Genetec: HDD sector to grow 10pc

Genetec Technology Bhd, an integrated engineering solutions provider, has estimated consolidated growth rate of hard disk drive(HDD) industry to be in the range of nine to 10 per cent in the next few years.

Genetec executive director-cum-chairman Ronnie Ortscheid said consolidation came into effect when the market became more competitive, with smaller players being phased out due to high investment costs for product development.

"The consolidation benefits big players and fewer competition in the market will mean that HDD will be sold at more reasonable prices," he told reporters after the company's annual general meeting in Bangi today.

Ortscheid said despite competition from more advanced technology of solid-state drive (SSD), there still be room for growth in the HDD industry.

"SSD is growing quickly but is still three to 10 times more expensive. HDD is still preferred," he said. -- Bernama