External Disk System Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of External Disk System market in 2021?

The global external disk system market is expected to reach a market size of USD 30.5 billion by the end of 2021. The Compound Annual Growth Rate (CAGR) of the external disk system market for the year 2021 is estimated to be around 5.2%. This growth is primarily attributed to the increasing demand for storage solutions across various industries worldwide.

COVID-19 Impact on the External Disk System Market

The COVID-19 pandemic has had a significant impact on the external disk system market in 2021. The sudden shift towards remote work and online learning due to lockdowns and social distancing measures led to a surge in demand for external storage solutions. Organizations and individuals needed more storage space to store data, documents, and media files as they operated virtually.

On the flip side, the disruptions in the global supply chain caused delays in the production and distribution of external disk systems. The restrictions on manufacturing facilities, logistics challenges, and shortage of raw materials all contributed to the slowdown in the market growth.

Overall, the COVID-19 pandemic acted as a double-edged sword for the external disk system market, with increased demand but also operational challenges in the supply chain.

External Disk System Dynamics

The external disk system market is driven by several key factors, including the increasing volume of data generated by individuals and organizations, the growing adoption of cloud storage services, and the need for secure and scalable storage solutions. The advancements in technology, such as high-speed data transfer interfaces and improved data protection mechanisms, are also fueling the market growth.

On the other hand, factors like data security concerns, competition from alternative storage solutions like cloud-based storage, and the high initial investment required for external disk systems are some of the challenges faced by market players. In addition, environmental concerns regarding e-waste generated by outdated storage devices are also impacting market dynamics.

Segments and Related Analysis

The external disk system market can be segmented based on storage capacity, interface type, application, and end-user industry. In terms of storage capacity, the market is divided into segments like below 1TB, 1-2TB, 2-5TB, and above 5TB. Based on the interface type, the market includes segments such as USB, Thunderbolt, eSATA, and others.

The applications of external disk systems span across sectors like IT & telecom, healthcare, BFSI, government & defense, and others. Similarly, end-user industries for external disk systems include individual consumers, SMEs, and large enterprises.

By Region Analysis

In terms of regional analysis, North America holds the largest market share in the external disk system market, followed by Europe and Asia Pacific. The presence of major technology companies, the high adoption rate of advanced storage solutions, and the increasing data generation in these regions are the primary reasons for their market dominance.

However, the Asia Pacific region is expected to witness the fastest growth in the external disk system market due to the rapid digitalization, increasing number of SMEs, and the rising demand for efficient data storage solutions in countries like China, India, and Japan.

Key Market Players and Competitive Landscape

Some of the key players in the external disk system market include Seagate Technology, Western Digital Corporation, Toshiba Corporation, Samsung Electronics, Kingston Technology, and Transcend Information. These companies are focusing on product innovations, strategic collaborations, mergers & acquisitions, and geographical expansions to gain a competitive edge in the market.

Recent Happenings in the External Disk System Market

In recent times, the external disk system market has witnessed several developments aimed at enhancing storage capacity, improving data transfer speeds, and ensuring data security. For example, Seagate launched a new range of external SSD drives with higher capacities and faster read/write speeds, catering to the demands of professional users and gamers.

Additionally, Western Digital introduced cloud-connected external hard drives with advanced encryption features to address the growing concerns about data privacy and security. These trends indicate a shift towards more advanced and secure external disk systems in the market.