Portable Data Storage Market Trends
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Portable Data Storage Market Trends. The growth sectors of the Portable Data Storage Market Trends are identified with precision for a better growth perspective.
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.
As compared to other regions, the portable data storage market in North America is expected to witness significant growth during the forecast period. U.S and Canada are anticipated to drive the growth of portable data storage market. This is owing to the presence of large number of IT companies that requires reliable storage device to store large volume of data is one of the prime reason fostering the growth of portable data storage market.
In addition to this the region also has a well-established infrastructure which allows higher penetration of devices which ultimately provides high speed connectivity and is expected to be a major factor for the growth of portable data storage market.
The portable data storage market is growing rapidly over 20% of CAGR and is expected to reach at approx. USD 4 billion by the end of forecast period.
Portable Data Storage Market Segmentation
The portable data storage market has been segmented on the basis of storage type, memory size and formatting type. By storage type segment it includes, pen drive, SSD memory card, hard drives, blu-ray disk, USB and others. Pen-drive is the most frequently used portable data storage device owing to its compact size, inbuilt power system, high portability and cost effective property is fostering the growth of pen drive market.
The prominent players in the portable data storage market are – SanDisk (U.S.), ADATA Technology Co., Ltd. (Taiwan), Seagate Technology PLC (U.S.), Samsung Group (South Korea), Transcend Information, Inc. (Taiwan), Toshiba Corporation (Japan), Freecom (Germany), Hewlett-Packard (U.S.), Sony Corporation (Japan), Other World Computing (U.S.), among others.
Market Research Analysis:
The global portable data storage market, 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.
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