Consumer Data Storage Devices Market Trend, Share, Growth, Size and Forecast 2030

Consumer Data Storage Devices Industry Prospective:

The global Consumer Data Storage Devices market size was worth around USD 18.49 billion in 2022 and is predicted to grow to around USD 26.29 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.5% between 2023 and 2030.

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Consumer Data Storage Devices Market: Overview

Any kind of computer hardware used for storing, transferring, or extracting data files and objects is referred to as a storage device. Information can be held and stored by storage devices for a temporary or permanent period. They might be found within or outside of a server, computer, or other computing equipment. If a storage device is perceived as distinct, it may alternatively be referred to as a storage medium or storage media (e.g., "a hard drive" as opposed to "some hard drive space").

One of the essential parts of every computing equipment is a storage device. They hold almost all of the information and programs on a computer, except hardware firmware, which is often controlled by a different type of read-only memory (ROM). Various sorts of storage devices are available, dependent on the nature of the underlying device. For instance, a typical computer contains a hard drive, RAM, and a cache among other storage devices. Moreover, optical disk drives and USB drives with external connections may be included in the same device.

Key Insights

• As per the analysis shared by our research analyst, the global Consumer Data Storage Devices market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2023-2030).
• In terms of revenue, the global Consumer Data Storage Devices market size was valued at around USD 18.49 billion in 2022 and is projected to reach USD 26.29 billion, by 2030.
• The growing amount of personal data is expected to propel the consumer data storage devices market growth during the forecast period.
• Based on the type, the Solid State Drive segment is expected to dominate the market over the projected period.
• Based on region, North America is expected to dominate the Consumer Data Storage Devices market over the projected period.

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Consumer Data Storage Devices Market: Growth Drivers

An increasing amount of personal data drives market growth

Every year, consumers produce an astounding volume of data and media files, mostly due to the ease of use of mobile phones' cameras and the availability of free audio and video content online. Furthermore, the volume of personal data will only rise as a result of the introduction and subsequent widespread use of the Internet of Things (IoT). The vendors in the data storage industry are opening up new income streams as a result of the increase in mobile content.

Due to the growing storage capacity in terms of Terabytes and Petabytes of Big Data created by businesses, one of the current trends in the data storage market is that it is highly popular and in demand. It is extensively utilized due to its capacity to manage massive volumes of data, and scale without interruption to support expansion and supply both input and output data to analytical instruments for examination.

Consumer Data Storage Devices Market: Restraints

Price sensitivity and privacy concerns hamper the market growth

Prices for storage devices can affect consumers, particularly when capacity rises. Price fluctuations for memory components have the potential to affect production costs and, consequently, the final cost of storage devices. Furthermore, there is rising worry about data security and privacy due to the growing volume of sensitive and personal data kept on consumer devices. If users believe that there may be hazards to their data, they can be reluctant to use specific storage methods. Thus, hampering the consumer data storage devices industry revenue growth during the anticipated timeframe.

Consumer Data Storage Devices Market: Opportunities

Increasing product launches offers a lucrative opportunity for market growth

The increasing product launch is expected to offer a lucrative opportunity for the consumer data storage devices market over the forecast period. For instance, in May 2023, two SSDs, the Micron XTR NVMe SSD and the Micron 6500 ION NVMe SSD, were released, according to Micron Technology, Inc. By reducing operating costs and increasing storage efficiency, these drives—which are made to keep up with the data's exponential growth—provide a significant breakthrough for data centers. High-capacity SSDs such as the Micron 6500 ION provide best-in-class performance and enable more ecologically sustainable data centers, all at a lower cost than competing QLC-based drives.

Considering that the competition uses sub-200-layer QLC technology, Micron's 232-layer technology node leadership allows the 6500 ION to provide TLC performance at QLC-like pricing. When used in conjunction with other SSDs or Micron 6500 ION drives, the Micron XTR SSD offers exceptional durability that improves system performance.

Consumer Data Storage Devices Market: Challenges

Reliability and durability issue poses a major challenge to market growth

Even with the advances in technology, durability and reliability problems may still arise with some storage devices. Customer trust may be impacted by worries about storage medium longevity and the possibility of data loss from malfunctioning devices. Thus, posing a major challenge for the consumer data storage devices industry growth.

Consumer Data Storage Devices Market: Segmentation

The Global Consumer Data Storage Devices industry is segmented based on the type, application and region.

Based on the type, the global Consumer Data Storage Devices market is bifurcated into Hard Disk Drive, Solid State Drive, Memory Card, USB Flash Drive and Optical Disks. The Solid State Drive segment is expected to dominate the market over the projected period. The segment expansion is attributed to the favorable properties of SSD. In comparison to HDDs, SSDs have much quicker read and write speeds, which improves system responsiveness and reduces data access latency. Furthermore, since SSDs are mechanically free, they are less likely to malfunction mechanically and are more resilient to shocks. Their rising popularity can be attributed in part to their increasing durability.

Furthermore, the growing product launch also fuels the segment expansion. For instance, in October 2023, a new portable solid-state drive (SSD) called T9 was introduced by Samsung. The device has a USB 3.2 Gen 2x2 interface, up to 2,000 MB/s read/write performance and up to 4TB of storage. Based on IEC 62368-1 standards, the new Samsung T9 SSD has storage capacities of 1TB, 2TB, and 4TB. Dynamic thermal guard technology included in T9 SSDs prevents overheating-related performance drops, guaranteeing steady and quick transfer rates.

Based on the application, the global Consumer Data Storage Devices industry is categorized into Adults and Teenagers.

Consumer Data Storage Devices Market: Report Scope

Regional Analysis

North America is expected to dominate the Consumer Data Storage Devices market over the projected period

North America is expected to dominate the market during the forecast period. North America is home to some of the major international participants in the consumer data storage devices industry, including Western Digital, Seagate Technology, and Kingston Technology. These businesses provide a variety of storage options to meet the demands of various customers.

For instance, in May 2023, the new DC600M Enterprise SSD was announced by Kingston Digital, Inc., the Flash memory division of Kingston Technology Company, Inc., a global leader in memory products and technology solutions. With exceptional Quality of Service (QoS)1, DC600M is designed for mixed-use applications and guarantees latency and IOPS stability to meet service-level agreements. DC600M is a 3D TLC NAND 6Gbps SATA 3.0 storage device designed for high-volume rack-mount systems. To safeguard data against unplanned power outages, the drive is equipped with hardware-based on-board power loss protection with power loss capacitors.

lowering the possibility of data loss and guaranteeing that the disk properly re-initializes upon the next system restart. System integrators, hyperscale data centers, and cloud service providers are the target market for the DC600M because of its consistently low latencies across a variety of read-and-write workloads. Furthermore, the strong presence of the gaming and entertainment industry in North America contributes to the demand for high-capacity and high-performance storage solutions, particularly among gaming enthusiasts and content creators.

Consumer Data Storage Devices Market: Competitive Analysis

The global Consumer Data Storage Devices market is dominated by players like:

• Lenovo
• Kingston Technology
• Seagate Technology
• Western Digital
• Toshiba
• Samsung
• Sony
• Transcend Information
• Mitsubishi Chemical
• PNY Technologies
• Corsair
• HP
• Apple

The global Consumer Data Storage Devices market is segmented as follows:

By Type

• Hard Disk Drive
• Solid State Drive
• Memory Card
• USB Flash Drive
• Optical Disks

By Application

• Adults
• Teenagers

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa