation, PNY Technologies Inc., Verbatim (Mitsubishi Chemical), Corsair, Kingston Technology Company, Inc., Apple Inc., HP Inc., and others.
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