Personal and Entry Level Storage Market Size | Forecast 2030

Report Description

The global personal and entry level storage market size was valued at USD 48.5 billion in 2020 and is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the continuous increase in the amount of data and increasing complexities related to handling of the data.

Personal and entry level storage is a high-performance, low-cost data storage solution that offers businesses to begin with small scale and then upgrade with seamless cloud connectivity as their requirements expand. Every IT department is seeking to upgrade with hybrid cloud, and all-flash storage solutions are critical for business application performance on-premises.

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Small organizations have continued to employ hard disc storage systems due to the high cost of all-flash options. An entry-level storage system offers easy-to-use, dense, cost-effective, and compact storage. These storage systems can be deployed in remote locations including small enterprises and small offices to run both file and block workloads efficiently and effectively.

The outbreak of COVID-19 pandemic had a negative influence on the market. Manufacturing units have had to suspend output as a result of the global lockdown enforced by governments, which is likely to impede the demand for personal and entry level storage. The market is expected to quickly recover, since various industries have restarted operations as COVID-19 instances have gradually reduced around the world.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing number of electronic gadgets globally is one of the key factors driving the market growth.
• Rising flow of digital data significantly in numerous sectors is expected to boost the market growth in the coming years.
• High consumption of energy and time due to the low availability of pro-environmental solutions is projected to hinder the market expansion during the forecast period.
• Issue related to the privacy and security of data presents a major challenge. This is anticipated to hamper the market growth in the projected period.
• Escalating demand for Artificial Intelligence and machine learning to handle the growing demand of the storage technology is projected to create significant growth opportunities for the market in the near future.

Scope of the Report

The report on the global personal and entry level storage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Cloud storage segment to grow at a rapid pace

Based on technology, the global personal and entry level storage market is divided into cloud storage technology, network-attached storage, signal attached SCSI, directly attached storage, and fiber-based storage. The cloud storage segment is expected to grow at a rapid pace during the forecast period owing to the development for cloud storage gateway, which helps in data management. However, the fiber-based storage segment is anticipated to hold a key share of the market in the coming years due to the services it offers, such as serial interconnecting, gigabit technology, and reliability for data storage.

Less power consumption to drive solid-state drives segment

In terms of products, the market is segregated into hard disk drives, cloud-based drives, solid-state drives, network-attached storage, and recordable discs. The solid-state drive segment is projected to expand at a considerable CAGR during the forecast period attributed to the properties, such as being shock protective with less power consumption and less weights. On the other hand, the hard disk drives segment is anticipated to account for a major market share during the forecast period due to the retention and storing of a large amount of data using mechanical devices coated with magnetic substances.

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Media & entertainment segment to hold significant market share

On the basis of applications, the global personal and entry level storage market is segmented into financial services, public sector, media & entertainment, and health care industry. The media & entertainment segment is anticipated to hold significant market share in the coming years owing to the technique to store data of their users and clients related to their preferences and interests. However, the financial services segment is anticipated to hold a key share of the market in the coming years due to the technique to improve their data management and increase their reliability in the market.

North America to constitute a key market share

In terms of regions, the global personal and entry level storage market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to the wide base of the entertainment industry across the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the increase in trend of social media and online platform in the region.

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