Global Personal And Entry Level Storage (PELS) Market Size Forecast 2024 - 2033
23 Dec, 2024
How Is The Global Personal And Entry Level Storage (PELS) Market Defined?
Personal and entry-level storage (PELS) refers to storage systems that help individuals, small enterprises, and home offices store, manage, backup, and exchange digital data efficiently and securely. This storage system offers a way to backup important files, documents, photos, and videos to prevent data loss in case of hardware failure, theft, or accidental deletion.
Personal And Entry Level Storage (PELS) Global Market Report 2024 provides data on the global personal and entry level storage (pels) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The personal and entry level storage (pels) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Personal And Entry Level Storage (PELS) Market Size Expected To Change, And What Are The Growth Rate Projections?
The personal and entry-level storage market has shown exponential growth, increasing from $29.38 billion in 2023 to $39.70 billion in 2024, with a CAGR of 35.1%. This growth can be attributed to rising demand for digital storage solutions, increased digitalization, smartphone and IoT device proliferation, and e-commerce expansion. The market is projected to reach $133.28 billion by 2028, growing at a CAGR of 35.4%. Factors such as awareness of data storage needs, demand for portable and cloud storage, and the development of edge computing will drive future growth. Major trends include advancements in storage technology, subscription-based services, mobile integration, wireless connectivity, and increased storage capacities.
Which Drivers Are Accelerating Growth In The Personal And Entry Level Storage (PELS) Market?
The demand for cloud computing services is expected to drive the growth of the personal and entry-level storage (PELS) market. Cloud computing, which provides hosted computing services and IT resources via the internet, offers benefits such as flexibility, accessibility, and data security. Cloud services enhance personal and entry-level storage by offering scalable, cost-effective solutions for data backup, recovery, and collaboration. According to Eurostat, 42.5% of European Union businesses purchased cloud services in 2023, a 4.2% increase from 2021. Therefore, the growing need for cloud computing is driving the PELS market.
Get Your Free Sample of the Global Personal And Entry Level Storage (PELS) Market ReportWhat Are The Core Segments Of The Global Personal And Entry Level Storage (PELS) Market?
The personal and entry level storage (PELS) market covered in this report is segmented –
1) By Product: Cloud, Non-Cloud
2) By Technology: Serial Attached Scsi (Sas), Direct Attached Storage (Das), Network Attached Storage (Nas), Cloud Storage Technology, Other Technologies
3) By End-Use Industry: Financial Services, Media And Entertainment, Healthcare And Life Sciences, Public Sector, Other End-Use Industries
Which Emerging Trends Are Reshaping The Personal And Entry Level Storage (PELS) Market Size?
In the personal and entry-level storage market, companies are focusing on advanced storage solutions like the Hitachi virtual storage platform to manage data effectively. Hitachi's virtual storage platform one is a hybrid cloud data management solution that simplifies storage across various environments, such as block, file, object, and mainframe data. In October 2023, Hitachi Ltd., a Japan-based conglomerate, launched the platform to help IT leaders scale data and modernize applications across hybrid and multi-cloud infrastructures. The platform features a unified control plane, data fabric, and AI-enabled software to manage separate data silos securely and efficiently.
What Is The Largest Region In The Personal And Entry Level Storage (PELS) Market?
North America was the largest region in the personal and entry level storage (PELS) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the personal and entry level storage (PELS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.