The global solid state drive market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing popularity of high-performance cloud computing, popularity of solid state drives in data centers, and advantages of solid state drives over hard drives.
A solid-state drive is a non-volatile storage device that stores data in solid-state flash memory. SSD has a solid-state storage array, which is organized like a floppy disk drive, using integrated circuits instead of magnetic or optical media. It has a long service life, easy to transport, more efficient, easy to install, reads and writes data rapidly, more reliable, uses less electricity, and provides video-on-demand services. When it comes to persistent storage, solid state drives are like hard drives. Data is stored in interconnected microchip systems, not on rotating disks.
Cloud computing is quickly becoming one of the most popular methods for companies and individuals to protect and store data. With the increasing variety of cloud platforms, from classic private and public enterprise clouds to home clouds, the demand for solid-state drives continues to increase. Solid-state hard drives with new interfaces such as PCIE are the result of advancements in solid-state storage technology. PCIE solid state drive for cloud computing are becoming popular because they have advanced features for example high speeds and fast data access. The new PCIE SSD provides excellent performance, low latency, and high frequency.
The method of processing data and executing code is the core of relational analysis. Smart SSD is a flash memory device with storage and computing capabilities to process relational analysis queries. The performance of relational analysis for very sparse data is improved by using the computing power of SSDs. This reduces the processing power required by the host PC while increasing the processing power of the server or device.
Market Trends, Drivers, Restraints, and Opportunities
- Growing preference for cloud computing technology in enterprise for backup of organizational data and rising adoption of solid state drive by data centers is expected to boost the market during the forecast period.
- Rapid growth of the automotive industry owing to demand for luxury and high-end technology cars such as navigation and entertainment system is major factor fueling the market.
- Rising initiative by government for deployment of 5G technology and declining cost of SSD is anticipated to drive the market during the forecast period.
- High cost and short life span of solid state drive is projected to restrict the market growth.
- Lack of awareness of the industry about the governance of nanotechnologies and lack of adoption by user due to cost and design complexity act as major challenges that can hamper the market growth during the forecast period.
- R&D investment and technological advancement in smart solid state drive for relational analytics by collaboration of software and hardware vendors is projected to offer significant opportunities for the market players.
Scope of the Report
The report on the global solid state drive market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
| Attributes | Details |
| Report Title | Solid State Drive Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| Segmentation | Solid State Drive Interface (SATA, SAS, and PCIE), and Applications (Enterprise and Client) |
| Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
| Key Players Covered in the Report | Micron Technology Inc.; Western Digital Corp.; Intel Corp.; Kingston Technology Corp.; and Samsung Group |
Market Segment Insights
The SATA segment is projected to represent a major market share
In terms of solid state drive interface, the solid state drive market is divided into SATA, SAS, and PCIE. The SATA segment is expected to hold a key share of the market during the forecast period. The SATA segment is expected to dominate various SATA interface applications in notebook computers, PCs, and data centers due to its various advantages including high speeds data transfer rate. It runs smoothly, supports multiple devices, has small wires, and low power consumption. SATA mainly includes an inexpensive interface design, which increases the demand for various applications including laptops, personal computers, and data centers.
The enterprise segment is expected to expand at a rapid pace
Based on applications, the solid state drive market is bifurcated into enterprise and client. The enterprise segment is expected to hold a key share of the market during the forecast period. They are mainly used in mid-range commercial laptops and desktops. The company's SSD permanently stores data or caches data in non-volatile semiconductor memory. It was developed for use in servers, storage systems, and direct-attached storage devices. These SSDs usually use NAND flash memory, which has better performance and lower power consumption. Compared with client SSDs, Enterprise SSDs provide storage protection, better performance, stronger error correction codes, consistent service quality, and long guarantees in DRAM in the event of a power failure. Improvements in NAND flash technology enable enterprise SSD manufacturers to use low-resistance NAND flash options such as multi-level cell, three-level cell, and 3D NAND. Small and medium-sized enterprises often use MLC solid-state drives, which not only have long lifespan and better performance than TLC solid-state drives, but they are also relatively cheaper than SLC SSDs.
North America is anticipated to dominate the market
On the basis of regions, the solid state drive market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to increasing adoption of advanced technologies. The region has a large number of suppliers that contribute to market growth, especially Intel, Micron Technology, and Western Digital. The region focuses on product innovation and differentiation to increase product penetration, sales, and accelerate product demand.
Segments
Segments Covered in the Report
The global solid state drive market has been segmented on the basis of
Solid State Drive Interface
Applications
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Micron Technology Inc.
- Western Digital Corp.
- Intel Corp.
- Kingston Technology Corp.
- Samsung Group
Competitive Landscape
Key players competing in the solid state drive market include Micron Technology Inc.; Western Digital Corp.; Intel Corp.; Kingston Technology Corp.; and Samsung Group.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
Request For Customization
Enquiry Before Buying
Speak With Analyst
