Data Storage Devices Market 2022 – Global Industry Analysis, Size, Share, Growth

Data storage device is a computing hardware that is used to store, port and extract data files and objects. Data storage devices are one of the core components of a computing device. It works as a storage medium which can be attached to a computer or a server, internally or externally. They are available in different form factors such as hard disk drives (HDD) and Solid State Drives (SSD), memory cards, floppy disks, optical disk drives (Compact Disk – CD, Digital Versatile Disc – DVD, Blu-Ray DVD) and USB flash drives.
Large internet-based service companies have sought out more efficient methods of scaling out large number of servers with huge storage, as demand for cloud services grew tremendously. This advent of cloud computing has given rise to trends such as enterprise mobility, Big Data and analytics – which have created increasingly linked data ecosystems, and this is driving the demand for digital data storage capacity. The cloud plays a critical role in the future of data storage for both businesses and consumers. It allows far better aspect of personalized computing allowing users to optimize their integrated data storage solutions. However, the cloud is not the end of traditional storage. Instead, cloud storage and web-based service providers are requiring more capacity to store the increasing volume of data and retain the data for longer periods of time than ever. As cloud data centers continue to grow, so is the demand for data servers, high-capacity drives and different types of data storage devices, expected to rise.
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Demand for digital data storage in small businesses is expected to grow exponentially, with regards to interoperability, as storage systems must accommodate with various operating systems. Network-attached storage (NAS), which is basically a bundle of multiple hard drives and allied software, represents a smart solution for such purposes. The features of a NAS solution of this type is to provide small businesses the advantages of cloud computing, such as the ability to easily back up or transfer files to a secondary storage device, along with remote access to files via web browser. NAS, with these capabilities coupled with low costs, represents the future of private cloud storage for small businesses.
Individual consumers represent a dominant segment in the growth of cloud data storage. The average household\’s data storage capacity, with the growing popularity of camera equipped tablets and smart phones, is expected to increase noticeably during the forecast period. These devices have allowed consumers to create a large amount of digital content, leading to rising capacity demands to store that content. However, with data storage space (size) demand outpacing the capabilities of social networking websites, which are currently used to house a large amount of digital content, the demand for cloud data storage and data-syncing service providers will increase. Automated syncing will play a critical role in the consumer storage market as users’ transit from on-device data storage to cloud storage solutions. This increase in cloud-connected data will not only drive the demand for storage capacity, but also increase the demand for solutions with higher functionalities.
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Manufacturers need to be more inventive in terms of product offering, so as to retain their competitive position in this highly elastic market of data storage devices. In response to such dynamic changes in demand from businesses, HDD manufacturers have developed a \”cloud drive\” that has cost benefits compared to an enterprise-class drive and comes along with enterprise-class features. The cloud drive is a new class of hard disk drive, specially geared for the cloud storage market that falls between the desktop and enterprise capacity HDD. Over time, a group of cloud drives with various functionality and capabilities is expected to emerge in order to address product requirements specific to cloud storage data center clients. Some of the key vendors and service providers in the data storage devices industry include Western Digital Technologies, Inc., EMC Corp, Seagate technology LLC, TeraData Corp., IBM Corp, and Quantum Corp.