Market Highlights

As per a detailed analysis by Market Research Future (MRFR), the global portable data storage market will garner USD 4 billion, registering a CAGR of 20% during the forecast period (2017-2023). In this rapidly changing world of technology, portable data storage market is projected to show major growth prospects during the forecast period. The need to store large volume data is increasing the adoption of portable data storage applications on a wider platform.

Market Potential and Pitfalls

The adoption of portable data storage is increasing across the globe due to the extensive need to store huge volumes of data. The portable data storage market is gaining impetus due to the government regulations across the world for business to maintain and store a backup of the data used. The need to protect the data from malware software and virus require high storage capacity and strong backup solutions. This is likely to fuel the market growth during the review period. As per a recent study, every new up gradation of operating system and software needs high storage capacity of hard drives. The augmenting need to store media files like videos, movies, documentaries, and songs to make it available to the users on network is creating high demand for portable data storage across the globe. The surging adoption of cloud technology has introduced trends like big data and enterprise mobility. This has further inflated the connectivity within the enterprise. With the rising adoption of cloud, the demand for solid-state drives (SSD) and hard drives increases. This is estimated to provide tailwind to the portable data storage market.

On the contrary, concerns related to privacy and data security are presumed to restrict the market growth during the review period. Moreover, these storage devices are susceptible to unauthorized access to sensitive data. They may also get infected and spread spyware and viruses which can affect the stored data. Such factors are predicted to disrupt the portable data storage market in the foreseeable future.

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Segmentation:

The global portable data storage market has been segmented on the basis of storage type, memory size, and formatting type.

By mode of storage type, the portable data storage market comprises Blu-ray Disk, SSD Memory Card, USB, and others. The advanced Blu-ray Disks are highly capable of storing data of 50 GB and more. It also displays premium quality audios and videos. The recent development comprises additional commentaries behind the scene. It also enhances the user experience by providing improved connectivity and network feature. This enhances the segment’s growth.

The memory size segment constitutes of below 256 GB, 256-320 GB, and above 320 GB.

The formatting type segment comprises FAT 32, NTFS, and HFS+.

Regional Frontiers

The global Portable Data Storage Market Growth, by geography, has been segmented into North America, Europe, Asia Pacific and Others. In the global portable data storage market, Asia Pacific is anticipated to witness relatively faster adoption and hence is expected to grow at the highest CAGR during the forecast period. Within Asia Pacific, portable data storage market is projected to contribute faster to the growth of revenue backed by increasing demand for advanced technologies in countries such as Japan, China and India.

Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of portable data storage market. In Europe, the presence of advanced infrastructure and increasing adoption of advance technology in numerous countries is driving the market growth of portable data storage market. The small and medium enterprises market in Europe region contributed for larger share of revenue while the industrial market is expected to gain traction during the forecast period.

Industry Updates

May 13, 2019: A leading manufacturer of multimedia and storage products, Transcend Information Inc. has recently announced the release of its all-new Portable SSD, the ESD350C. The drive delivers unrivaled performance and can also be used with devices which are equipped with USB Type-A and USB Type-C ports. It also features a USB Type-C port and supports the USB 3.1 Gen 2 interface.

Competitive Dashboard

The prominent players operating in the global portable data storage market comprises ADATA Technology Co., Ltd. (Taiwan), SanDisk (U.S.), Samsung Group (South Korea), Seagate Technology PLC (U.S.), Toshiba Corporation (Japan), Transcend Information, Inc. (Taiwan), Hewlett-Packard (U.S.), Freecom (Germany), Other World Computing (U.S.), and Sony Corporation (Japan).

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Portable Data Storage Market Research Report: Information by Type (Flash Storage, USB Storage, External Hard Drives, and External CD/DVD Drives), Memory (Below 256 GB, 256 GB to 1TB, and Above 1 TB), File Formatting (NTFS and FAT32), and Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa)—Forecast till 2025

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