WW HDD Market To Reach $81 Billion by 2029
From $38 billion in 2022 or 11% CAGRThis is a Press Release edited by StorageNewsletter.com on October 19, 2022 at 2:02 pm
The HDD market is reaching a valuation of $38,489.9 million in 2022 to $80,873.0 million by 2029 and is expected to exhibit an 11.2% CAGR over the forecast period, 2022-2029, according to a report, Hard Disk Drive Market Study, from Future Market Insights, Inc.
With multiplying data volumes encouraging enterprises to procure upgraded data storage technologies, the HDD market is set for steady growth during the next decade.
HDD manufacturers launch upgraded capacities every 2 to 3 years. This would be a continuing trend in the global HDD market over the forecast period (2022-2029).
As storage capacities of HDDs continue to increase, manufacturers such as Toshiba are frequently rolling out HDD storage technology upgrades. Consequently, magnetic storage remains highly preferred option for long-term high-capacity backup and archiving, which would further push HDD sales.
Key Takeaways – HDD Market Study
• NAS HDDs 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, they will continue to see double-digit growth over the period of projection.
• Sales of HDDs with storage capacities of up to 1TB and above will collectively account for 3/4th of total HDD sales. Low storage capacity, though relatively less preferred, continues to witness sustained traction.
• USB port HDDs 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 HDD 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 HDDs 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. HDD storage technology also trumps cloud infrastructure in this condition. Offline functionality of HDD storage technology will thus bolster growth of the global HDD market during the forecast period.
Insufficient Storage Capacities Continue to Limit Market Growth
Manufacturers in the HDD market are focusing on enhancing 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 storage capacities in HDDs would thus restrict the market growth to a large extent in the near future.