“Global Data Storage Converter Market to reach a market value of 3.9 Billion by 2031 growing at a CAGR of 9.7%”
The Global Data Storage Converter Market size is expected to reach $3.9 billion by 2031, rising at a market growth of 9.7% CAGR during the forecast period.
In South Korea, known for its advanced technology and robust internet infrastructure, the demand for data storage converters is closely linked to the growing market. With an internet penetration rate of 97%, according to the World Bank, South Korea’s tech-savvy population has increasingly relied on mobile content, driving the need for seamless data management and storage. According to the Korea Creative Content Agency (KOCCA), the mobile gaming industry was valued at ₩7.73 trillion in 2019, and the popularity of mobile gaming continues to rise. Thus, the Asia Pacific region acquired 27% revenue share in the market 2023.
Data storage converters play a crucial role in facilitating the movement and integration of this data across healthcare systems, enabling healthcare providers to efficiently store and retrieve patient information while maintaining compliance with regulatory standards. Additionally, by enabling organizations to move and access data across multiple clouds, converters support business continuity, improve operational efficiency, and enhance data security, making them vital tools in the growing cloud storage landscape. Thus, these factors will aid in the growth of the market.
However, the cost implications of adopting data storage converters extend beyond the immediate expenses of procurement and setup. Many businesses may also need to overhaul their IT infrastructure to accommodate the new systems. This could involve upgrading servers, enhancing network bandwidth, and purchasing complementary technologies. Hence, the steep initial financial commitment can serve as a major deterrent, slowing the growth of the data storage converter market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on type, the market is classified into mobile devices, embedded systems, single-board computers (SBCs), and system-on-chip (SoC) designs. The mobile devices segment garnered 37% revenue share in the market in 2023. This can be ascribed to the rapid proliferation of mobile devices, such as smartphones and tablets, which generate substantial amounts of data and necessitate effective storage management solutions.
By application, the market is divided into consumer electronics, data centers, enterprise storage, automotive systems, and others. The data centers segment garnered 28% revenue share in the market in 2023. Substantial investments in data centers have been necessitated by the growing dependence on cloud computing, big data analytics, and virtualization in various sectors.
On the basis of enterprise size, the market is bifurcated into large enterprises and small & medium enterprises. The large enterprises segment acquired 64% revenue share in the market in 2023. This dominance is largely due to the vast data these organizations handle across multiple industries, including finance, healthcare, retail, and telecommunications. Large enterprises typically operate with complex IT infrastructures that require efficient data management solutions, making advanced data storage converters critical for ensuring seamless data transfer and compatibility between various storage systems.
Free Valuable Insights: Global Data Storage Converter Market size to reach USD 3.9 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment acquired 31% revenue share in the market in 2023. Europe’s strong focus on data privacy regulations, such as the General Data Protection Regulation (GDPR), has driven businesses to adopt more sophisticated data storage solutions, including data storage converters that ensure compliance with these regulations.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.9 Billion |
| Market size forecast in 2031 | USD 3.9 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 9.7% from 2024 to 2031 |
| Number of Pages | 249 |
| Tables | 370 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Enterprise Size, Region |
| Country scope |
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| Companies Included | VMware, Inc. (Broadcom Inc.), Intel Corporation, NXP Semiconductors N.V., ON Semiconductor Corporation, Phison Electronics Corporation, Microchip Technology Incorporated, STMicroelectronics N.V., Texas Instruments, Inc., Analog Devices, Inc. and Apacer Technology Inc. |
By Enterprise Size
By Application
By Type
By Geography
This Market size is expected to reach $3.9 billion by 2031.
Rising data generation and explosion in big data are driving the Market in coming years, however, High upfront costs associated with data storage converters restraints the growth of the Market.
VMware, Inc. (Broadcom Inc.), Intel Corporation, NXP Semiconductors N.V., ON Semiconductor Corporation, Phison Electronics Corporation, Microchip Technology Incorporated, STMicroelectronics N.V., Texas Instruments, Inc., Analog Devices, Inc. and Apacer Technology Inc.
The expected CAGR of this Market is 9.7% from 2024 to 2031.
The Consumer Electronics segment is leading the Market by Application in 2023; thereby, achieving a market value of $1.4 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,351.3 million by 2031.
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