Personal and Entry Level Storage (PELS) Market, By Product Type (Solid-State Drives, Cloud-Based Drives, Hard Disk Drives and Recordable Discs), By Technology (Directly Attached Storage, Network-Attached Storage, Cloud Storage Technology, Signal Attached SCSI, and Others), By End User (Media and Entertainment, Financial Services, Public Sector, Health Care Industry, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jul 2024

Code : CMI4178

Pages :135

Formats :

Excel and PDF

Industry : Information and Communication Technology

Personal and Entry Level Storage (PELS) Market Size and Trends

The global Personal and Entry Level Storage (PELS) market is estimated to be valued at US$ 56.15 Bn in 2024 and is expected to reach US$ 241.24 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 23.1% from 2024 to 2031.

Personal and Entry Level Storage (PELS) Market Key Factors

To learn more about this report, request sample copy

The demand for personal storage solutions is growing globally due to increasing data generation and need for securely storing personal data among individuals and small businesses. Cloud subscription services have made data storage more accessible and affordable for consumers and SMEs alike.

The Personal and Entry Level Storage (PELS) market is expected to be driven by rising consumption in developed regions like North America and Western Europe. Increasing internet penetration and use of mobile apps/devices in developing economies like Asia Pacific and Latin America are also fueling the demand. Cloud storage providers have also expanded their portfolios with more affordable storage plans for personal and non-commercial use cases which is further supporting the market trends.

Drivers of the Market:

Increasing smartphone users and digital data consumption

With the rapid rise of smartphone users across both developed and developing nations, the personal digital data generation has seen a massive surge. This rising and continuous usage of advanced smartphones results in huge amounts of personal data like photos, videos, documents, files, and others getting generated and stored on the devices. However, the internal storage capacity of smartphones has limitations. While cloud storage services provide a solution, consistent high-speed internet may not always be available especially in lower income regions or rural areas with poor connectivity. Therefore, many users resort to external supplementary storage devices to backup, store, and manage their growing personal digital archives. This rising dependency on smartphones for both personal and professional needs has become a major driver propelling the demand for various PELS products in the market.

/p>

Rise of multi device users and file sharing needs

Another key trend observed globally is that individuals now use and own multiple smart devices like tablets, laptops, smart watches in addition to their primary smartphone. While cloud storage allows file access across devices, inadequate internet or large file sizes can hamper seamless sharing and transferring. At the same time, the concept of sharing files physically with friends, family or clients digitally has become very common in the modern connected world. Be it sharing photos from last weekend, collaborating on office presentations or transferring media files to an elder family member - the need for swift and reliable file transfer across devices is ever present. External storage devices have emerged as an affordable yet highly effective solution addressing such multi device and file sharing requirements of users. Products like pen drives, portable Hard Disk Drive (HDDs) and Solid State Drive (SSDs) in the PELS space have seen tremendous success riding on this key growth driver.