Study Period | 2019-2032 |
Base Year | 2023 |
Forcast Year | 2023-2032 |
CAGR | 7.77 |
The External Hard Disk Market size is estimated to grow at a CAGR of 7.92% between 2022 and 2032. The market size is forecast to increase by USD 3,567.45 million. The growth of the market depends on several factors, including the increasing demand for data storage solutions, rising adoption of cloud computing, and the growing need for data backup and recovery. External hard disks refer to portable storage devices that are connected to computers or other devices via USB or other interfaces to provide additional storage capacity and data transfer capabilities. They are commonly used by individuals and businesses to store and backup large amounts of data.
External Hard Disk Market Overview:
Drivers:
One of the key factors driving the external hard disk market growth is the increasing demand for data storage solutions. With the exponential growth of digital data, individuals and organizations require reliable and scalable storage options to store and manage their data. External hard disks offer a convenient and cost-effective solution for expanding storage capacity. They provide high-capacity storage in a portable form factor, allowing users to easily transfer and access their data across different devices. The increasing adoption of high-resolution media, such as 4K videos and high-resolution images, further fuels the demand for external hard disks with larger storage capacities.
Moreover, the rising adoption of cloud computing is also driving the market growth. Cloud storage services offer the convenience of accessing data from anywhere and the scalability to accommodate growing storage needs. However, concerns regarding data security and privacy, as well as the need for offline access to data, drive the demand for external hard disks as a complementary storage solution. Users can backup their data to external hard disks for added security and have a physical copy of their data in case of internet connectivity issues or cloud service outages.
Trends:
A key trend shaping the external hard disk market is the increasing demand for solid-state drive (SSD) based external hard disks. SSDs offer several advantages over traditional hard disk drives (HDDs), including faster data transfer speeds, lower power consumption, and higher durability. As the cost of SSDs continues to decline, the adoption of SSD-based external hard disks is increasing. These devices provide faster access to data, shorter backup and transfer times, and improved overall performance. Manufacturers are introducing SSD-based external hard disks with higher storage capacities to cater to the growing demand for faster and more reliable storage solutions.
Furthermore, there is a growing focus on data backup and recovery solutions, which is driving the demand for external hard disks with advanced features. Manufacturers are incorporating features such as automatic backup software, encryption, and password protection into their external hard disk offerings. These features provide users with data security, ease of use, and peace of mind knowing that their data is protected. Additionally, the integration of cloud backup services with external hard disks allows users to seamlessly backup their data to both local and cloud storage, providing an extra layer of data protection.
Restraints:
One of the key challenges hindering the external hard disk market growth is the increasing popularity of cloud storage services. Cloud storage offers the convenience of accessing data from anywhere and eliminates the need for physical storage devices. As cloud storage becomes more affordable and reliable, some users may opt to rely solely on cloud storage solutions, reducing the demand for external hard disks. Additionally, concerns regarding data security and privacy in cloud storage may drive some users to choose alternative storage options, such as network-attached storage (NAS) devices or personal cloud storage solutions.
External Hard Disk Market Segmentation By Application:
The personal segment is estimated to witness significant growth during the forecast period. External hard disks are widely used by individuals for personal data storage, backup, and transfer. They provide a portable and convenient solution for storing large media files, documents, and other personal data. The increasing adoption of high-resolution media, such as 4K videos and high-resolution images, drives the demand for external hard disks with larger storage capacities. Additionally, the growing trend of remote work and the need for data portability further fuel the demand for personal external hard disks.
The business segment is also expected to contribute to the market growth. Businesses require reliable and scalable storage solutions to store and manage their data. External hard disks offer a cost-effective and flexible storage option for businesses of all sizes. They can be used for data backup and recovery, data transfer between different devices, and as additional storage for servers and workstations. The increasing adoption of cloud computing and the need for offline access to data drive the demand for external hard disks as a complementary storage solution for businesses.
External Hard Disk Market Segmentation By Type:
The SSD-based external hard disk segment is expected to dominate the market during the forecast period. SSDs offer several advantages over traditional HDDs, including faster data transfer speeds, lower power consumption, and higher durability. SSD-based external hard disks provide faster access to data, shorter backup and transfer times, and improved overall performance. The declining cost of SSDs and the increasing demand for faster and more reliable storage solutions drive the growth of this segment.
Regional Overview:
Download the report summary now!
Request pdf Sample
North America is estimated to contribute significantly to the growth of the global external hard disk market during the forecast period. The region has a high adoption rate of digital technologies and a growing need for data storage solutions. The presence of key market players, technological advancements, and the increasing demand for high-capacity storage further support market growth in North America.
Europe is also expected to witness substantial growth in the external hard disk market. The region has a strong emphasis on data privacy and security, driving the demand for offline storage solutions. The increasing adoption of cloud computing and the need for data backup and recovery solutions further fuel the market in Europe.
External Hard Disk Market Customer Landscape:
The external hard disk market industry report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Who are the Major External Hard Disk Market Companies?
Companies are implementing various strategies, such as product launches, partnerships, mergers and acquisitions, and geographical expansion, to enhance their presence in the market.
Some of the major companies operating in the external hard disk market include:
The research report also includes detailed analyses of the competitive landscape of the market and information about key market players. Data is qualitatively analyzed to categorize companies based on their market presence and strength.
Segment Overview:
The external hard disk market report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2019 to 2032.
o Personal
o Business
o SSD-based
o HDD-based
o North America
o Europe
o Asia Pacific
o South America
o Middle East & Africa
Key Benefits for Stakeholders
A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.
Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.
Now let’s take a closer look at the research methods here.
Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.
Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.
However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.
The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.
Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.
The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.
"Find new revenue generation opportunities"