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How the Personal And Entry Level Storage (PELS) Market Has Progressed: A Look Back Over the Past Few Years?
Over recent years, the market size for personal and entry level storage (PELS) has experienced significant expansion. Currently valued at $39.7 billion in 2024, this market is projected to increase to $53.79 billion in 2025, a compound annual growth rate (CAGR) of 35.5%. This impressive growth in the historic period has been driven by several factors including the escalating demand for digital storage solutions which stimulates the market, an increase in digitalization, the widespread use of smartphones and tablets, internet of things (IoT) devices, and the development of e-commerce.
The market for personal and entry level storage (PELS) is forecasted to experience significant expansion in the forthcoming years, expected to reach a value of $180.15 billion in 2029, with an impressive compound annual growth rate (CAGR) of 35.3%. The anticipated growth in the prediction period is primarily attributable to the rising consciousness about data storage, the escalating demand for portable storage, the adoption of cloud storage, the increased usage of high-definition content, and the progression of edge computing. Noteworthy trends projected to emerge in the prediction period encompass advancements in storage solution technology, services based on storage subscription, integration with mobile devices, a shift towards wireless connectivity, and storage capacities.
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What’s Driving the Upward Growth Trajectory of the Personal And Entry Level Storage (PELS) Market?
The upward trend in cloud computing service consumption is set to stimulate the expansion of the personal and entry-level storage (PELS) market. With the increasing accessibility, flexibility, data protection, and dependability of cloud computing services, they present a practical solution for providing scalable, cost-efficient and accessible PELS storage. These solutions also allow for data backup, retrieval, and collaboration. For example, Eurostat, the Luxembourg-based statistical office of the European Union, noted in December 2023, that 42.5% of EU businesses procured cloud computing services mainly for office software, data storage, and communication via e-mail. Subsequently, in 2023, there was a growth of 4.2 percentage points in the portion of EU businesses utilizing cloud-based services compared to 2021. Hence, the increased reliance on cloud computing services bolsters the PELS market.
Personal And Entry-Level Storage (PELS) Market Driver: The Amplifying Influence Of Digitalization On The Personal And Entry-Level Storage (PELS) Market
Which Segments in the Personal And Entry Level Storage (PELS) Industry Are Seeing the Fastest Growth?
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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How Will Shifting Market Trends Influence Personal And Entry Level Storage (PELS) System Adoption?
Key businesses in the personal and entry-level storage sector are spearheading innovations with cutting-edge advancements like the Hitachi virtual storage platform to streamline their data management. Hitachi virtual storage platform one is a comprehensive hybrid storage platform that facilitates data handling across diverse storage settings, encompassing block, file, object, and mainframe data. For instance, Hitachi Ltd., a conglomerate originating in Japan, introduced the Hitachi virtual storage platform in October 2023 to support IT leaders in managing burgeoning data and modernizing applications within intricate hybrid and multi-cloud infrastructures. The platform is distinguished by a singular control plane, data fabric, and data plane, all managed by AI-enabled software, to consolidate disparate data silos. The platform’s structure prioritizes dependability, security, and durability, amplifying its influence on clients with a range of data storage requirements, incorporating those at the personal and entry-level storage extent.
Which Global Regions Are Powering Demand 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.
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How Key Players Are Driving Growth 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
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