Solid State Drive Market - Growth Rate, Share, Forecast to 2023

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Solid State Drive Market - Growth Rate, Share, Forecast to 2023

Market Synopsis:

Solid-state drive (SSD) is a device for data storage that leverages the use of assemblies of integrated circuits as memory. It uses NAND memory chips that retain the memory without consuming power. It has been highlighted in Market Research Future MRFR's report that the global solid-state drive market is poised to strike 15.13% CAGR during the forecast period 2018 to 2023. It further unravels that the market will earn over 50 Bn by 2023, rising from USD 21.78 Bn in 2017. It unfolds that the future trajectory of the market will remain attractive in the coming years.

SSD (solid-state drive) has gained popularity over HDD owing to its higher reliability, multi-tasking ability, higher random access speed, etc. These performance benefits are projected to augment the solid-state drive (SSD) market in the years to come.  However, hybrid systems with HDD has gained quick mileage. It is supposed to revolutionize the growth pattern of the SSD market in the near future. Other factors that can boost the market growth rate in the foreseeable future are rising demand for cloud computing, growth of e-commerce industry, increasing volumes of data transfer, etc. However, the high cost of the device can pose challenge to the players in the market across the assessment period.

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Market Segmentation:

On the basis of type, the solid-state drive market has been segmented into SLL (Single Level Cell), MLL (Multi-Level Cell), and TLL (Triple Level Cell).

On the basis of application, the solid-state drive market has been segmented into PCs, laptops, data centers, and others.

On the basis of end-users, the solid-state drive market has been segmented into client and enterprise users, industrial and automotive.

On the basis of storage interface, the solid-state drive market has been segmented into SATA, SAS, and PCIe.

On the basis of storage capacity, the solid-state drive market has been segmented into 250 GB, 251GB to 500GB, 501GB to 1 TB, and more than 1 TB.

Regional Analysis:

The regional segments of the global Solid State Drive Market covered in this report for geographical analysis are as follows - Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW). These segments are further assessed asseyom country-level to offer an actionable insight and facilitate comparative study. North America is supposed to lead the global market through the evaluation period on account of the rising adoption of cloud computing technologies in the region. Also, the growing demand for big data analytics is likely to fuel demand for SSDs in the region over the review period. Asia Pacific, meanwhile, is presumed to thrive saliently at the highest growth rate. Some of the country-level markets of the region assessed to contribute substantially to market growth are China Taiwan and Japan.

Competitive Dashboard:

Samsung (South Korea), SanDisk (US), Intel (US), Micron Technology, Inc. (US), Lite-On (Taiwan), Western Digital (US), Toshiba (Japan), Fusion-io (US), Google (US), NetApp (US), OCZ (US), Kingston Technology (US), and IBM (US) are major players of the solid-state drives market. Also, innovators such as   Adata (Taiwan), Viking (US), BiTMICRO Networks (US), Foremay (US), Diablo Technologies (Canada), Crossbar (US), and Violin Memory (US) are the expected to play a crucial role in the development of the SSD market. These players are investing in the latest technologies to capitalize on the thriving opportunities. Also, regional expansion is likely to attract investments over the next few years. These factors are assessed to catalyze competition in the market in the foreseeable future.

Industry News:

In November 2019, Adata Technologies Co. Ltd., a Taiwanese memory and storage manufacturer, has announced the launch of its slim and portable external solid-state drive (SSD), ADATA SC685.

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