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Global Solid State Drive Market - Growth, Trend and Forecasts (2022 - 2030)
SKU ID : INH-13104021 | Publishing Date : 07-Jul-2018 | No. of pages : 107
The Solid State Drive Market was valued at USD 26.4 billion in 2017 and is expected to grow at a CAGR of 15.1% during the forecast period (2018 - 2023), to reach USD 60.7 billion by 2023. Solid State Drive have applications in commercial and industrial data centers. Also, these drives are used in PCs, tablets, notebooks, and mobile phones. The scope of our study is geographically limited to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Enterprise applications demand high-performance storage, high throughput, power efficiency, and high dependability, and SSDs (solid state devices) meet all these requirements. Small scale SSD’s are being adopted in laptops, personal computers, and to some extent in tablets, mobile phones. SSDs are also a viable option for data centers as they offer high speed, hierarchical storage and mass volume owing to their non-volatile memory technology as they also provide high-speed bus interface enabling high data-transfer speed in enterprise systems. A growing adoption of high-end cloud computing and penetration of SSDs in data centers is expected to drive the solid state drive market. However, the cost of these drives compared to HDDs can act as a challenge for the market.
Rising Demand from Enterprise Segment to Augment the Market Growth
The growth in data generated by enterprise coupled with the growing adoption of cloud technology is expected to drive the market. It is projected that by 2022, more than 72% of the global organizations will migrate to cloud from on-premise data centers, cementing the rise of cloud storage. In addition, cloud acts as a catalyst for IT transformation, providing the flexibility to combine the cloud and existing on-premise infrastructure in the ratio best suited for the workload, driving the demand for SSDs in cloud computing. Also, increasing digitization globally is expected to contribute value to different end-user industries such as BFSI, IT services which is rising need for mega data centers worldwide.
Asia-Pacific Expected to Witness the Fastest Growth
The market in the region is driven by growing adoption of cloud computing in the enterprises and the growth in the data generated and data centres in the region. The region is poised to witness the fastest growth rate owing to developments in India and China. Over the last two years, the public cloud services market in India has seen phenomenal growth, reaching USD 1.8 billion in 2017, and this figure is expected to reach USD 4.1 billion by 2020. The growing demand for high-density, redundant facilities throughout China is precipitating a shift in the design and development of the country’s data centers. China has 50 internet users per 100 population indicating scope for lot of development and the connectivity ecosystem is made up of 73 colocation data centres, 52 cloud service providers.
Key Developments in Solid State Drive Market
• April 2018 - Kingston Technology Company, Inc. announced the shipping the UV500 family line of SSD products. It is available in multiple form factors and will be Kingston’s first 3D NAND-enabled SSD featuring full-disk encryption
• February 2018 - Samsung Electronics announced the start of the mass production of industry’s largest capacity SSD, the PM1643 which has 30 TB capacity. It can be used in next-generation enterprise storage systems
Major Players: INTEL CORPORATION, KINGSTON TECHNOLOGY EUROPE CO LLP, LITE-ON TECHNOLOGY CORPORATION, MICRON TECHNOLOGY, INC., SAMSUNG ELECTRONICS CO., LTD., SEAGATE TECHNOLOGY LLC, SK HYNIX INC., TOSHIBA MEMORY AMERICA, INC. and WESTERN DIGITAL CORPORATION, amongst others.
Reasons to Purchase Solid State Drive Market Report
• Current and future adoption outlook of solid state drive in the developed and emerging markets
• Analysing various perspectives of the market with the help of Porter’s five forces analysis
• The interface that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Enterprise applications demand high-performance storage, high throughput, power efficiency, and high dependability, and SSDs (solid state devices) meet all these requirements. Small scale SSD’s are being adopted in laptops, personal computers, and to some extent in tablets, mobile phones. SSDs are also a viable option for data centers as they offer high speed, hierarchical storage and mass volume owing to their non-volatile memory technology as they also provide high-speed bus interface enabling high data-transfer speed in enterprise systems. A growing adoption of high-end cloud computing and penetration of SSDs in data centers is expected to drive the solid state drive market. However, the cost of these drives compared to HDDs can act as a challenge for the market.
Rising Demand from Enterprise Segment to Augment the Market Growth
The growth in data generated by enterprise coupled with the growing adoption of cloud technology is expected to drive the market. It is projected that by 2022, more than 72% of the global organizations will migrate to cloud from on-premise data centers, cementing the rise of cloud storage. In addition, cloud acts as a catalyst for IT transformation, providing the flexibility to combine the cloud and existing on-premise infrastructure in the ratio best suited for the workload, driving the demand for SSDs in cloud computing. Also, increasing digitization globally is expected to contribute value to different end-user industries such as BFSI, IT services which is rising need for mega data centers worldwide.
Asia-Pacific Expected to Witness the Fastest Growth
The market in the region is driven by growing adoption of cloud computing in the enterprises and the growth in the data generated and data centres in the region. The region is poised to witness the fastest growth rate owing to developments in India and China. Over the last two years, the public cloud services market in India has seen phenomenal growth, reaching USD 1.8 billion in 2017, and this figure is expected to reach USD 4.1 billion by 2020. The growing demand for high-density, redundant facilities throughout China is precipitating a shift in the design and development of the country’s data centers. China has 50 internet users per 100 population indicating scope for lot of development and the connectivity ecosystem is made up of 73 colocation data centres, 52 cloud service providers.
Key Developments in Solid State Drive Market
• April 2018 - Kingston Technology Company, Inc. announced the shipping the UV500 family line of SSD products. It is available in multiple form factors and will be Kingston’s first 3D NAND-enabled SSD featuring full-disk encryption
• February 2018 - Samsung Electronics announced the start of the mass production of industry’s largest capacity SSD, the PM1643 which has 30 TB capacity. It can be used in next-generation enterprise storage systems
Major Players: INTEL CORPORATION, KINGSTON TECHNOLOGY EUROPE CO LLP, LITE-ON TECHNOLOGY CORPORATION, MICRON TECHNOLOGY, INC., SAMSUNG ELECTRONICS CO., LTD., SEAGATE TECHNOLOGY LLC, SK HYNIX INC., TOSHIBA MEMORY AMERICA, INC. and WESTERN DIGITAL CORPORATION, amongst others.
Reasons to Purchase Solid State Drive Market Report
• Current and future adoption outlook of solid state drive in the developed and emerging markets
• Analysing various perspectives of the market with the help of Porter’s five forces analysis
• The interface that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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