Consumer Data Storage Device Market
Consumer Data Storage Device Market Analysis by Hard Disk Drives, Solid State Drives, Memory Cards, USB Flash Drives, and Optical Disks from 2024 to 2034
Analysis of Consumer Data Storage Device Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Consumer Data Storage Device Market Outlook (2024 to 2034)
As per a new industry analysis published by Fact.MR, the global consumer data storage device market is estimated at a valuation of US$ 17.57 billion in 2024 and is forecast to reach a value of US$ 24.45 billion by 2034, with a projected CAGR of 3.4% from 2024 to 2034.
The escalating volume of digital data, propelled by diverse factors such as IoT devices, digital applications, and multimedia content, is projected to drive heightened consumer demand for data storage devices. In addition, the widespread use of tablets and smartphones is estimated to generate requirements for additional storage space to accommodate applications, videos, photos, and other data.
Various consumers are looking for high-capacity devices to store larger amounts of data, including 4K content, high-definition videos, and other data-intensive applications. The introduction of some advanced storage technologies, such as NVMe (non-volatile memory express) and SSDs (solid state drives), is projected to lead to improved performance, enhanced durability, and faster data access, which is forecasted to drive demand for consumer data storage devices.
- Optical disks are estimated to hold 44.6% of the consumer data storage device market share in 2024.
- North America is projected to account for a 28.8% share of the global market by 2034.
- Demand for consumer data storage devices in Canada is forecasted to increase at a CAGR of 4.1% from 2024 to 2034.
The rapid expansion of the gaming industry is forecast to contribute to the growing popularity of PC gaming and gaming consoles. Therefore, the increasing demand for high-performance and high-capacity storage solutions is forecast to lead to rising requirements for secure and reliable data storage solutions. Further, increasing awareness among consumers about privacy issues and data security is generating demand for consumer data storage devices with more advanced security features, including secure access controls.
The proliferation of e-commerce platforms is projected to make it easier for people to get access to many types of storage devices, which is further contributing to consumer data storage device market revenue.
| Report Attributes | Details |
|---|---|
| Consumer Data Storage Device Market Size (2024E) | US$ 17.57 Billion |
| Forecasted Market Value (2034F) | US$ 24.45 Billion |
| Global Market Growth Rate (2024 to 2034) | 3.4% CAGR |
| East Asia Market Share (2034F) | 38.4% |
| USB Flash Drive Segment Growth Rate (2024 to 2034) | 4.1% CAGR |
| United States Market Growth Rate (2024 to 2034) | 4% CAGR |
| China Market Value (2034F) | US$ 6.49 Billion |
| Key Companies Profiled |
|
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What’s Contributing to Consumer Data Storage Device Market Growth?
“Extensive Adoption of IoT Leading to Rising Volume of Personal Data”
Every year, a significant amount of data is generated, especially owing to the ease of using smartphone cameras and the easy availability of free video and audio content online. In addition, the introduction and widespread adoption of IoT (the Internet of Things) are contributing to the increased volume of personal data. Companies operating in the data storage industry are establishing new income streams owing to the increasing amount of mobile content.
More businesses are coming up with consumer data storage devices with increased storage capacity owing to their popularity and increased demand. These devices are used to manage large volumes of data without any interruption.
Which Factors are Restraining Demand Growth for Consumer Data Storage Devices?
“Privacy Concerns and Price Sensitivity Hampering Market Growth”
There are growing concerns about data privacy and security because of the increasing volume of personal and sensitive data stored on consumer devices. Therefore, more consumers are opting for specific storage methods, which is projected to limit demand for consumer data storage devices.
High costs of storage devices are projected to affect the purchasing capacity of consumers. Constant fluctuations in the price of memory components are projected to impact the production prices and, subsequently, the final cost of consumer data storage devices. These factors impede the demand for consumer data storage devices.
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How are Startups Contributing to the Growth of the Consumer Data Storage Device Market Size?
“Focus on Integration of Consumer Data Storage Devices into Cloud Storage Solutions”
Startups need to invest more in the integration of consumer data storage devices into cloud storage services, therefore allowing users to get access to their data from multiple devices seamlessly. Thus, this hybrid approach is projected to enhance data security and accessibility.
Country-wise Insights
East Asia is forecast to hold 38.4% share of the global market by the end of 2034, as mentioned in the research report by Fact.MR, a market research and competitive intelligence provider. The dominance of the region is attributed to the proliferating consumer electronics sector, which is projected to contribute to the rising adoption of consumer data storage devices by more consumers.
Why is the United States Attracting Consumer Data Storage Device Suppliers?
“Gaming and Entertainment Industry Expansion Driving Need for Reliable Storage Solutions”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 3.49 Billion |
| Growth Rate (2024 to 2034) | 4% CAGR |
| Projected Value (2034F) | US$ 5.16 Billion |
The United States is projected to account for a 73.3% share of the North American market by 2034. Increased demand for consumer data storage devices in the United States is attributed to the flourishing gaming and entertainment industry, which is projected to boost demand for high-performance and high-capacity storage solutions, especially among content creators and gaming enthusiasts.
The presence of some of the prominent suppliers of consumer data storage devices, such as Seagate Technology LLC and Western Digital Corporation, in the United States is estimated to contribute to market revenue. These players are actively working on the proper initialization of these systems and minimizing the chances of data loss. Furthermore, they are targeting cloud service providers, hyperscale data centers, and system integrators to increase their profit margins.
Which Consumer Data Storage Device Market Trends are Prominent in China?
“Rapid Digitalization and Surging Internet Usage”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 4.35 Billion |
| Growth Rate (2024 to 2034) | 4.1% CAGR |
| Projected Value (2034F) | US$ 6.49 Billion |
China is forecast to occupy 69.1% share of the East Asian market by 2034. China is undergoing digitalization across various sectors, such as entertainment, business, and education. This is forecast to lead to the growing development and utilization of digital content, including images, documents, and videos.
With a larger population base, China is projected to contribute to the growing use of the Internet. More consumers have access to streaming content and online services, and the use of e-commerce platforms is also rising. These factors are projected to lead to the generation of a substantial amount of digital data, therefore driving demand for more effective storage facilities.
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Category-wise Insights
Global demand for optical disks is projected to increase as certain niche industries or markets may still depend on optical media for some specific purposes, including data backup, archival storage, or specialized applications, where physical media is preferred more.
Why is There Growing Inclination for Optical Disks Compared to Other Data Storage Devices?
“Rising Use of Optical Disks Owing to Their Data Security Benefits”
| Attribute | Optical Disks |
|---|---|
| Segment Value (2024E) | US$ 7.83 Billion |
| Growth Rate (2024 to 2034) | 3% CAGR |
| Projected Value (2034F) | US$ 10.66 Billion |
Optical disks are forecast to hold a 43.6% share of global market revenue by 2034. Certain organizations and users opt for optical means for the storage of data because of their perceived security advantages. Physical media can be kept offline to minimize the chances of cyber threats. In addition, optical disks offer an offline and tangible means of accessing content, which is projected to be a valuable option in areas with unreliable and limited internet connectivity.
Competitive Landscape
Leading providers of consumer data storage devices are ready to invest more to offer quality products with improved efficiency, management of their supply chain systems, and new developments. These strategies are projected to help players gain a competitive edge.
Key players in the consumer data storage device industry include Seagate Technology LLC, Samsung, Toshiba Corporation, Western Digital Corporation, Sony Corporation, Verbatim (Mitsubishi Chemical), Transcend Information, Inc., PNY Technologies Inc., Corsair, Kingston Technology Company, Inc., HP Inc., Apple Inc., and Lenovo Group Limited.
Segmentation of Consumer Data Storage Device Market Research
-
By Type :
- Hard Disk Drives
- Solid State Drives
- Memory Cards
- USB Flash Drives
- Optical Disks
-
By Capacity :
- Hard Disk Drives
- <=2 TB
- 1 TB to 6 TB
- 8 TB
- Solid State Drives
- <=1 TB
- 1 TB to 2 TB
- Hard Disk Drives
-
By Region :
- North America
- Europe
- East Asia
- Latin America
- Middle East & Africa
- South Asia & Oceania
- FAQs -
What is the size of the consumer data storage device market in 2024?
The global consumer data storage device market is estimated at US$ 17.57 billion in 2024.
What is the demand projection for consumer data storage devices for 2034?
Worldwide demand for consumer data storage devices is forecasted to reach a market valuation of US$ 24.45 billion by 2034.
What are the growth projections for the global market?
The global market is forecasted to expand at 3.4% CAGR from 2024 to 2034.
How much share of the global market is projected to be held by East Asia?
East Asia is forecasted to hold 38.4% share of the global market by 2034.
At what rate are the sales of consumer data storage devices projected to rise in Canada?
Sales of consumer data storage devices in Canada are projected to increase at a 4.1% CAGR from 2024 to 2034.
What is the forecasted demand for consumer data storage devices in China?
Revenue from consumer data storage devices in China is projected to reach US$ 6.49 billion by the end of 2034.
How much share of the global market is predicted to be contributed by optical disks?
Optical disks are projected to account for 43.6% share of global market revenue by 2034.
Consumer Data Storage Device Market
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