What Has Been the Progress and Growth of the Personal And Entry Level Storage PELS Market in Recent Years?
The personal and entry level storage pels market has seen considerable growth due to a variety of factors.
• In recent times, the personal and entry level storage (PELS) market has seen a remarkable surge in its size. The projections are for it to expand from $39.7 billion in 2024 to about $53.79 billion in 2025, indicating a compound annual growth rate (CAGR) of 35.5%.
The past growth in this sector can be linked to the escalating demand for digital storage solutions that drives market growth, coupled with the widespread adoption of digitization, the sweeping spread of smartphones and tablets, internet of things (iota) devices, and the e-commerce industry's growth.
What Can Be Expected from the Personal And Entry Level Storage PELS Market Size?
The personal and entry level storage pels market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for personal and entry level storage (PELS) is predicted to exhibit remarkable growth in the upcoming years, escalating to $180.15 billion in 2029 with a compound annual growth rate (CAGR) of 35.3%.
This projected growth within the predictive period can be ascribed to the rising consciousness regarding data storage, increasing demand for portable storage, adoption of cloud storage, enhanced use of high-definition content, and the emergence of edge computing. Key trends during the prediction period involve technological progression in storage solutions, storage services based on subscriptions, compatibility with mobile devices, transition towards wireless connectivity, and storage capacities.
What Are the Critical Driver Fuelling The Personal And Entry Level Storage PELS Market's Growth?
The increasing need for cloud computing services is set to boost the personal and entry-level storage (PELS) market's expansion. Cloud computing services provide hosted IT resources and computing services over the internet, charged on a pay-as-you-go basis. Their popularity is growing due to their flexibility, accessibility, data security, and dependability. These services imbue PELS with greater accessibility, scalability, and affordability, complete with data backup, recovery, and collaboration features. Statistics from Eurostat, the EU's Luxembourg-based statistical office, reveal that 42.5% of EU businesses had purchased cloud computing services in December 2023, mainly for office software, file storage, and email. Additionally, EU firms' share buying cloud computing services in 2023 had risen by 4.2 percentage points from 2021. As such, this rising demand for cloud computing services is fueling the personal and entry-level storage (PELS) market's growth. The escalating influence of digitalization on the personal and entry-level storage (PELS) market is also anticipated to drive its growth. Digitalization involves converting physical items, information, or data into a digital format that computers can easily process, transmit, and store. Its growing significance can be attributed to factors such as improved customer support, increased brand visibility and awareness, enhanced customer engagement, and cost-efficient marketing. Digitalization is supported by PELS by offering accessible, scalable, and affordable solutions that allow individuals and small businesses to securely manage, store, and swiftly retrieve digital data. This enables smooth digital workflows, efficient data sharing, and improved data accessibility, all vital to digital transformation. For example, the digital sector contributed $171.25 million, or 7.2% of the total gross value added (GVA) to the UK economy in 2022, per provisional estimates in a February 2024 report from the UK-based government website, gov.UK. This marks a minor rise from 7.1% in 2021. Therefore, the increasing significance of digitalization is propelling the personal and entry-level storage (PELS) market's growth.
How Is The Personal And Entry Level Storage PELS Market segmented?
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
Subsegments:
1) By Cloud: Public Cloud, Private Cloud, Hybrid Cloud
2) By Non-Cloud: External Hard Drives, Solid-State Drives (SSDs), USB Flash Drives, Network Attached Storage (NAS)
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What Emerging Trends Are Influencing The Growth Of The Personal And Entry Level Storage PELS Market?
Key industry players in the personal and entry-level storage market are innovating and developing products with sophisticated technologies such as the Hitachi virtual storage platform to effectively control their data. The Hitachi virtual storage platform one offers a hybrid cloud data solution, consolidating data management across various storage settings like block, file, object, and mainframe data. In October 2023, Japan-based conglomerate Hitachi Ltd. introduced this virtual storage platform to tackle obstacles encountered by IT leaders when scaling data and updating applications over complicated hybrid and multi-cloud infrastructures. It incorporates a single control, data fabric, and data plane run by AI-driven software to unite disparate data silos. The platform is designed with a focus on reliability, security, and sustainability, augmenting its influence on customers with diverse data storage needs, including those in the personal and entry-level storage arena.
Who Are the Key Players In The Personal And Entry Level Storage PELS Market?
Major companies operating in the personal and entry level storage (PELS) market are:
• Samsung Electronics Co. Ltd.
• Dell Technologies Inc.
• Hitachi Ltd.
• Intel Corporation
• International Business Machines Corporation (IBM)
• Cisco Systems Inc.
• Broadcom Inc.
• Fujitsu Limited
• Micron Technology
• Hewlett Packard Enterprise Company
• Toshiba Corporation
• Western Digital Corporation
• Asustek Computer Inc.
• Seagate Technology Holdings plc
• NetApp Inc.
• Pure Storage Inc.
• Nutanix Inc.
• ADATA Technology Co. Ltd.
• Netgear Inc.
• PNY Technologies Inc.
• Tintri Inc.
• DataCore Software
• Drobo Inc.
• Kingston Technology Company Inc.
• Scality Inc.
• Apricorn Inc.
• Glyph Production Technologies
• TerraMaster Technology Co. Ltd.
• Thecus Technology Corporation
What Is The Most Dominant 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 2024. 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.
