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New York, US, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Personal and Entry Level Storage Market information by Product, by Storage System, by Technology and Region forecast to 2028 market size to reach USD 100 billion, growing at a compound annual growth rate of 30% by 2028.

Market Scope: The global personal and entry level storage market is growing rapidly. Personal and entry level storage (PELS) systems transform and enhance business operations by offering a comprehensive storage solution that integrates and refreshes the existing IT infrastructure while reducing costs. Besides, rising uses of smart & connected devices and cloud-based technologies have allowed the market to garner significant prominence.

Moreover, emerging cloud-based storage technologies create significant market opportunities. The increasing need for additional storage is a major driving force. Additionally, the increasingly growing demand for cloud-based computing technologies for several applications is a major trend positively impacting the market rise.

Dominant Key Players on Personal and Entry Level Storage Market Covered are:

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Market USP Exclusively Encompassed:Market DriversIncreasing uses of personal and entry level storage across hosting types, providers hosting and user hosting influences the market value. The growing adoption of PELS technologies and advances in personal devices increase the market share. On the other side, the lack of awareness for the benefits of PELS systems and credible security concerns impede the market growth.

Also, the huge R&D investments required to develop PELS systems pose major challenges for the market players. Nevertheless, the rising demand for efficient storage would support the market growth over the next few years. Furthermore, increased demand for pre-installed storage services is expected to influence the market revenues. Simultaneously, advances in broadband connectivity would drive the PELS market.

AI and big data storage solutions simplify the artificial intelligence (AI) and big data infrastructure. Entry-level storage solutions offer global hybrid cloud data access and enterprise storage services, meeting mission-critical data requirements. These solutions also provide a streamlined way to discover, secure, protect and manage data from the edge to the public cloud.

Software-defined storage (SDS) solutions provide flexible storage options needed for hybrid cloud, digital transformation and more. Data protection and resiliency maximize backup storage efficiency, data security, and performance with maximum uptime at a lower cost.

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Segmentation of Market Covered in the Research:The market is segmented into product, storage system, technology, vertical, and regions. The product segment is bifurcated into cloud, non-cloud, solid-slate drives, hard disk drives, flash drives, recordable disks, and others.

The storage system segment is bifurcated into unified storage, direct-attached storage, software-defined storage, network-attached storage, cloud storage & cloud storage, and others. The technology segment is bifurcated into solid stage storage, entry-level storage, and others.

The vertical segment is bifurcated into defense & government, IT & telecommunications, life science & healthcare, entertainment & media, consulting & business, research & education, manufacturing, utilities, BFSI, retail, consumer goods, and others. The region segment is bifurcated into the Americas, Asia Pacific, Middle East & Africa, Europe, and others.

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Regional AnalysisNorth America dominates the global personal and entry level storage market. Large advances and demand for memory technologies boost the market size. Besides, the growing demand, especially from the media and entertainment industry, substantiates the regions market shares. The market is also led by the strong presence of notable players and user base in the region.

Also, the broad uptake of cloud-based storage technologies across major applications fosters market revenues. Furthermore, substantial R&D investments for the development of memory technologies support the growth of the regional market. With rising numbers of businesses, the US leads the regional market, followed by Canada.

COVID-19 Impact on the Global Personal and Entry Level Storage MarketThe onset of the coronavirus influenced the entry-level storage uses significantly. The pandemic changed the way companies work and operate securely remotely. Moreover, the shift to work from home and remote working mandates forced users to rely increasingly on PELS systems. Increasing numbers of remote working employees and network traffic propelled the PELS market size. Resultantly, the market garnered vast revenues throughout 2020.

Competitive AnalysisThe PELS market witnesses strategic initiatives such as partnerships, expansion, mergers & acquisitions, collaboration, and product & technology launches. Also, key market players make strategic investments in research and development activities and foster their expansion plans.

For instance, recently, on Sept. 27, 2021, Toshiba America Electronic Components, Inc. (TAEC), a global technology leader, launched the OCZ TL100 SATA solid-state drive (SSD) series. The new OCZ TL100 series is designed for entry-level users with traditional hard disk drive (HDD) storage and provides the performance of SSD technology at an attractive price point, seeking an affordable upgrade solution.

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About Market Research Future:Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Personal and Entry Level Storage Market Expected to Expand Up to USD 100 Billion by 2028 - GlobeNewswire