Data storage firm Seagate lays off 500 employees

According to Silicon Valley Business Journal, it wasn't clear where exactly the job cuts were located.

In a regulatory filing, the company said the job cuts are "intended to drive additional operational efficiencies and better position the company to capitalize on secular growth opportunities driven by increasing demand for mass capacity storage and data management from endpoints to edge to core".

The data storage company said it aims to consolidate its facilities in Minnesota to one location and "continue to align resources to better support future growth prospects."

Another data storage company Hitachi Vantara laid off 151 employees at its Santa Clara headquarters in the US in February this year, said the report.

According to an IDC report this month, spending on storage (server-based platforms and externally attached platforms and systems) is estimated to grow at a five-year CAGR of 18.5% and reach $5.73 billion globally.

"Spend on computing platforms (servers including accelerators and interconnects) is estimated to grow at a five-year CAGR of 16.2 per cent and reach $28.07 billion," said the IDC.