Hard Disk Drive Market accounted for revenues worth over US$ 32.5 Bn, and are expected to exhibit 10.4% CAGR over the forecast period, 2019-2029. With multiplying data volumes encouraging enterprises to procure upgraded data storage technologies, the hard disk drive market is set for steady growth during the next decade.
HDD manufacturers launch upgraded hard disk drive storage capacity formats at intervals of every two to three years. This would be a continuing trend in the global hard disk drive market over the forecast period (2022 – 2029), suggests a new Future Market Insights (FMI) report.
As data storage capacities of hard disk drives continue to increase, leading manufacturers such as Toshiba are frequently rolling out hard disk drive storage technology upgrades. Consequently, magnetic storage remains highly preferred option for long-term high-capacity data backup and archiving, which would further push hard disk drive sales.
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Key Takeaways – Hard Disk Drive Market Study
- Network-attached Storage (NAS) hard disk drives that currently hold a market share of over 2/5th, would remain top selling in the global market for HDD. With the highest estimated incremental opportunity to be attained through 2029, NAS HDDs will continue to see double-digit growth over the period of projection.
- Sales of hard disk drives with storage capacities of up to 1 TB and above will collectively account for three-fourth of total HDD sales. Low storage capacity, though relatively less preferred, continues to witness sustained traction.
- USB port hard disk drives that currently make up for over a third of total sales will see steady adoption in the near future. Whereas, plug-in power sources of HDDs are set to gain popularity.
- Geographic expansion and collaborations with other hard disk drive providers would be the preferred developmental strategies of key players in HDD market.
Offline Functionality of HDD Storage Technology Remains USP
Owing to persistent ransomware attacks on networks of various organizations, customers have started procuring efficient magnetic storage technologies. Presence of an air gap acts as a security measure that isolates hard disk drives and prevents them from establishing external network connections.
This prevents the information stored on these tapes from falling prey to cyber-attacks, as they are not connected to the enterprise network, at least when switched off. Hard disk drive storage technology also trumps cloud infrastructure in this condition. Offline functionality of hard disk drive storage technology will thus bolster growth of the global hard disk drive market during the forecast period.
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Insufficient Storage Capacities Continue to Limit Market Growth
Manufacturers in the hard disk drive market are focusing on enhancing data storage capacities to efficiently cater to massive digital data volumes. The relatively low availability of digital storage capacities will however continue to create a sizeable digital gap throughout the forecast period. The insatiable demand for enhanced data storage capacities in hard disk drives would thus restrict the market growth to a large extent in the near future.
Know More About FMI’s Hard Disk Drive Market Study
Future Market Insights offers an unbiased analysis of the global hard disk drive market, providing historical data for 2014-2021 and forecast statistics from 2022-2029. To understand opportunities in the hard disk drive market, the market is segmented on the basis of drive type, storage capacity, drive interface, and power source, across seven major regions.
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