Data storage device is a computing hardware that is used to store, port and extract data files and objects. Data storage devices are one of the core components of a computing device. It works as a storage medium which can be attached to a computer or a server, internally or externally. They are available in different form factors such as hard disk drives (HDD) and Solid State Drives (SSD), memory cards, floppy disks, optical disk drives (Compact Disk – CD, Digital Versatile Disc – DVD, Blu-Ray DVD) and USB flash drives.
 
Large internet-based service companies have sought out more efficient methods of scaling out large number of servers with huge storage, as demand for cloud services grew tremendously. This advent of cloud computing has given rise to trends such as enterprise mobility, Big Data and analytics - which have created increasingly linked data ecosystems, and this is driving the demand for digital data storage capacity. The cloud plays a critical role in the future of data storage for both businesses and consumers. It allows far better aspect of personalized computing allowing users to optimize their integrated data storage solutions. However, the cloud is not the end of traditional storage. Instead, cloud storage and web-based service providers are requiring more capacity to store the increasing volume of data and retain the data for longer periods of time than ever. As cloud data centers continue to grow, so is the demand for data servers, high-capacity drives and different types of data storage devices, expected to rise.
 
Demand for digital data storage in small businesses is expected to grow exponentially, with regards to interoperability, as storage systems must accommodate with various operating systems. Network-attached storage (NAS), which is basically a bundle of multiple hard drives and allied software, represents a smart solution for such purposes. The features of a NAS solution of this type is to provide small businesses the advantages of cloud computing, such as the ability to easily back up or transfer files to a secondary storage device, along with remote access to files via web browser. NAS, with these capabilities coupled with low costs, represents the future of private cloud storage for small businesses.
 
Individual consumers represent a dominant segment in the growth of cloud data storage. The average household\'s data storage capacity, with the growing popularity of camera equipped tablets and smart phones, is expected to increase noticeably during the forecast period. These devices have allowed consumers to create a large amount of digital content, leading to rising capacity demands to store that content. However, with data storage space (size) demand outpacing the capabilities of social networking websites, which are currently used to house a large amount of digital content, the demand for cloud data storage and data-syncing service providers will increase. Automated syncing will play a critical role in the consumer storage market as users’ transit from on-device data storage to cloud storage solutions. This increase in cloud-connected data will not only drive the demand for storage capacity, but also increase the demand for solutions with higher functionalities.
 
Manufacturers need to be more inventive in terms of product offering, so as to retain their competitive position in this highly elastic market of data storage devices. In response to such dynamic changes in demand from businesses, HDD manufacturers have developed a \"cloud drive\" that has cost benefits compared to an enterprise-class drive and comes along with enterprise-class features. The cloud drive is a new class of hard disk drive, specially geared for the cloud storage market that falls between the desktop and enterprise capacity HDD. Over time, a group of cloud drives with various functionality and capabilities is expected to emerge in order to address product requirements specific to cloud storage data center clients. Some of the key vendors and service providers in the data storage devices industry include Western Digital Technologies, Inc., EMC Corp, Seagate technology LLC, TeraData Corp., IBM Corp, and Quantum Corp.
 
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include 
  • North America 
  • Asia Pacific 
  • Europe
  • Rest of the World  
This report provides comprehensive analysis of 
  • Market growth drivers 
  • Factors limiting market growth
  • Current market trends 
  • Market structure
  • Market projections for upcoming years 
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis. 
 
Reasons for Buying this Report
  • This report provides pin-point analysis for changing competitive dynamics
  • It provides a forward looking perspective on different factors driving or restraining market growth 
  • It provides a six-year forecast assessed on the basis of how the market is predicted to grow 
  • It helps in understanding the key product segments and their future
  • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
  • It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments 
  • It provides distinctive graphics and exemplified SWOT analysis of major market segments

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Data Storage Devices Market

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