Growth opportunities in the hard disk drive market look promising over the next six years. This is mainly due to the increasing demand for data storage facilities in several enterprises and growing spending on their research & development activities concerned with the digital transformation.
Hard Disk Drive Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting demand for data storage facilities across several enterprises is the key driver stimulating the growth of the global hard disk drive market. The increasing investment in technological innovations by hard disk manufacturers to provide more reliable and efficient storage facilities will further propel the market growth. Furthermore, the ICT and Telecom are raising the expenditure on research and development activities in relation to digital transformation. Leading manufacturers have established hard disk drives to provide better sequential data transfer rates with improved areal density. It also resulted in a reduction of air-filled hard disk drives because they are highly unstable, harmful to the environment, and expensive. All these advancements together are expected to accelerate the growth of the global hard disk drive market. Moreover, the widespread Covid-19 pandemic has resulted an increase in demand for hard disk drives by different enterprises owing to the escalated digital working operations. Thus, this surging adoption plays an important role in fuelling the hard disk drive industry.
Drive Type Segment Drivers
Based on the drive type, the market is segmented into desktop HDDs, network-attached storage HDDs, and portable HDDs. Amongst which, network-attached storage HDDs are predicted to expand at a higher CAGR over the forecast market. This is attributed to the growing adoption of 4G and 5G network technologies. Also, the increasing usage of tablets, laptops, and smartphones results in a high volume of digital data is bolstering the hard disk drive market size.
Regional Drivers
Based on the regional coverage, Asia-Pacific is anticipated to expand at a faster CAGR during the forecast period. This is owing to the presence of many hard disk drive manufacturing firms led by the easy availability of raw materials and inexpensive labor in China. Moreover, Japan offers significant opportunities to vendors operating in the hard disk drive market. These initiatives are contributing to the growth of the market.
Hard Disk Drive Market’s Leading Manufacturers:
Hard Disk Drive Market Segmentation:
• North Americao United States of Americao Canada
• Asia Pacifico Chinao Japano Indiao Rest of APAC
• Europeo United Kingdomo Germanyo Franceo Spaino Rest of Europe
• RoWo Brazilo South Africao Saudi Arabiao UAEo Rest of the world (remaining countries of the LAMEA region)
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