Digital Storage Devices Market Developments, Future Plans and Comprehensive Research Study Till 2027 | COVID-19 Impact
The mounting amount of data that digital services and devices are generating is expected to increase the demand for the market for digital storage devices. The escalated demand for digital storage devices in banking, healthcare, and information technology sectors is anticipated to create new avenues for evolution in the upcoming period.
The surge in digital devices is boosting the need for digital storage devices around the world. Reports that review the information and communication technology industry has been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is projected to accomplish a CAGR of 27 % while achieving revenues worth USD 11 billion in the coming years.
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The rise in the flow of international transactions between nations is further inspiring the progress of the market. The synergies being created between supply and demand forces in the market is expected to induce further growth of the market. The fluctuations in the currency are expected to stabilize and thus create a favorable impact on the market. The uncertainty in the market is a critical factor that is driving the formulation of policies and plans that will be applied to drive market growth. The competitors are devoting their resources to ensure an optimum level of growth in the coming years. The competition level in the market is found to be conducive to the advancement of the players who are operating in the market. The need to capture a broader chunk of the profits is supporting the expansion of the market. The influence of governmental policies is motivating further development in the market.
The central players in the digital storage devices market are Toshiba Corporation (Japan), Sony Corporation (Japan), Western Digital Technologies, Inc (U.S.), Intel Corporation (U.S.), Samsung Electronics Co Ltd (South Korea), Lenovo Group Ltd (China), Seagate Technology PLC (U.S.), Teradata Corporation (U.S.), Transcend Information, Inc (Taiwan), Brocade Communications Systems, Inc. (U.S.), Kingston Technology Corporation, Inc (U.S.), International Business Machines Corporation (U.S.), EMC Corporation (U.S.), SanDisk Corporation (U.S.), NetApp, Inc. (U.S.), Hewlett Packard Company (U.S.), Netgear, Inc. (U.S.), Fujitsu Ltd. (Japan), Violin Systems (U.S.) to name a few.
The regional analysis of the digital storage device market observes that the North American region controls the market. One of the key factors enhancing the development of digital storage devices is the superior adoption of flash storage and increasing penetration of smartphones with advanced capacity storage. The North American region, owing to early adoption of this technology, has gained an elevated market portion in the digital storage devices market. The demand for smartphones with superior and quicker storage increases, semiconductor companies operating in the Asia Pacific region is providing magnetic storage, memory chips, and others are anticipated to observe greater prospects. The smartphone infiltration rate is inducing the demand for safe data storage. Several companies in the market are creating superior products owing to the increasing demand for smart cards, particularly in regions like the Asia Pacific, the Middle East, and Africa.
The segmentation of the digital storage device market is carried out on the basis of type, application, storage, usage, and region. On the bases of type, the digital storage device market is segmented into optical disk drives, solid state drives, magnetic disk drives, flash storage, and others. The flash storage is additionally segmented into memory card and USB storage. Based on the application, the digital storage device market is segmented into laptops, smartphone, personal computers, networking, and others. By storage, the digital storage device market is segmented into 8-128 Gb, 512 Gb to 2 Tb, 128-512 Gb, up to 8 Gb, 2 Tb and above. Based on the usage, the digital storage device market is segmented into enterprise usage and individual usage. Based on the region, the digital storage device market is segmented into Europe, North America, Asia Pacific, and the rest of the world.
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