Market Dynamics- Drivers
Low equipment cost required is expected to drive growth of the global personal and entry level storage (PELS) market during the forecast period
PELS removes the need for investment in storage equipment for users. Instead of that, the data is stored on virtual servers located at different places across the globe. Generally, these servers are hosted by third parties who provide cloud hosting services to individuals as well as organizations. According to the Japanese HDD manufacturer Toshiba, the volume of online data generated globally has been increasing at a rate of around 40% annually. However, the price associated with this equipment remains a major concern. Therefore, low-priced, cost-effective cloud storage is the most suitable option for customers to store data online. Hence, these factors are expected to drive growth of the global personal and entry level storage (PELS) market during the forecast period.
Growing awareness towards data storage is expected to propel the global personal and entry level storage (PELS) market growth over the forecast period
It is essential to protect data from physical damages and theft, in order to maintain its integrity. This can be done by limiting access to the data. Accidental data deletion, error in reading data, and data loss due to hardware malfunction are some important reasons driving the need for data backup. Thus, growing concerns towards data storage and data backup are generating the requirement for data storage equipment. Therefore, these factors are expected to propel the global personal and entry level storage (PELS) market growth in the near future.
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Market Dynamics- Restraints
Issues regarding data security are expected to hinder the global personal and entry level storage (PELS) market growth over the forecast period
Data vulnerability is a major related to cloud-based storage since number of copies of data is created and stored on different servers across the globe. According to the survey conducted by Symantec Corporation of 2,000 small and mid-size enterprises, around 73% had been breached by cyber-attacks.  When data is distributed and stored at different locations, it creates the risk of unauthorized physical access to the data. For instance, According to the survey conducted by Symantec Corporation of 2,000 small and mid-size enterprises, around 73% had been breached by cyber-attacks. Therefore, these factors are expected to hinder the global personal and entry level storage (PELS) market growth in the near future.
Lesser lifespan of HDDs is expected to restrain growth of the global personal and entry level storage (PELS) market during the forecast period
Presence of mechanical components and higher power consumption of HDDs results in a lesser life span of disk drive as it can get easily damaged due to rough handling. The average lifespan of a typical HDD is around 5 years. Moreover, in HDD, data is stored on a metal platter and head moves over this platter at speed of around thousands of rotations per minute to read the data. This increases the possibility of data error occurrence. Furthermore, in the case of data losses, it is difficult to recover lost data. Other factors contributing to the decreased life span of HDDs include higher heat dissipation, noisy operation, and the presence of moving parts. Hence, these factors are expected to restrain growth of the global personal and entry level storage (PELS) market during the forecast period.
Market Opportunities
Adoption of cloud storage systems can present lucrative growth opportunities in the global personal and entry level storage (PELS) market
Cloud storage has become increasingly popular for both individuals and companies. Cloud services such as Dropbox, SugarSync, Google Drive, and Box offer a way to easily store data and access it from any device with an internet connection. However, data security is the biggest concern associated with this type of storage as data is stored on distant servers, with many copies spread throughout the world. For instance, Dropbox offers 2GB of free data storage space and after that costs US$ 99 annually for 100GB, US$ 199 for 200GB, and US$ 499 for 500GB space. Personal cloud storage system is the best alternative for public cloud storage where data is stored on a local networked drive allowing the user to retain full control over the data, while still making files available online.
Increasing use of SSDs and flash memories in consumer electronics can provide major business opportunities in the global personal and entry level storage (PELS) market
HDDs are predominantly used in set-top boxes for storing the downloaded data and the operative software. They are proving as a cost-effective alternative over HDDs for use in set-top boxes, owing to a reduction in the prices of SDDs. Moreover, the use of flash memory in smartphones is resulting in an increase in its internal memory that can be used for storing a large number of applications. Growing penetration of SSDs and flash memories in the aforementioned consumer electronics is expected to drive the demand for these storage products in the near future.
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