London, Nov. 03, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global solid state drive market size was reached at USD 28.1 billion in 2020. The increasing usage of solid state drive in various consumer electronics such as smartphones, tablets, laptops, and desktops is significantly boosting the growth of the market across the globe. Moreover, the growing application of solid state drives in cloud computing is another factor driving the demand for the solid state drives. The solid state drives offers high speed, low latency, quicker access to data, and have low costs that makes it an upgraded alternative to the hard disk drives.
Further, the solid state drive market is driven by technological advancement in the interface such as development of the PCIe interface, which is gaining rapid traction in cloud computing services because of its high-end performance. The usage of solid state drive in the automotive sector for the development of infotainment systems is expected to boost the demand. Furthermore, the significantly growing IT infrastructure across the globe is a major factor that can be held responsible for the growth of the global solid state drive market during the forecast period.
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Crucial factors accountable for market growth are:
- Rising adoption of smartphones, laptops, and tablets
- Rising investments in developing IT infrastructure
- Growing adoption of 5G technology
- Rapidly growing cloud computing industry
- Presence of medium and small enterprises
- Rapid adoption of solid state drive by the gaming industry
- Rising number of online financial services and data centers
Report Scope of the Solid State Drive (SSD) Market
| Report Coverage | Details |
| Market Size in 2020 | USD 28.1 billion |
| Growth Rate from 2021 to 2030 | CAGR of 11% |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Companies Mentioned | Intel Corporation, Micron Technology, Inc., Seagate Technology PLC, Samsung Electronics Co. Ltd., Western Digital Corporation, Toshiba, Viking, Adata, Bitmicro Networks, Kingston |
Regional Snapshots
North America dominated the global solid state drive market in 2020. The rising demand for the data storage need of individuals and enterprises coupled with the demand for high speed data accessibility has fostered the growth of the solid state drive market in the region.The proliferation of 5G technology in North America will result in the rapid growth of the solid state drive market during the forecast period. The presence of various big IT players such as Google, Amazon, and Facebook augments a high demand for the solid state drive. These factors are expected to boost the growth of the market.
On the other hand, Europe is estimated to be the most opportunistic market owing to the presence of high number of small and medium enterprises in the region that fosters the demand for the solid state drives. Moreover, the rising penetration of digital platforms along with the growing adoption of consumer electronics like smartphones and laptops is expected to drive the solid state drive market in the forthcoming future.
Report Highlights
- Based on the interface, the PCIe segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the higher adoption of PCIe interface because of its high speed and cheap prices.
- Based on the technology, the TLC segment dominated the market in 2020. . The TLC technology is the cheapest technology as compared to any other technology. Further, the enhanced performance of TLC has boosted its adoption across various industries.
- Based on application, the enterprises segment is expected to exhibit highest CAGR during the forecast period. The presence of huge number of small and medium enterprises along with the availability of 3D NAND, TLC, and MLC that offers high performance at lower costs have augmented the growth of this segment.
Market Dynamics
Driver - The rapid penetration of cloud computing across the globe is a major driving force of the market. Cloud computing is becoming an important aspect for the enterprises and individual customers to back up and archive their important data. Therefore, the rising number of cloud computing platforms is expected to drive the growth of the global solid state drive market during the forecast period.
Restraint - The major restraining factor that can hamper the market growth is the high cost and short life span of the solid state drives. The price of the solid state drive is higher than the hard disk drive. Even after a significant price reduction of NAND flash memory, the price of the solid state drives remains higher than the hard disk drives.
Opportunities - The top market players such as Samsung, Intel, Micron, and Seagate are constantly engaged in research and development of new and efficient technologies. This resulted in an increased number of new product launches with innovative features. The development of new features with increased affordability is expected to provide lucrative growth opportunities in the developing markets.
Challenges - The demand for the solid state drive is rising significantly. The development of innovative features has resulted in the design complexities of these solid state drives. The performance of the solid state drive is highly dependent on its design.
Segments Covered in the Report
By Interface
- SATA
- SAS
- PCIe
By Technology
- SLC
- MLC
- TLC
- Others
By Application
- Enterprise
- Client
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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