The 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 Share. The growth sectors of the Portable Data Storage Market Share are identified with precision for a better growth perspective.
Portable data storage devices stores digital information which can be accessed on a later date. The global portable data storage market is expected to grow at approx. USD 4 Billion by 2023, at 20% of CAGR between 2017 and 2023.
Market Dynamics of Portable Data Storage Market:
- 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.
- Highly fragmented market which has put pressure on pricing
- High per GB cost of solid state drives, and other advanced technologies
- Falling demand from personal consumers for storage devices above 1 TB
Key Players of 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.
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