Computer Storage Devices Global Market Report 2024

The computer storage devices market size has grown rapidly in recent years. It will grow from $8.75 billion in 2023 to $10.34 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth observed in the historical period can be attributed to factors such as the transition from magnetic tapes to disks, the introduction of hard disk drives (HDDs), the rise of flash memory, advancements in storage capacities, and the impact of Moore's Law.

The computer storage devices market size is expected to see rapid growth in the next few years. It will grow to $20.74 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The anticipated growth in the forecast period can be attributed to factors such as the rise in edge computing, data center modernization, the emergence of artificial intelligence (AI) and machine learning, the expansion of IoT (Internet of Things) devices, and the increased adoption of remote work and cloud storage. Major trends expected in the forecast period include the dominance of solid-state drives (SSDs), the prevalence of cloud-based storage solutions, the expansion of data centers, the integration of artificial intelligence and big data, and the growing requirements for edge computing.

The growth of the computer storage devices market is anticipated to be driven by the increasing number of social media users, necessitating the storage of big data for analytical processing. Big data, comprising vast amounts of structured and unstructured information, requires extensive storage devices, leading to heightened demand in the computer storage devices market. For instance, We Are Social reported in February 2023 that 1 in 3 Australians engages in brand research through social networks, indicating a 7.3% increase from the previous year. The adoption of big data by organizations for targeted audience outreach via social media is thus contributing positively to the computer storage devices market.

The computer storage devices market is expected to experience growth propelled by the expanding information technology (IT) industry. The IT sector, encompassing the creation, management, and application of technology and computer-based systems, plays a significant role in the storage devices market. Advanced technologies integrated into these devices are transforming data management, accessibility, and security, presenting new solutions across various sectors. As of August 2022, the technology sector contributed 8.5% to the GDP in 2021, as reported by Modis. This rise in the information technology industry acts as a driving force for the computer storage devices market.

Challenges such as the risk of crashing, data loss, or data breaches in storage devices dependent on hardware components have limited the market's growth. Factors such as viruses, malware, hard drive damage, theft, and software corruption contribute to these issues. For example, Backblaze Inc. reported in February 2022 an annualized failure rate (AFR) for all drive models in 2021 at 1.01%, slightly higher than the 0.93% in 2020. Such failures result in data loss and increased operational expenses, posing obstacles to the computer storage devices market.

The adoption of SSD (solid-state drive) and flash arrays is a popular trend in the computer storage devices market. SSDs utilize flash memory for data storage, providing faster read and write speeds compared to traditional hard disks, while consuming lower energy. SanDisk, a US-based computer technology corporation, launched new storage devices such as PRO-G40 SSD, G-DRIVE Enterprise Class Desktop Hard Drive, G-RAID Shuttle SSD, and PRO-DOCK 4 in December 2022. These devices cater to the needs of professional content creators, emphasizing high performance, reliability, and scalability.

Major players in the computer storage devices market are innovating by introducing products such as Nexsan EZ-NAS, a network-attached storage (NAS) solution. The EZ-NAS array offers secure data management solutions, catering to various storage needs efficiently and reliably. For instance, StorCentric launched Nexsan EZ-NAS in June 2022, specifically designed for small and medium-sized businesses (SMBs) and enterprise edge deployments.

In January 2023, Microsoft, a US-based technology company, acquired Fungible for an undisclosed amount. This acquisition reflects Microsoft's focus on enhancing data center infrastructure, particularly in networking and storage performance. Fungible, a technology company, specializes in developing data processing unit (DPU) hardware and software solutions for high-performance, scalable, and disaggregated data center infrastructure.

Major companies operating in the computer storage devices market report are Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc., Hitachi Ltd., Huawei Technologies Co. Ltd., Tencent Holdings Limited, Sony Corporation, Amazon Web Services Inc., Lenovo Group Limited, Intel Corporation, International Business Machines Corporation, Oracle Corporation, Fujitsu Limited, Hewlett Packard Enterprise Company, Toshiba Corporation, Western Digital Corporation, Nintendo Co. Ltd., Kingston Technology Company Inc., Seagate Technology LLC, Transcend Information Inc., NetApp Inc., SanDisk Corporation, Pure Storage Inc., Teradata Corporation, Quantum Corporation, Polarbackup Ltd., Zoolz Intelligent Cloud, pCloud AG, Maxtor Corporation, BigMIND, NetEase Inc., Electronic Arts Inc., Alphabet Inc., Financière de l'Odet SA, Take-Two Interactive Software Inc., Bandai Namco Holdings Inc., Nutanix Inc., Cisco Systems Inc. The Asia-Pacific was the largest region in the computer storage devices market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the global computer storage devices market report during the forecast period. The regions covered in the computer storage devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The main types of computer storage devices include hard disk drives (HDDs), solid-state drives (SSDs), USB flash drives, memory cards, optical disks, and others. A hard disk drive (HDD) is a non-volatile data storage device that retains stored data even when powered off. HDDs are widely used for both individual and enterprise applications and are found in mainframes, desktop computers, laptops, and various other computing devices.

The computer storage devices market research report is one of a series of new reports that provides computer storage devices market statistics, including computer storage devices industry global market size, regional shares, competitors with a computer storage devices market share, detailed computer storage devices market segments, market trends and opportunities, and any further data you may need to thrive in the computer storage devices industry. This computer storage devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the computer storage devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The computer storage devices market consists of sales of hardware devices such as computer disk drives, USB flash drives, and tape storage and backup units that are capable of holding information and data either temporarily or permanently. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.