Portable Data Storage Market Size
Portable data storage market is estimated to exhibit high growth potential during the forecast period owing to digitization and growing government regulation for business to store and maintain data backup of past years. Portable data storage increases productivity of server and network as well. It proves to be cost effective and provides easy redeployment by maintaining easy backup.
The portable data storage covers a wide range of technology, tools and various processes which facilitate users and enterprise to save large amount of data. Increasing digital data volume of large enterprise is boosting the market of portable data storage market.
Portable data storage market is segmented on the basis of storage type, memory size and formatting type. By storage type segment it includes, pen drive, SSD memory card, hard drives, blu-ray disk, USB and others. The most important advantage of SSD memory card is its temperature resistant property that allow it to operate in extreme temperature condition from 0 degree celsius to +70 degree celsius. The low power consumption property is one of the significant factor driving market of SSD memory card. There are some disadvantage of SSD memory card that may affect the growth of SSD card market that includes high cost, longevity issue and adoption of nand gate in SSD memory card that reduces the life span are some of the significant factors effecting the market.
According to Market Research Future Analysis, portable data storage market has been valued at approx. USD 4 Billion by the end of forecast period with 20% of CAGR during forecast period 2017 to 2023.
Market Dynamics of Portable Data Storage Market:
Drivers
- Advantages over other storage media such as disks which include large storage capacity, higher readability, robustness, high data stability, greater reliability, speed, resiliency and others
- Growing need for backup and growing data volume
- Growing virus and software which indirectly create backup needs due to corruption
- Government regulation for business to store and maintain a backup of data
- Up gradation of software and operating system which requires high storage capacity of hard drives.
- Growing volume of larger file types such as media files, used to store videos, audio and others which generate the demand for high capacity solution.
- Technological advancements such as Blu-ray disk which are capable of using storing large volume of data and also enhances users experience by offering improved network connectivity feature, solid state drives which provide better performance, improved scratch resistant disc coating
- Growing popularity of camera-equipped devices will boost the need for additional storage due to large digital content, leading to rising demands for storage. Syncing service providers are expected to demand greater storage capacity as data storage is expected to outpace the capabilities of smartphones.
- Growing social networking and media websites, growing internet using populations, growing bandwidth, growing media content of the internet are expected to demand a large amount of data storage capacity.
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Portable Data Storage Market SizeThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Portable Data Storage Market Size.
The growth sectors of the Portable Data Storage Market Size are identified with precision for a better growth perspective.Portable data storage market is estimated to exhibit high growth potential during the forecast period owing to digitization and growing government regulation for business to store and maintain data backup of past years.
It proves to be cost effective and provides easy redeployment by maintaining easy backup.The portable data storage covers a wide range of technology, tools and various processes which facilitate users and enterprise to save large amount of data.
By storage type segment it includes, pen drive, SSD memory card, hard drives, blu-ray disk, USB and others.
There are some disadvantage of SSD memory card that may affect the growth of SSD card market that includes high cost, longevity issue and adoption of nand gate in SSD memory card that reduces the life span are some of the significant factors effecting the market.According to Market Research Future Analysis, portable data storage market has been valued at approx.
USD 4 Billion by the end of forecast period with 20% of CAGR during forecast period 2017 to 2023.Market Research Future (MRFR) recognizes the following companies as the key players in the portable data storage market – SanDisk (U.S.), ADATA Technology Co., Ltd. (Taiwan), Seagate Technology PLC (U.S.), Samsung Group (South Korea), Transcend Information, Inc. (Taiwan), Toshiba Corporation (Japan), Freecom (Germany), Hewlett-Packard (U.S.), Sony Corporation (Japan), Other World Computing (U.S.), among others.Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:Portable data storage market can be segmented on the basis of storage type segment, memory size and formatting type.
