July 17, 2018
WELLESLEY, Mass., July 17, 2018–While renewed interest in vinyl records is helping with growth, overall the magnetic and optical media manufacturing market is expected to shrink due to online video streaming and the growing popularity of cloud technologies, according to a report by BCC Research.
The industry is expected to see a compound annual growth rate (CAGR) of -12.3% through 2022, when it could be worth $12.4 billion, according to the report Magnetic and Optical Media Manufacturing: Global Markets to 2022.
Major players in the market include Dell Technologies, Hitachi, Sony, Toshiba and Western Digital, among others.
“Customers are increasingly using streaming services for media consumption such as iTunes for music and Netflix for movies; this is expected to limit growth of the magnetic and optical media market,” the report notes. “Streaming services provide the media over the internet, thus eliminating the need for purchasing physical copy of media such as audiotapes, videotapes and compact discs.”
Market Restraints Include Cloud Storage, Proliferation of Solid State Drives
Of all the factors conspiring to limit market growth, two stand out: the rising popularity of solid state drives and increasing use of cloud storage. Solid state drives, the report notes, are growing rapidly and offer higher operational performance than hard disk drives. Meanwhile, magnetic and optical storage is seeing decreased use as cloud storage expands in popularity. Many businesses are moving away from owning data centers and are instead using cloud providers to handle data and applications.
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Magnetic and Optical Media Manufacturing: Global Markets to 2022( IFT164A )
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