Solid State Drive (SSD) Market to flourish at a robust CAGR of over 15.2% by 2030 | Western Digital, Samsung, OCZ and IBM, Intel

Solid State Drive (SSD) Market Overview:

Solid State Drive (SSD) Market Research Report, by type, Storage Capacity, End-user, Application, Storage Interface, and Region – Forecast till 2030, the solid-state drive market is anticipated to attain a valuation of approximately USD 86.5 Billion by the end of 2030. The report further predicts the market to thrive at a robust CAGR of over 15.2% during the assessment timeframe from 2002 to 2030.

Solid State Drive Market Scope: Solid State Drive refers to the latest technology in the area of information storage and is an alternative for conventional storage devices such as HDD. The broad concept of SSD is mainly known as a solid-state disk or an electronic disk. The device is utilized for storing data; it utilizes ICs as a memory for data storage and to keep it safe. It does not work like hard disk drives, there are no other movable components in SSDs devices, and they carry out data retention and storage with no more power consumption. It is possible as they are utilizing the technologically advanced NAND-flash memory chips. Solid-state drives have several performance advantages like higher and better reliability and durability, huge multi-tasking capacity, and better random-access speed than their conventional counterparts. SSDs are far better for major global data centers as they provide voluminous mass space, advanced hierarchical storage, and high speed due to their non-volatile memory technology. The global market for SSDs has increased in recent years. The main factor boosting the growth of the market is the increase in Internet usage. Furthermore, aspects like quick advances due to current digitalization, the rising volume of the latest media data transfer, and the expanding e-commerce market are also likely to influence the market’s growth over the coming years.

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Solid State Drive Market Competitive Analysis

The global market for solid-state drives has leading players such as

• Western Digital (US)
• Samsung (South Korea)
• OCZ (US) and IBM (US)
• Intel (US)
• NetApp (US)
• SanDisk (US)
• Kingston Technology (US)
• Micron Technology, Inc. (US)
• Google (US)
• Toshiba (Japan)
• Fusion-io (US)
• Lite-On (Taiwan)

Report Scope:

SSD Market USP Covered

Market Drivers

The global market for solid-state drives has recorded substantial growth in recent times owing to the aspects such as the surfacing number of cloud platforms, technical advancements in the field, and new and improved features.

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Market Restraints

On the other hand, the lack of awareness of the industry may restrict the market’s growth.

Solid State Drive Market COVID-19 Impact

The global health crisis in the form of COVID-19 has had a significant impact on the majority of the industry sectors across the globe. The pandemic has managed to impact almost 225 nations across the world, leading to governments across these nations imposing partial or complete lockdowns. The travel restrictions and social distancing norms imposed led to causing severe disruptions in the supply chain networks for most of the industry sectors. Like all the other market areas, the global health crisis has had a massive impact on global market solid state drives. In 2018, the global market for solid-state drives was at its peak in demand and sales. The global market players witnessed several unexpected challenges, such as loss of revenue and a decline in demand for these SSDs. On the other hand, with the rapid vaccination rates and all the economic and industrial activities getting back on track, the global market for solid state drives is anticipated to grow substantially over the coming years.

Solid State Drive Market Segment Analysis

Among all the types, the internal segment is anticipated to dominate the global market for solid-state drives over the coming years. these SSDs, also called internal Solid-state drives, are well-known for their instant-load performance resulting in faster boot times, overall system responsiveness, and application loading times. SSDs are usually utilized as a storage solution and as a replacement for hard disc drives. SSDs are more effective than conventional HDDs as they have access speeds of 35 to 100 microseconds, which is 100 times faster than standard HDDs.

Among all the technologies, the SLC segment is projected to lead the global market for SSDs over the assessment timeframe. Solid state SSDs with SLC has only one bit of data per cell.

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Solid State Drive Market Regional Analysis

The global solid-state drives (SSD) market is analyzed across five major regions: North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa.

As per the research reports by MRFR, the North American region is anticipated to dominate the global market for Solid State Drives (SSD) over the review timeframe. The central aspect causing an upsurge in the regional market’s growth is the growing demand for efficient and modern computing systems across the region. Furthermore, the escalating big data analytics and immediate adoption of cloud computing are also anticipated to influence the regional market’s growth over the coming years.

The Asia-Pacific regional market for solid state drives is anticipated to register the highest CAGR over the coming years. the higher demand from countries such as India, Japan, Taiwan, and China is the primary aspect boosting the growth of the regional market. Furthermore, the advancement of data centers and the growing applications of cloud computing in organizations are also projected to influence the growth of the regional market over the assessment timeframe.

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