External Hard Disks

External Hard Disks

Global External Hard Disks Market to Reach US$12.8 Billion by 2030

The global market for External Hard Disks estimated at US$9.7 Billion in the year 2023, is expected to reach US$12.8 Billion by 2030, growing at a CAGR of 4.1% over the analysis period 2023-2030. Personal Computers Application, one of the segments analyzed in the report, is expected to record a 4.4% CAGR and reach US$7.7 Billion by the end of the analysis period. Growth in the Enterprise Application segment is estimated at 3.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.6 Billion While China is Forecast to Grow at 6.8% CAGR

The External Hard Disks market in the U.S. is estimated at US$2.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2030 trailing a CAGR of 6.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.4% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR.

Global External Hard Disks Market - Key Trends & Drivers Summarized

Why Are External Hard Disks Still Relevant in the Age of Cloud Storage?

Despite the rise of cloud storage, external hard disks remain a relevant and essential tool for data storage, backup, and transfer. External hard disks offer several advantages, including high storage capacities, portability, and the ability to access data offline. They are particularly valued by users who require large amounts of storage space, such as photographers, videographers, and professionals working with large files. Additionally, external hard disks provide a reliable backup solution that is not dependent on an internet connection, offering peace of mind in case of data loss or network outages. As data generation continues to grow, the need for convenient and secure storage options ensures that external hard disks remain an important part of the data management landscape.

How Are Technological Innovations Improving External Hard Disks?

Technological advancements are continuously improving the performance, capacity, and durability of external hard disks, making them more attractive to a broad range of users. The development of solid-state drives (SSDs) in external hard disks has revolutionized the market, offering faster data transfer speeds, increased durability, and lower power consumption compared to traditional hard disk drives (HDDs). Additionally, advancements in USB technology, such as USB 3.1 and USB-C, are enabling faster data transfer rates and more efficient power delivery, enhancing the usability of external hard disks. Furthermore, innovations in encryption and security features are providing users with more robust protection for their data, addressing concerns about data privacy and security in an increasingly digital world.

What Industry Trends Are Driving the Adoption of External Hard Disks?

Several industry trends are driving the adoption of external hard disks, including the increasing demand for data storage, the rise of digital content creation, and the growing need for data security and privacy. As data generation continues to accelerate, particularly in industries such as media, entertainment, and healthcare, the demand for high-capacity storage solutions is growing. The rise of digital content creation, fueled by the increasing popularity of video streaming, gaming, and digital art, is also contributing to the demand for external hard disks, as creators require reliable storage solutions for their large files. Additionally, the growing awareness of data security and privacy concerns is driving users to seek out external hard disks with advanced encryption and security features, offering a secure alternative to cloud storage.

What Are the Key Drivers Behind the Growth of the External Hard Disks Market?

The growth in the external hard disks market is driven by several factors, including the increasing demand for high-capacity storage solutions, the rise of digital content creation, and the growing need for data security and privacy. The continued growth of data-intensive industries, such as media and entertainment, is a significant driver, as these sectors require large amounts of storage space for high-resolution video, audio, and other digital content. The rise of digital content creators, including photographers, videographers, and graphic designers, is also propelling demand for external hard disks that can provide reliable and portable storage solutions. Additionally, the growing concerns about data security and the limitations of cloud storage are driving users to seek out external hard disks with robust encryption and security features, further contributing to market growth. The ongoing innovation in SSD technology and USB standards is also playing a crucial role in the expansion of the external hard disks market by offering faster, more reliable, and energy-efficient storage options.

Select Competitors (Total 36 Featured) -

• Apple, Inc.
• Buffalo Americas, Inc.
• Crucial Memory
• Freecom Technologies GmbH
• HP Development Company, L.P
• Intel Corporation
• Kingston Technology Co., Inc.
• Netac Technology Co., Ltd.
• Samsung Electronics Co., Ltd.
• Seagate Technology LLC

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