The solid state drive (SSD) market is expected to reach $25.51 billion by 2025. Solid State Drive (SSD) industry is driven by factors such as advantages offered by solid state drives over hard disk drives coupled with rise in uses of SSD in data centers. Rising adoption of solid state drives, content generation and storage capacities for enormous amount of digital data is expected to create favorable market conditions for further development in the forecast period. Subsequently, the rising regulations pertaining to environment and other stringent laws is likely to curb the market growth in the forecast period; wherein the CAGR would be 14.7%.
Solid-state drives are undoubtedly considered as the enabling factor to leverage the storage performance level of an enterprise. The rotating storage technology of hard disk drives are low in efficiency and at times non-competent to perform quicker response. On the contrary, SSDs are based on NAND flash memories with no mechanical parts and random access to the data is prompt.
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In many applications, the interaction between drives and host processors experience a blockage, which is why SSD’s interface evolves from conventional storage interfaces such as SATA, SAS, and PCIe that enables an uninterrupted connection of the SSD to the host processor. Flash-memory based SSDs offer prompt random access to data and rapid data transfer. The market segmentation spans by type, storage, end-use and geography. The storage type dominates the market growth in the forthcoming period owing to unique performance and value added features. End-use segment stands second to the storage segment in the market owing to high demand from enterprises.
Geographical segmentation for solid state drive (SSD) market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. North America leads the solid state drive (SSD) industry owing to rising popularity of social media and proliferation of next-generation connected devices. In addition, rise in internet services, enlarging e-commerce industry and rising volume of data transfer is likely to create favorable market conditions in U.S.
European market is expected to gain a higher CAGR in the forthcoming period owing to rise in digital data storing techniques, creation of large volume of data and content along with rise in demand for efficient storage spaces. Middle Eastern and African regions are likely to gain a positive CAGR in the forecast period due to proliferation of internet services, digitization of data, and the need for efficient data storage. The key players in the solid state drive (SSD) drive market include Micron Technology Inc, Samsung Electronics Co Ltd, Seagate Technology PLC and Western Digital Corporation.
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