Hard Disk Drive Market is projected to grow at a CAGR of 0.74% to reach US$28.811 billion in 2029

hard disk drive market

The hard disk drive market is expected to grow at a CAGR of 0.74% with a market valuation of US$27.371 billion in 2022 and is expected to reach a market value of US$28.811 billion by 2029.

Hard disk drive is an electro-mechanical data storage device used in computers and laptops. The first company to introduce hard disk drives was IBM. It is a non-volatile storage drive means that data can be stored in it without any power supply.

Hard disk drives are available in two forms one is internal while the other is external. Internal HDDs are used in computers and laptops. It is connected with the help of a serial advanced technology (SATA) cable to the motherboard.

External HDD is a portable storage that is connected to the computer or laptop with the help of a USB cable. It has comparatively larger storage than flash drives. It is generally used as a device to backup data while it can also be used as a network drive to store shared content.

Rapid developments of smart technologies are propelling the demand for storage drives to store various types of data therefore it is anticipated that the changes in consumer electronic trends will propel the increasing demand for hard disk drives.

As per the report, the hard disk drive market is expected to grow at a significant pace.

The demand for data storage devices is anticipated to grow at a rapid pace due to increasing traffic in public cloud data centers. Due to this, the market of hard disk drives across the globe is expected to grow at pace and it will also witness various innovations.

As the usage of cloud-based solutions is increasing the demand for hard disk drives is also seeing rapid growth and development. Increasing innovations and demand for laptops have also contributed to the growth of the hard disk drive market growth.

Companies across the globe are rapidly making the transition to cloud computing solutions due to sudden changes in work culture and increasing demand for remote work. Due to this, cloud-based solutions have become very popular due to their ability to provide public services as well as security to the cloud setup installed on the premises of a company.

For instance, Ericsson estimated that global mobile network data traffic will continue to grow and it is anticipated that monthly mobile network data traffic will be 20GB by the end of 2023.

Many product launches and developments are taking place in the hard disk drive market during the forecast period. For instance, in March 2023, Western Digital and Kioxia Corporation announced a new 3D flashed memory technology. The company has used advanced scaling and wafer bonding technologies to develop this flash memory. It provides its users an exceptional performance and storage at a very low price. Thus, it is suitable for meeting growing data across various segments.

The rising usage of network-attached hard drives and portable data storage devices in consumer and electronic products is likely to influence the industry. These devices, which include a reprogrammable rotating magnetic disc and a magnetic writing head, are generally employed for digital data retrieval.

According to data from Cloudscene, the United States has 5,380 data centers which makes it the country having the most data centers in the North American region followed by it is Canada and the Cayman Islands each having 336 and 3 data centers, respectively.

The global hard disk drive market, based on different types is categorized into- internal HDD and external HDD. Internal hard drives (HDDs) are used as the primary storage devices in computers and laptops. They are connected to the device with the help of a SATA cable through which data is transferred in and out of it. It is available in different storage ranges from 16GB up to 100 TB.

External hard drives are portable storage devices and are connected to computers or laptops with the help of a USB cable. It is used to provide extra storage capacity for data backup and files that cannot be stored on primary storage. Compared to internal hard drives it provides more storage capacity.

The global hard disk drive market, based on end-users is categorized into- enterprise, nearline storage, and consumer use. Enterprise HDD end-users refer to the users that require large storage capacity. These HDDs are designed for heavy-duty usage at server rooms and data centers due to their high reliability and performance. It is not used as a standalone device rather it is used as a collective unit.

Nearline storage is a type of data storage that is not accessible but can be accessed easily. Some of common nearline storage are HDD, SSD, and cloud storage like Google Cloud nearline storage. It is generally slow but is a good choice for short-term storage.

Consumer hard disk drives are used in standard consumer systems and are not an ideal choice for enterprise use. These hard drives are available at lower compared to enterprise HDD and are also not meant for heavy-duty usage. But this type of HDD is cost-effective and energy-efficient. Consumer HDD is designed to be used in PCs and laptops.

As a part of the report, the major players operating in the global hard disk drive market that have been covered are Seagate Technology Holdings PLC, Western Digital Corporation, Japan Industrial Partners Inc. (Toshiba Memory Corporation), Hewlett Packard Enterprise Development LP, Sony Corporation, Transcend Information Inc., Schneider Electric, Lenovo, ADATA Technology Co., Ltd., and Buffalo Americas Inc.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-hard-disk-drive-market

The analytics report categorizes the global hard disk drive market using the following criteria:


  • By Type
    • Internal HDD
    • External HDD
  • By End-User
    • Enterprises
    • Nearline Storage
    • Consumer Use
  • By Storage Capacity
    • Below 1TB
    • 1TB and above
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Taiwan
      • Others
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