The Global Personal and Entry Level storage (PELS) Market, By Product Type (Recordable Discs, Flash Drives, Hard Disk Drives (HDDs), Solid State Drives (SSDs) and Cloud Based Storage), by Technology (SAS, DAS, NAS, Cloud Storage Technology and Others (IP based storage, fiber channel storage, etc.)), by Application (Financial Services, Media and Entertainment, Healthcare and Life Sciences, Public Sector and Others (Communications, Internet Services, etc.) ) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 479.9 billion by 2027, exhibiting a CAGR of 36.6% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Personal and entry level storage (PESL) is required to store and manage the data in a proper way to use in the future. There are different types of data storage systems and technologies available for this purpose. Some important data storage systems include hard disks, solid-state drives, flash memories, and CDs, and DVDs among others. Cloud-based storage is a rapidly growing service for storing and managing data. It helps in reducing the cost associated with the data storage as there is no requirement of data storage systems.
The global personal and entry level storage (PELS) market is estimated to account for US$ 479.9 Bn in terms of value by the end of 2027.
Rise in end user data leading to increased demand for data storage is expected to boost the global personal and entry level storage (PELS) market growth over the forecast period
The volume of data is increasing due to rising number of home and small business networks, constant data explosion, and increasing need for data backup and archiving. Information generated globally is doubling every two years. For instance, in 2011, around zettabytes of data were generated, and by 2020, it is estimated to grow 50 times the amount of information. Such a rapid increase in the end user data is creating the need for managing this data and driving the sale of data storage equipment. As a result of this, there is a high demand for data storage products and services. Thus, these factors are expected to drive growth of the global personal and entry level storage (PELS) market during the forecast period.
Decrease in average selling prices of data storage systems can provide significant opportunities in the global personal and entry level storage (PELS) market
Constant increase in the data generated and the need to manage and store this data is creating demand for data storage devices. This, in turn, has created numerous opportunities for data storage equipment manufacturers so as to offer products at competitive prices. Product offerings from different vendors is resulting in a decrease in the prices of data storage equipment such as flash drives, SSDs, and HDDs. This, in turn, is facilitating consumers to buy these storage devices. The average selling price of HDD was around US$ 69 per unit in 2011 and decreased to around US$ 64 per unit in 2012. It further decreased to US$ 59 per unit in 2013 and the trend is expected to continue in the near future.
Security concerns regarding PELS are expected to hinder the global personal and entry level storage (PELS) market growth over the forecast period
Security concerns regarding PELS are one of the major concerns among end users. These end users are concerned regarding unauthorized access, cyber-attacks, and data breaches. For instance, in 2010, around 761 data breaches were reported by forensics analysis units of U.S. Secret Service and Verizon Communications Inc. Therefore, these factors are expected to hinder the global personal and entry level storage (PELS) market growth over the forecast period.
Cloud-based data storage and backup refer to storing and backing up the data to remote, cloud-based servers. This data is stored in the format accessible from multiple distributed and connected resources comprising the cloud. As the data is stored on remote servers, it can be accessed from any location in the world just with the help of an internet connection. Cloud-based data storage eliminates the need to carry a personal storage device such as flash drive, recordable disc, or flash memory cards for storing or accessing data.
Key companies in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in May 2011, NetApp acquired certain assets related to the Engenio external storage systems business (Engenio) of LSI Corporation (LSI). This acquisition is expected to benefit NetApp Inc. by helping to address growing customer requirements in the areas of high bandwidth and intensive analytics workloads.
Global Personal and Entry Level Storage (PELS) Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. Every country has announced lockdown to contain the spread of coronavirus. As people are staying at home and curious to know more updates on coronavirus has increased the demand for the media and entertainment industry. For instance, in April 2020, according to Broadcast Audience Research Council (BARC), total TV viewership increased to 21% from 7%, as most of the people watched news channel to get updates of the COVID-19. Streaming service providers such as Netflix, Amazon Prime Video, and Zee5 are used by people for entertainment and increases the pressure on networks. The media and entertainment industry has generated large volume of data that is required to stored and managed in a proper manner. Thus, in turn, increases the demand for personal and entry level storage (PLES) market.
Major companies operating in the global personal and entry level storage (PELS) market are IBM Corporation, Cisco Systems Inc., EMC Corporation, Symantec Corporation, NetApp Inc., Hitachi Data Systems (HDS), Hewlett-Packard Company, Toshiba Corporation, Dell Inc., Seagate Technology, and Western Digital Corporation.