Personal And Entry Level Storage Market Size, Share & Trends Analysis Report By Component, By Connectivity (USB, Ethernet/Wi-Fi, Cloud), By Application, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global personal and entry-level storage market size was valued at USD 97.06 billion in 2023 and is projected to grow at a CAGR of 29.7% from 2024 to 2030. With the proliferation of smartphones, tablets, and other digital devices, the volume of data generated by individuals has been increasing at an exponential rate due to the widespread use of these devices for a multitude of daily activities, such as capturing photos and videos, downloading and streaming multimedia content, using social media platforms, and engaging in various online services.

Individuals are accumulating vast amounts of digital data, which requires efficient and reliable storage solutions. This increase in data generation has driven the demand for personal and entry-level storage solutions. These solutions offer users the ability to securely store, manage, and access their data, addressing the growing need for adequate storage capacity.

The growing consumption of digital media, encompassing photos, videos, music, and games, necessitates substantial storage space and is a significant driver of the personal storage market. This trend is driven by the widespread availability and accessibility of high-resolution digital content, which demands considerable storage capacity. For instance, modern smartphones and cameras capture high-definition photos and 4K videos, while streaming services offer high-fidelity music and extensive game libraries. As users accumulate extensive digital media collections, efficient and reliable storage solutions become paramount. Personal storage devices, such as external hard drives, solid-state drives, and network-attached storage systems, provide the necessary capacity to store, organize, and access this digital content. The increasing popularity of digital media consumption, driven by technological advancements and the proliferation of high-speed internet, further amplifies the demand for personal storage solutions. Consequently, manufacturers are continually innovating to develop storage devices with higher capacities, faster data transfer rates, and enhanced security features, catering to the evolving needs of consumers in the digital age.

Americans' average daily time spent consuming digital media in 2021 was 421 minutes. In 2022, this number increased by 4.3%. In 2023, the trend of growing digital media consumption persisted, with an average daily consumption of 454 minutes, an additional 3.4% growth. The steady increase in the use of digital media emphasizes the developing significance of digital platforms in daily life and the growing function that digital content plays in people's daily routines.

Component Insights & Trends

The external hard drives segment held the highest market revenue share of 23.5% in 2023. The industry is being driven by advancements in storage technology, including the creation of solid-state drives (SSDs), which offer faster data transfer speeds and more durability than conventional hard disk drives (HDDs). SSDs store data on flash memory, which allows for faster read and write operations. It significantly boosts system effectiveness and performance. This speed advantage is significant for large file transfers, application launches, and system boot-ups. In December 2023, Dell Technologies announced significant advancements in its storage solutions, mainly through Dell PowerScale, the world’s most flexible, secure, and efficient scale-out file storage system. These advancements are designed to address the increasing customer demands for higher performance in artificial intelligence (AI) and generative AI (GenAI) applications. By enhancing the capabilities of PowerScale, Dell Technologies aims to provide organizations with the robust storage infrastructure required to support their AI and GenAI strategies.

Solid state drives segment is expected to witness the fastest growth during the forecast period. Unlike conventional hard disk drives (HDDs), SSDs offer noticeably faster read and write rates, greatly enhancing system performance. The operating system loads much faster than it would with an HDD, improving system responsiveness and leading to notably faster boot times. Faster application launches enable users to start working on their activities almost immediately. It is beneficial for resource-intensive apps like games and productivity tools. SSDs also facilitate faster file transfers, which is essential for handling big files like enormous photo libraries, high-definition films, and databases.

Connectivity Insights & Trends

USB segment held the highest market revenue share in 2023. Advances in USB technology, such as the development of USB 3.0, USB 3.1, and USB-C, have increased data transfer speeds, thereby revolutionizing the efficiency and convenience of file management. USB 3.0 introduced data transfer rates of up to 5 Gbps, further enhanced to 10 Gbps with USB 3.1 and USB-C. Its versatile design and reversible connector support even higher speeds, power delivery, and video output capabilities. These technological advancements enable users to transfer large files, such as high-definition videos, complex software applications, and extensive databases, with unprecedented speed and efficiency.

The cloud connectivity segment is expected to grow at the fastest CAGR during the forecast period. Cloud storage allows users to access their data anywhere via an internet connection, providing unmatched convenience and flexibility. This capability is especially advantageous for individuals who frequently switch between multiple devices, such as smartphones, tablets, and computers. Users can seamlessly access and manage their files by storing data in the cloud without needing physical storage devices or cumbersome data transfer processes. This convenience extends to various aspects of daily life, including working on a project from different locations, sharing photos and videos with family and friends, or accessing essential documents while traveling. Cloud storage ensures that users always have the most up-to-date versions of their files, as changes made on one device are automatically synchronized across all connected devices. It eliminates the risk of working with outdated files and enhances productivity by providing consistent and reliable access to data.

Application Insights & Trends

BFSI held the highest revenue market share in 2023. The BFSI sector deals with highly sensitive financial and personal data, requiring stringent security measures and regulatory compliance. Personal and entry-level storage solutions play a pivotal role in ensuring this data's secure storage and protection. Robust encryption protocols, such as AES (Advanced Encryption Standard), ensure data is encrypted at rest and in transit, safeguarding it from unauthorized access and breaches. Data integrity checks verify the accuracy and completeness of stored information, mitigating the risks of data tampering or corruption. Compliance with regulatory standards such as GDPR (General Data Protection Regulation) in Europe or PCI-DSS (Payment Card Industry Data Security Standard) globally is essential for BFSI institutions to maintain trust and uphold legal obligations regarding data privacy and security.

The telecommunications and IT industry is expected to grow at the fastest CAGR over the forecast period. The companies in this industry increasingly adopt hybrid cloud storage solutions to optimize their IT infrastructure by leveraging the advantages of both on-premises and cloud-based storage models. Hybrid cloud solutions allow organizations to store sensitive data and critical applications on-premises while utilizing cloud services' scalability, flexibility, and cost-efficiency for non-sensitive data and fluctuating workloads. Personal storage solutions that seamlessly integrate with cloud platforms, such as AWS, Microsoft Azure, or Google Cloud, play a crucial role in facilitating this hybrid IT environment. These solutions offer robust data synchronization capabilities that ensure consistent data availability and integrity across on-premises and cloud environments. By enabling hybrid storage options, personal storage devices empower telecommunications and IT companies to dynamically allocate resources, optimize performance, and respond swiftly to changing business demands.

Regional Insights & Trends

North America dominated the market with a revenue share of 36.2% in 2023 and is expected to maintain its dominance throughout the forecast period. The expansion of the gaming industry and the rising popularity of streaming services have significantly increased storage demands among consumers, particularly within the realm of personal storage solutions. Gamers, content creators, and entertainment enthusiasts require storage devices with high-speed performance and large capacities to accommodate the growing size of games, media files, and creative projects. Modern games often exceed 50 GB or more, necessitating robust storage solutions that can handle large downloads, frequent updates, and expansive game libraries. Personal storage devices, such as external hard drives and SSDs (Solid-State Drives), offer fast data transfer speeds and ample storage space to store not only games but also high-definition videos, music collections, and graphics-intensive applications. According to the Entertainment Software Association (ESA), in 2023, 65% of the population actively engaged in gaming activities in the U.S. Over 212 million Americans regularly participate in video gaming, driving the growth of the personal and entry-level storage market.

U.S. Personal And Entry Level Storage Market Trends

The increasing consumption of digital media, including streaming services, online gaming, and social media platforms, has created a significant demand for large-capacity personal storage solutions. High-definition videos, games, and multimedia content have become integral parts of daily digital experiences for users across various devices. Streaming services like Netflix and YouTube offer a plethora of high-resolution content, driving the need for ample storage space to download and store favorite shows and movies for offline viewing. Similarly, online gaming platforms like Steam and Epic Games Store provide access to a vast library of games, which require substantial storage space for installation and updates. Additionally, social media users frequently upload and share photos, videos, and other multimedia content, accumulating digital files that require storage. Personal storage devices, such as external hard drives and SSDs, offer the capacity and performance necessary to accommodate these diverse media needs, ensuring users can access, store, and manage their digital content efficiently and securely.

Europe Personal And Entry Level Storage Market Trends

The growth of e-commerce platforms has increased significant demand for personal storage solutions with robust capacities. Consumers increasingly rely on these devices to manage digital purchases effectively, securely storing transaction histories, receipts, and product catalogs. With the convenience of online shopping, consumers accumulate digital content such as eBooks, music albums, and software downloads, necessitating ample storage space. Moreover, the trend towards subscription-based services, including streaming platforms and cloud storage subscriptions, requires efficient management of recurring payments and access to stored media. Personal storage solutions facilitate seamless organization and access to e-commerce-related data, enhancing consumer convenience and digital transaction management in an increasingly digital economy. According to the European Commission, in 2023, 70% of EU citizens aged 16-74 years engaged in online shopping, indicating the widespread adoption of e-commerce across Europe. This statistic underscores the growing preference for digital transactions and the convenience online platforms offer for purchasing goods and services.

Asia Pacific Personal And Entry Level Storage Market Trends

The expansion of healthcare services and the adoption of telemedicine across Asia Pacific countries have created a crucial need for secure storage solutions capable of managing electronic health records (EHRs), medical imaging data, and sensitive patient information. Personal storage devices ensure the confidentiality, accessibility, and integrity of healthcare data, which is critical for maintaining patient privacy and compliance with stringent healthcare regulations. These solutions facilitate secure storage and efficient management of digital health records, enabling healthcare providers to deliver remote consultations, diagnosis, and treatment plans through telehealth platforms. As telemedicine continues to grow, driven by advancements in digital technology and increasing healthcare accessibility, the demand for reliable and compliant personal storage devices is poised to expand, supporting the seamless delivery of healthcare services and improving patient outcomes across the region. In February 2024, Novo, a healthcare investment firm, announced its strategic investment in Manipal Hospitals, marking a significant move to enhance its footprint across Asia. Novo's investment aims to support Manipal Hospitals in further developing its infrastructure, medical technologies, and healthcare services, improving its capacity to meet the growing demand for healthcare services in Asia.

Key Personal And Entry Level Storage Company Insights

• CA Technologies is a U.S.-based software company that develops cloud applications for storage facilities. It also provides services like BI analytics, Big data, and machine learning. Hybrid cloud services expand storage technology by utilizing available platforms.

• NetApp Inc. is a data infrastructure company that provides industry-specific data storage solutions. Companies utilize this facility to store and share high volumes of digital data across different platforms. NetApp's storage hardware options include all-flash and hybrid configurations.

Recent Developments

• In May 2024, Dell Technologies introduced Dell PowerStore advancements, a multi-cloud storage facility specially designed for better performance and resilience regarding data mobility. This platform is suitable for increasing workload demands and provides flexible storage capacity, enhancing performance.

• In October 2023, IBM launched the new IBM Storage Scale System 6000, a cloud storage platform developed to provide a solution for intensive data storage and transfer. It is a secured and easily accessible cloud storage option designed to leverage advanced AI models. IBM Storage Scale System 6000 is optimized to store unstructured or semi-structured data of all types, such as text, videos, or images.

Personal And Entry Level Storage Market Report Scope

Global Personal And Entry Level Storage Market Report Segmentation

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 2020 to 2030. For this study, Grand View Research has segmented the global personal and entry level storage market report based on component, connectivity, application and region.

• Component Outlook (Revenue, USD Million, 2018 - 2030)

  • External Hard Drives

  • USB Flash Drives

  • Memory Cards

  • Network-Attached Storage (NAS) Devices

  • Cloud Storage Services

  • Solid State Drives

  • Others

• Connectivity Outlook (Revenue, USD Million, 2018 - 2030)

  • USB

  • Ethernet/Wi-Fi

  • Cloud

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • BFSI

  • Consumer Goods & Retail

  • Telecommunications & IT

  • Media & Entertainment

  • Public Sector

  • Healthcare & Life Sciences

  • Education and Research

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • UAE

    • South Arabia

    • South Africa