Personal and Entry Level Storage (PELS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 01/13/2017 -- Driven by continuous rise in the volume of data generated and growing concerns towards data backup and security, global Personal and Entry level storage market(PELS) systems was valued at USD 5.0 billion in 2012 and is expected to reach USD 39.49 billion by 2019, growing at a CAGR of 35.1% during the forecast period from 2013 to 2019. Individuals and entry level business organizations have started recognizing the need and importance of data storage and data backup, which is in turn, contributing to the demand for PELS devices.
In today's knowledge driven era, it is extremely important to store and manage information. Growing use of internet media, online gaming, and others have created unprecedented demand for storage architectures worldwide.
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The information generated globally is expected to double every two years. In 2011, world created around 1.8 zettabytes of data and by 2020, this number is expected to be around 50 times the amount of information in 2011. To meet the data storage demands, small and mid-sized organizations are adopting different kinds of data storage architectures such as network attached storage (NAS), direct attached storage (DAS), cloud based storage and others. NAS is the most widely used data storage technology in entry level business organizations as a single storage device is shared along the network for all the users.
This type of architecture reduces the overall equipment cost and is a cost effective method of storing data in business networks. Cloud storage is rapidly evolving data storage service which is expected to grow at a CAGR of 48.5% during the forecast period from 2013 to 2019. In this type of data storage, data is stored on the virtual servers located across the world that are generally hosted by third parties. As data is stored online, it can be accessed from anywhere in the world without the need for a storage device for the user; however, data security is a major concern associated with cloud storage as multiple copies of data are generated and stored on distinct servers located across the world.
HDD is the largest product segment that accounted for around 32% of the total PELS market in 2012. Low cost of HDDs and large storage space offered are some important factors driving the demand for HDDs, globally. However, SSDs have started replacing HDDs due to numerous aspects including longer life span of around 15 years, which is far better than that of HDDs (3-5 years), silent operation, faster data transfer rates, and portability among others.