Global Personal and Entry Level Storage Market is Estimated to Witness High Growth Owing to Increasing Adoption of Cloud Storage and Growing Need for Data Backup & Recovery
The global Personal and Entry Level Storage (PELS) market is estimated to be valued at US$ 56.15 Bn in 2024, exhibiting a CAGR of 23.1% over the forecast period (2024-2031). Furthermore, increasing number of digital databases owing to rapid digitization across industries is also contributing to the growth of the Personal and Entry Level Storage (PELS) market.
Market Dynamics:
Rise in volume of unstructured data generated across industries as well as individual users due to proliferation of smart devices and internet is one of the major drivers of the Personal and Entry Level Storage (PELS) market. Additionally, the growing adoption of cloud services is another key factor fueling the demand for PELS. Cloud backup and recovery services can securely store large volumes of data on remote servers over the internet, hence cloud services enable individuals and small firms to store data on remote servers at low cost without investing in dedicated on-premises storage infrastructure. Rapid digitization and emerging technologies such as AI, ML and IoT are generating massive volumes of unstructured data on a daily basis which is challenging data storage capabilities of legacy storage solutions.
Rapid growth in cloud computing and increasing popularity of remote work boosts demand for personal storage solutions
The global PELS market is experiencing significant growth driven by the rising adoption of cloud computing and remote working models among individuals and small businesses. As more users store photos, videos, documents and other files in the cloud, there is an increasing need for affordable personal storage devices to back up and access these files from any location. Portable hard drives, USB flash drives, and cloud storage services allow users to sync content across multiple devices and work seamlessly whether in the office or remotely. The convenience and flexibility offered by personal storage solutions have made them indispensable for the growing remote workforce.
Growing digitization of personal files and photos fuels need for affordable storage upgrades
As individuals and families digitize more of their photos, videos, and documents, the storage capacity of devices like smartphones and laptops is no longer sufficient. The massive size of high-resolution images and videos shot on modern devices requires larger and more scalable storage options. This has increased demand for affordable external hard drives, flash drives and cloud storage accounts that can hold terabytes of personal content. Upgrading storage is more cost-effective than replacing devices just for storage limitations. Personal storage manufacturers are catering their product portfolios to budget-conscious consumers looking for reasonably priced solutions to consolidate growing home media libraries.
High cost of higher-capacity enterprise storage restrains mass adoption of PELS offerings
While the need for personal storage is on the rise, high prices of enterprise-grade solutions pose a challenge for widespread adoption. Storage devices with capacities above 8TB become quite expensive, putting them out of reach for individual and household users on a budget. This restricts the ability to store massive personal media collections that exceed a few terabytes. The cost differential discourages some users from opting for scalable storage upgrades. This has opened an opportunity for affordable high-capacity PELS options that bridge the price gap between consumer and enterprise storage.
Technological difficulties in producing low-cost, high-capacity drives acts as a barrier
Mass manufacturing affordable hard disk drives (HDDs) and solid-state drives (SSDs) with multi-terabyte capacities while keeping prices reasonable remains a technological challenge for storage makers. The assembly and quality control requirements involved in stuffing several platters or flash chips into a small enclosure increase production complexity and costs. Ensuring reliability over the long run with such dense storage also adds to difficulties. These factors constrain manufacturers' ability to serve the burgeoning demand for cheap personal storage solutions with capacities upward of 8TB. Overcoming material and engineering hurdles will be key to gain wider Personal and Entry Level Storage (PELS) market access.
Growing Bring Your Own Device (BYOD) trend provides opportunity to seize consumer storage market share
As more companies allow employees to use personal devices for work, there lies a major opportunity for PELS providers to gain loyal customers. With BYOD policies proliferating across industries, remote professionals require portable storage to backup and transfer work files seamlessly between office and home environments. Affordable external hard drives and cloud accounts tailored for small businesses can help capture this emerging prosumer storage space. Promoting bundle offers including productivity software can boost PELS adoption among freelancers and mobile employees. BYOD presents a lucrative avenue to penetrate the consumer and SMB storage spheres.
Rising popularity of home media servers opens door for integrated network storage solutions
Another key opportunity exists in the home media server market's expansion. As families consolidate digital media, stream content, and share files within smart homes, the demand for networked personal network-attached storage (NAS) devices is escalating. PELS manufacturers can introduce affordable multi-bay NAS enclosures along with user-friendly software to manage home networks. Bundling packages with media server software, NAS drives and router support can make integrated storage an attractive DIY home computing option. Partnering with smart home companies also opens avenues to integrate PELS into growing connected living ecosystems.
Link: https://www.coherentmarketinsights.com/market-insight/personal-and-entry-level-storage-market-4178
Key Developments:
- In February 2023, NetApp, a global leader in cloud-enabled, data-centric software solutions, introduced the NetApp AFF C-Series. This new lineup of capacity flash storage solutions delivers high-performance flash storage at a reduced cost and increased efficiency, leading to a lower total cost of ownership (TCO) and a smaller storage footprint. The AFF C-Series also includes ONTAP One, an integrated license bundling all essential NetApp software, offering one of the most comprehensive software suites available.
- In April 2020, Western Digital, a leading innovator in data storage technology and solutions, announced the upcoming launch of the WD Black SN850 NVMe SSD. This high-performance solid-state drive is tailored to meet the demands of gamers and content creators, delivering exceptional speed and responsiveness. Featuring a PCIe Gen4 interface, it offers capacities ranging from 500GB to 2TB. With read speeds up to 7,000MB/s and write speeds up to 5,300MB/s, the WD Black SN850 ranks among the fastest consumer-grade SSDs available.
Key Players:
Amazon, Apple, Autoliv, Inc., Box, CubeSmart, Dropbox, Egnyte, Engyte, Google, Life Storage Inc., Metro Self Storage, Microsoft, National Storage Affiliates, Prime Storage Group, and Safestore
