Computer Storage Devices Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Computer Storage Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 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 in the historic period can be attributed to transition from magnetic tapes to disks, introduction of hard disk drives (hdds), rise of flash memory, advancements in storage capacities,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 growth in the forecast period can be attributed to rise in edge computing, data center modernization, emergence of ai and machine learning, expansion of iot devices, remote work and cloud storage. Major trends in the forecast period include solid-state drives (ssds) dominance, cloud-based storage solutions, data center expansion, artificial intelligence and big data, edge computing requirements.

An increase in the number of social media users that required the storage of big data for further analytical processing is expected to drive the growth of the computer storage devices market. Big data contains a large amount of structured and unstructured data and require huge storage devices, driving demand for computer storage devices. For instance, in February 2023, according to We Are Social, a UK-based media company, 1 in 3 Australians use social networks for brand research, a 7.3% increase since the previous year. Thus, the increasing adoption of big data by organizations to reach the target audience using information from social media is influencing the computer storage devices market positively.

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The computer storage devices market covered in this report is segmented –

1) By Type: Hard Disk Drive, Solid State Drive, USB Flash Drives, Memory Cards, Optical Disks, Other Types

2) By Usage: Individual Usage, Enterprise Usage

3) By Application: Mainframes, Desktop, Laptop Computers, Other Applications

The use of SSD (solid state drive) and the flash array is popular in the computer storage devices market. SSD is a type of hard disk that uses flash memory for storing data. The traditional hard disk is slower as compared to SSDs, where they have a faster read and write speeds and consume low energy. For instance, in December 2022, SanDisk, a US-based computer technology corporation launched four pro-grade storage devices that include PRO-G40 SSD, G-DRIVE Enterprise Class Desktop Hard Drive, G-RAID Shuttle SSD, and PRO-DOCK 4. These new storage devices from SanDisk are designed to meet the needs of professional content creators, offering high performance, reliability, and scalability. They are available for purchase through authorized retailers and the Western Digital Store.

The computer storage devices market report table of contents includes: