New York, NY -- (SBWIRE) -- 12/06/2017 -- According to a recent market report published by Persistence Market Research titled "Consumer Data Storage Devices Market: Global Industry Analysis (2012 – 2016) and Forecast (2017 – 2025)," the Consumer Data Storage Devices market was valued at US$ 14,250.6 Mn in 2016 and is projected to reach US$ 18,796.5 Mn by 2025 end, registering a CAGR of 3.3% from 2017 to 2025. Rising adoption of smartphones is one of the major factors driving market revenue growth of Consumer Data Storage Devices during the forecast period. The use of external storage devices is on the rise among consumers, as the number of connected devices per user increases. The adoption of smartphones is fueling the growth for memory cards. Although the consumer data storage devices market is combatting competition with cloud storage, external storage devices are generally preferred for the storage of large files and documents of high value.
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Segmental Analysis & Forecast
The Consumer Data Storage Devices market is categorized on the basis of type & capacity. On the basis of type, the market is segmented as Hard Disk Drive, Solid State Drive, Memory Card, USB Flash Drive and Optical Disk. Of these segments, the SSD segment is anticipated to register a CAGR of 7.8% during the forecast period.
The Capacity Segment is divided into Hard Disk Drive with sub segments <= 2TB, 2.1-6TB & 8TB and Solid State Drive with segments <= 1TB and 1.1-2TB. Solid State drives with capacity of <= 1TB and 1.1-2TB are expected to witness a CAGR of 7.8%. This is primarily because SSDs are a new introduction in the market and have a low adoption currently. SSDs will witness a growth in sales once the prices are reduced and customers find it affordable to purchase the product.
This report also covers drivers, restraints and trends driving each segment and offers analysis and insights regarding the growth potential of the Consumer Data Storage Devices market in regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific accounted for the largest market share in 2016 owing to the huge installed base of smartphones and laptops in the region. The Latin America regional market is expected to exhibit a CAGR of 3.7% during the forecast period. The demand for Consumer Data Storage Devices is expected to increase in the markets in North America & Europe in the coming years.
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Some of the top companies identified across the Consumer Data Storage Devices value chain are: Seagate Technology LLC, Western Digital Corporation, Toshiba Corporation, Samsung, Sony Corporation, Transcend Information, Inc., Verbatim (Mitsubishi Chemical), PNY Technologies Inc., Kingston Technology Company, Inc., Corsair.