Global External Hard Drive Market Report and Forecast 2024-2032

Global External Hard Drive Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global external hard drive market size reached a value of USD 9.98 billion in 2023. Aided by the rising demand for data storage solutions and advancements in digital technology, the market is projected to further grow at a CAGR of 4.80% between 2024 and 2032 to reach a value of USD 15.37 billion by 2032.

External hard drives, which serve as portable storage devices, are widely used across personal, commercial, and industrial applications for the secure storage of large volumes of data. The increasing volume of digital content and data generated globally is a significant factor driving the external hard drive market growth. From large-scale corporate data to personal files such as videos, photos, and music, the need for additional storage has grown exponentially. With the rise of high-resolution media, 4K and 8K video content, and digital data in industries such as entertainment, education, and healthcare, external hard drives have become an essential tool for managing and storing massive amounts of data.

Cloud storage alternatives have emerged in recent years; however, external hard drives still offer several advantages that maintain their relevance in the market. They provide users with full control over their data without relying on an internet connection, ensuring privacy and security. Moreover, for users needing to transfer large files quickly between systems, external hard drives offer high data transfer speeds, especially with the rise of USB 3.0 and Thunderbolt technology. This is contributing to the external hard drive market demand.

Additionally, the increasing trend of working remotely has further bolstered the demand for external hard drives. As employees manage substantial work-related data outside office environments, they rely on portable storage devices to ensure efficient data handling. This surge in remote working, coupled with the expanding digital economy, is expected to fuel the market demand throughout the forecast period.

External SSDs, though more expensive than their HDD counterparts, are gaining popularity, particularly among professionals who prioritize speed and reliability, such as video editors, graphic designers, and IT professionals. The demand for high-performance external drives is expected to aid the external hard drive market development, with SSDs being a crucial segment in the market during the forecast period.

In addition to SSD technology, the development of wireless external hard drives represents a new trend gaining traction. Wireless drives enable users to connect multiple devices without cables, offering convenience for users managing several devices simultaneously. This trend aligns with the growing need for mobility and wireless connectivity in consumer electronics. This is expected to enhance the external hard drive market value.

Another emerging trend is the growing concern over data security, which has led to innovations in external hard drives equipped with encryption and password protection features. This focus on enhancing security and privacy is expected to attract businesses and individual consumers who handle sensitive data, further expanding the market.

As per the external hard drive market analysis, the Asia-Pacific presents significant opportunities for market growth. The rapid digitalisation and expanding consumer electronics industry in countries like China, India, and Southeast Asia are expected to drive demand for external hard drives. In these regions, businesses and individuals alike are increasingly relying on external storage solutions to manage their growing data requirements.

The market for external hard drive is poised for steady growth over the next five years, driven by the increasing need for data storage solutions and advancements in digital technology. While cloud storage presents competition, external hard drives continue to offer unparalleled advantages in terms of affordability, speed, and security. With the ongoing shift toward remote working and the increasing adoption of digital media, the external hard drive market is expected to remain robust.

Market Segmentation

The market can be divided based on storage capacity, application, distribution channel, and region.

Market Breakup by Storage Capacity

• Below 1 TB
• 1 TB To 4 TB
• Above 4 TB

Market Breakup by Application

• Enterprises
• Personal

Market Breakup by Distribution Channel

• Online
• Offline

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global external hard drive market. Some of the major players explored in the report by Expert Market Research are as follows:

• Seagate Technology Holdings PLC
• Western Digital Corporation
• Toshiba Corporation
• Sony Corp.
• Transcend Information, Inc.
• Samsung Electronics Co., Ltd.
• Lenovo Group Limited
• Kingston Technology Company, Inc.
• ADATA Technology Co., Ltd.
• HP Inc
• Buffalo Americas Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
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