The global storage unit market size was valued at USD 50.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028. A rise in demand for laptops, smartphones, PCs, and online storage software is considered to be a major factor driving market growth. Also, increasing brand recognition and the influence of storage units with the help of social media is anticipated to further fuel their demand. The high demand for USB memory sticks globally has become a major driving factor fueling the demand for storage units in the global market. Owing to the increasing demand, various manufacturers are changing advertising and branding strategies to accelerate the sales of these storage units globally. In addition, consumers are focusing on storage data systems and have been increasing their demand. Hence, the market is estimated to showcase growth in the forthcoming years.
Product innovations by the key players will boost the growth of the storage type market. Moreover, the growing customer preference for storage units is a prominent trend fueling the growth of the market. Technological advancements in the computer storage unit industry are projected to spur market growth. At present, key players are focusing to provide the best storage system to the commercial and residential sectors. Hence, the USB memory sticks segment is expected to significantly drive market growth over the forecast period.
The Covid-19 pandemic is likely to have a significant long-term impact on the storage unit industry due to economic issues. Thus, several industries are forced to consider other options such as cloud services to fulfill their storage needs. This resulted in unplanned pressure on IT infrastructure in cloud service provider data centers. As a result, the demand for enterprise buyers is decreasing as the demand for cloud services is increasing. Hence the financial status of various electronic industries was jeopardized by the outbreak of Covid-19.
The optical disc segment accounted for the largest revenue share of over 50% in 2020 owing to increasing demand for archived solutions. The increasing demand for optical discs from the commercial industry is estimated to boost segment growth over the forecast period. Developing nations such as the Middle East and Latin America are increasing the demand for optical discs due to the growing commercial industry in this region. Hence the segment holds the highest revenue share in the market.
The USB memory sticks segment will register the highest CAGR of 5.8% from 2021 to 2028 due to its growing adoption in the commercial and residential industries. These memory sticks are manufactured using high-quality materials. USB memory sticks are sold at higher prices as compared to other types of storage units. Also, the rise in disposable income among the urban populace of developing economies has led to the increasing demand for these types of storage units. Hence the segment is projected to witness growth over the forecast period.
The offline segment dominated the market with the highest revenue share of 70% in 2020. The demand for storage units is rising among customers due to more sustainability offered by these offline stores than any other channel. Hence, the segment is projected to showcase growth during the assessment period. The ease of hard cash transaction services and trustworthy relationships with domestic consumers are the other factors expected to propel the market growth during the forecast period.
The online segment is estimated to showcase significant growth over the forecast period. Storage units can be purchased at a low price via online platforms. Such channels can provide various benefits such as free shipping charges, coupon benefits, and doorstep delivery. Moreover, the availability of online units from the rising presence of significantly popular app-based sellers is a factor driving the growth of the segment over the forecast period.
North America dominated the market for storage units with a revenue share of around 45% in 2020 due to the high demand in the U.S and Canada. Increasing purchasing power in this region is another major factor boosting the market growth. Also, a rise in disposable income is aiding the regional market growth.
In the Asia Pacific region, the market is expected to witness a CAGR of 6.1% from 2021 to 2028. This can be credited to the increasing demand for storage units in this region. It is one of the dynamic markets in the electronic industry. The rise in the use of USB memory sticks may fuel regional market growth. In addition, increasing disposable incomes is another major factor boosting market growth over the assessment period.
Companies' main focus is on innovating new types of storage units to meet the increasing demand. Various new players are entering the market due to low entry barriers. The increasing demand for storage units offers an opportunity for development in regions with high demand. Some of the prominent players operating in the global storage units market are:
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 52.6 billion |
|
Revenue forecast in 2028 |
USD 76.6 billion |
|
Growth Rate |
CAGR of 5.5%from 2021 to 2028 |
|
Base year for estimation |
2020 |
|
Historical data |
2017 - 2019 |
|
Forecast period |
2021 - 2028 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2028 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Types, distribution channel, region |
|
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
|
Country scope |
U.S.; Germany; U.K.; France; China; Japan; South Africa; Brazil |
|
Key companies profiled |
IBM Corporation, NetApp Inc.; Microsoft Corporation; Hewlett Packard Development Company, L.P.; Sandisk Corporation; Hitachi Data System Corporation; Nexenta Systems Inc.; Toshiba Corp.; Dell; FUJITSU |
|
Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For this study, Million Insights has segmented the global storage unit market report based on type, distribution channel, and region:
Sign up today.
Call us at +1-408-610-2300 to speak with a
representative.
All Reports
