External Disk System Global Market Report 2024

The external disk system market size has grown strongly in recent years. It will grow from $43.94 billion in 2023 to $47.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The expansion observed in the historical period can be attributed to several factors, including the proliferation of data, the emphasis on business continuity planning, the surge in remote work trends, growing security concerns, and the evolving landscape of consumer electronics.

The external disk system market size is expected to see strong growth in the next few years. It will grow to $64.71 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be ascribed to various factors, notably the expansion of edge computing, the integration of artificial intelligence (AI) and big data analytics, the adoption of hybrid and multi-cloud strategies, the prevalence of remote collaboration tools, and the continued expansion of the Internet of Things (IoT). Additionally, significant trends expected in this forecast period encompass cloud integration, ongoing technological advancements, the swift adoption of solid-state drive (SSD) technology, a heightened focus on storage capacity, and the integration of Thunderbolt and USB-C connectivity.

The anticipated surge in demand for data storage solutions is poised to drive the growth of the external disk system market in the foreseeable future. Data storage solutions encompass technologies and methodologies for efficiently storing and managing digital information, ensuring easy retrieval and long-term preservation. External disk systems play a crucial role in these solutions, providing businesses and individuals with scalable, portable, and secure storage options to manage the escalating volumes of data. For example, a report from The Linux Foundation in December 2022 highlighted a substantial increase in data storage, with an average end-user organization experiencing annual data growth of 566 terabytes in 2021 and 1,746 terabytes in 2022 for a 20 petabyte upper limit. This trend underscores the pivotal role of external disk systems in meeting the rising demand for data storage solutions.

The burgeoning gaming industry is expected to be a driving force behind the growth of the external disk system market. The gaming industry encompasses various entities involved in the creation, development, marketing, distribution, and monetization of video games and related products and services. External disk drives play a crucial role in this sector by providing ample storage for large game files, allowing gamers to easily transfer games between devices. According to the Entertainment Software Association's report in July 2023, consumer expenditure in the United States on video game content, hardware, and accessories witnessed a 2% increase to $7.6 billion compared to the previous year. This surge in the gaming industry's adoption is anticipated to contribute significantly to the growth of the external disk system market.

The growth of the external disk system market may face hindrances due to limited storage capacity. The constrained storage capacity of external disk systems poses challenges, particularly in data-intensive applications and industries. This limitation necessitates frequent upgrades or additional storage solutions to accommodate expanding data requirements, incurring additional costs and potentially causing inconvenience. As indicated by MiniTool Software's report in September 2023, external hard disks available in the market typically offer storage capacities ranging from 320 gigabytes (GB) to 12 terabytes (TB). This limitation in storage capacity presents a challenge to the growth of the external disk system market.

Major companies in the external disk system market are strategically focusing on introducing innovative products and solutions, such as portable Solid State Drives (SSDs), to maximize market profits. Portable SSDs, or solid-state drives, are compact external storage devices utilizing flash memory for data storage, facilitating file backup and transfer between computers. In March 2023, Samsung Electronics Co. Ltd. launched the PSSD T7 Shield, a powerful 4 TB T7 Shield Portable SSD with read/write rates of up to 1,050/1,000 MB/s. This SSD, powered by USB 3.2 Gen2 and incorporating PCI NVMe technology, offers users an expedited, interruption-free workflow. Additionally, the PSSD T7 Shield is up to 9.5 times faster than traditional external hard disk drives (HDDs). The shock-resistant aluminum body enhances durability, making it capable of withstanding drops of up to three meters.

In December 2021, SK Hynix Inc., a South Korea-based memory chip manufacturing company, acquired the NAND and SSD businesses of Intel Corporation, a US-based technology company, for an undisclosed amount. This acquisition includes Intel Corporation's solid-state drive (SSD) business and Dalian NAND flash manufacturing facility assets in China. SK Hynix aims to enhance its global position as a first-tier technology company by expanding its NAND SSD business through this strategic acquisition.

Major companies operating in the external disk system market report are Samsung Electronics Co. Ltd., Dell Inc., Lenovo Group Ltd., SK hynix Inc., Fujitsu Limited, Hewlett Packard Development Company L.P., Toshiba Corporation, Micron Technology Inc., Western Digital Corporation, Seagate Technology LLC, Kingston Technology Co. Inc., NetApp Inc., Lite-On Technology Corporation, Pure Storage Inc., ADATA Technology Co. Ltd., Transcend Information Inc., Quantum Corporation, QNAP Systems Inc., Synology Inc., Infortrend Technology Inc., Promise Technology Inc., Other World Computing Inc., SilverStone Technology LLC, Drobo Inc., Micronet Technology Inc., Akitio Technology Limited, Glyph Production Technologies Inc., Apricorn Inc., Angelbird GmbH, Buffalo Americas, ioSafe Inc.

North America was the largest region in the external disk system market in 2023. The regions covered in the external disk system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the external disk system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The external disk system market consists of sales of solid-state hybrid drives (SSHD), RAID (redundant array of independent disks), optical disk drives, and flash drives. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary categories of external disk systems include network-attached storage HDDs (hard disk drives), portable HDDs (hard disk drives), and desktop HDDs (hard disk drives). A network-attached storage HDD utilizes a hard disk drive to establish shared storage and file access over a network. This type of external disk system is employed in various applications, including computers, laptops, mobile devices, and more. It caters to a diverse range of end-users, including both personal and commercial entities.

The external disk system market research report is one of a series of new reports that provides external disk system market statistics, including external disk system industry global market size, regional shares, competitors with a external disk system market share, detailed external disk system market segments, market trends and opportunities, and any further data you may need to thrive in the external disk system industry. This external disk system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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