HDD Market Anticipated to Grow at 11.2% CAGR from 2022 to 2029
StorageNewsletter.com, January 27th, 2023
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. With multiplying data volumes encouraging enterprises to procure upgraded storage technologies, the HDD market is set for steady growth during the next decade,
HDD manufacturers launch upgraded HDD capacity formats at intervals of 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 technology upgrades. Consequently, magnetic storage remains highly preferred option for long-term high-capacity backup and archiving, which would further push HDD drive sales.