Digital storage analyst Tom Coughlin, along with industry associated Tom Gardner, recently put together a fascinating set of charts outlining HDD industry revenue dating back to the late 50s. It utilizes multiple data sources from over the years including more than 20 years of information from Montgomery Phister.
As you can see, hard drive industry revenue did not achieve breakneck growth until the 1980s. During that decade, annual revenue increased from around $4 billion to over $20 billion. The 90s also saw its fair share of growth, but revenue was far less predictable and way more volatile.