Portable Data Storage Market Size, Share, Growth, and Industry Analysis by Type (Below 256 GB, 256-320 GB, and Above 320 GB) By Application (Industrial, and Commercial), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Portable Data Storage Market Report Overview

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The global portable data storage market size is expected to be worth USD 3193.6 million in 2022 and is projected to touch USD 8370.25 million by 2031, exhibiting a CAGR of 4.0% during the forecast period.

Devices for portable data storage are used for this purpose. In general, equipment that are used to store, transport, and release digital information are referred to as data storage devices. On portable storage devices, which are tiny hard drives, electronic data is kept. You can use a wide variety of files, including text documents, images, videos, apps, and software. All of these file types, as well as many others, can be handled by the majority of consumer-grade data storage devices. Most of these online-only gadgets are used to record, edit, or archive digital data while on the go. Additionally, they are typically bought to expand primary storage and facilitate file transfers between several host devices. Information can be captured on a removable device (such a camera or smartphone) and then retrieved, viewed, edited, or stored on another (usually a computer). This is a crucial component of contemporary data storage solutions because many compact and portable devices have limited storage space.

COVID-19 Impact: Halt on Semiconductors and Electronics to Hamper Market 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

As a result of COVID-19, the portable data storage market growth has also been drastically affected. As a result of COVID-19, the community was adversely affected. It has had a dual impact on the portable data storage market. Companies and institutions are increasingly working from home, increasing the demand for such devices. The majority of organizations have shut down their workplaces and shifted to remote working, resulting in high demand for remote workers. Shutting down some manufacturing units in the portable data storage industry will have a negative impact. The upstream growth of the nation was hindered by it, as well as the industry chain structure. Multiple portable data storage devices were hampered by the pandemic outbreak and the disruption of the supply chain.

Latest Trends

"Ease of Usage of these Devices to Drive Market Growth"

Portable storage devices make it simple to move files between devices. Therefore, files can be read and modified on a PC, a desktop computer, or a laptop. Additionally, they enable users to transfer their contents from more compact portable devices to longer-term digital storage by doing so. The information is frequently kept on a bigger data storage device, like a high-capacity hard disc.

Restraining Factors

"Threat of Infection to Restrain the Market"

Since these external portable data storage devices can be used in various devices, there is a high chance of the device(S) getting a virus infection, if any of the devices already had one. Therefore, this transfer of infection along with the file is a major factor restraining the global portable data storage devices market growth.

Portable Data Storage Market Segmentation

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• By Type

The market is classified into below 256 GB, 256-320 GB, and above 320 GB based on type. The below 256 GB segment will lead the portable data storage market share throughout the forecast period.

• By Application

The market is classified into industrial, and commercial on the basis of application. The industrial segment will lead the portable data storage market share throughout the forecast period.

Driving Factors

"Increase in the Usage of Pen Drives to Drive the Market"

Pen drives are very handy and a common external portable data storage device used among most people. It’s easy-to-use facility makes the device popular. The pen drives come in various storage types, including below 256GB, 256-320GB, and above 320GB.  It is possible to store both files and programs on an external hard drive since they are true computer disks. Software, games, and other applications can be run directly from the external drive which is not possible with a flash or thumb drive.

"Increasing Demand for Flash Drives to Drive the Market"

A flash drive (memory stick, SD card, etc.) is a small card about the size of almost a gum stick. These are popular due to its usage in various devices. MP3 players, digital cameras, and computers use them. Small, power-efficient, and with a relatively large storage capacity, these devices are incredibly compact. A flash storage card contains a memory chip, and the card is inserted into a computer (via an SD slot, which is standard on most computers and laptops).

Portable Data Storage Market Regional Insights

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"North America to Dominate the Market Owing to the Rise in Technological Advancement"

The portable data storage market is dominated by North America globally. North America has seen enormous growth as a result of technical developments taking place there, as well as the region's internationally acclaimed architectural and design splendor and the rapid rise of data from data centers and PDS consumer gadgets.

Asia Pacific is anticipated to have the second-largest market share over the projection period. Governments in these areas, especially in China, India, and Japan, are spending a lot more money on data storage systems that improve the aesthetic value of buildings. As a result, output and process efficiency are enhanced. The greatest market share in this industry is also attributed to the expansion of technical industries in these regions and the rise in the number of market participants.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage  "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Sandisk (U.S.)
• Adata Technology (China)
• Seagate Technology (U.S.)
• Samsung Group (South Korea)
• Transcend Information (China)
• Toshiba (Japan)
• Freecom (Germany)
• Hewlett-Packard (U.S.)
• Sony (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.