Research Support Specialist, USA
The global storage unit market size is expected to reach USD 76.6 billion by 2028, registering a CAGR of 5.5% over the forecast period, according to a new report by Million Insights. Rise in demand for laptops, smartphones, PCs, and online storage software are considered to be a major factor for market growth. Also, increasing brand recognition and the influence of storage units with the help of social media is anticipated to further fuel their demand.
High demand for USB memory sticks globally has become a major driving factor for use of storage units in the global market. Owing to its increasing demand, various manufacturers are changing advertising and branding strategies to accelerate the sales of these storage units globally. In addition, consumers are focusing on storage data systems and have been increasing their demand. Hence the market is estimated to showcase growth in the forthcoming years.
The Covid-19 pandemic is likely to have a significant long-term impact on the storage unit industry due to economic issues. Thus, several industries are forced to consider other options such as cloud services to fulfill their storage needs. This resulted in unplanned pressure on IT infrastructure in cloud service provider data centers. As a result, the demand for enterprise buyers is decreasing as the demand for cloud services is increasing. Hence the financial status of various electronic industries was jeopardized by the outbreak of Covid-19.
The optical disc segment accounted for the largest revenue share of over 50% in 2020 owing to increasing demand for archived solutions. The increasing demand for optical discs from the commercial industry is estimated to boost segment growth over the forecast period. Developing nations such as the Middle East and Latin America are increasing the demand for optical discs due to the growing commercial industry in this region. Hence, the segment held the highest revenue share in the market.
The online segment is estimated to showcase significant growth over the forecast period. Storage units can be purchased at a low price via online platforms. Such channels can provide various benefits such as free shipping charges, coupon benefits, and doorstep delivery. Moreover, the availability of online units from the rising presence of significantly popular app-based sellers is a factor driving the growth of the segment over the forecast period.
In the Asia Pacific region, the market is expected to witness a CAGR of 6.1% from 2021 to 2028. This can be credited to the increasing demand for storage units in this region. It is one of the dynamic markets in the electronic industry. The rise in the use of USB memory sticks may fuel the market growth in this region. In addition, increasing disposable incomes is another major factor boosting market growth over the assessment period.
The report “Storage Unit Market Size, Share & Trends Analysis Report By Type (Optical Discs, USB Memory Sticks), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global storage units market based on type, distribution channel, and region: