Solid State Drive (SSD) Market Size, Share, Growth Analysis, By Form Factor(2.5”, 3.5”, M.2, U.2/SFF 8639), By Interface(SATA, SAS, PCIe), By Technology(SLC, MLC, TLC), By End User(Enterprise, Client, Industrial, Automotive), By Storage(Under 500 GB SSD, 599 GB – 1 TB SSD, 1 TB – 2 TB SSD, Above 2 TB SSD), By Region - Industry Forecast 2024-2031

Solid State Drive (SSD) Market was valued at USD 30.12 Billion in 2019, and USD 34.63 in 2019 and it is expected to reach a value of USD 86.12 Billion by 2031, at a CAGR of 14.9% over the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Samsung (South Korea)', 'Intel (US)', 'Western Digital (US)', 'Micron (US)', 'Toshiba (Japan)', 'Kingston (US)', 'Lite-On (Taiwan)', 'Seagate (Ireland)', 'SK hynix (South Korea)', 'Microsemi (US)', 'Viking (US)', 'Adata (Taiwan)', 'Bitmicro Networks (US)', 'Mushkin (US)', 'NetApp (US)', 'Lexar Media (US)', 'Crossbar (US)', 'G.Skill (Taiwan)', 'Violin Memory (US)', 'Corsair Components (US)'

Cloud computing is becoming one of the most popular methods for businesses and people to backup and store their data. The growing number of cloud platforms, from classic corporate private and new public clouds to personal clouds in homes, has driven up demand for SSDs. Solid-state storage technology improvements have resulted in SSDs with new interfaces such as PCIe, NVMe, and others. Improved features such as fast data access and high speed stimulate the use of PCIe SSDs for cloud computing. New PCIe SSDs provide great performance, high frequency, and low latency. A solid state drive with these characteristics is necessary for a variety of complicated activities in data-sensitive industries such as finance, medical sciences, and energy management, where each microsecond of latency causes a huge loss in revenues.

Relational analytics is concerned with data processing and code execution methods. Smart SSDs are flash storage devices that include memory and computer capacity for handling relational analytic queries. The compute functionality of SSDs will be used to increase the performance of relational analytics for globally distributed data. This minimizes the amount of processing power required by the host machine while increasing the effective computing capability of servers or appliances. Instead of typical processors, smart SSDs employ their own CPU, which is highly efficient in terms of overall price/performance ($/MHz ratio). As a result, incorporating data processing in smart SSDs can minimize the overall energy consumption of the database server/appliance. This will eventually lower the overall cost of running the database system. In relational databases, metadata can also be cached on SSDs. This will aid in the acceleration of large databases in terms of queries, sorting, and calculations. As a result, smart SSDs will eventually offer the opportunity to commoditize a new type of data processing. Simultaneously, hardware and software providers must work together to investigate this prospect.

In 2021, North America is expected to hold a significant share of solid state drive (SSD) market share. The region comprises the two most developed economies of the globe that are the US and Canada. Leading North American firms offer the most modern SSDs as advanced storage solutions to a variety of industries. Enterprises in the United States are expanding their investments in IT infrastructure in order to obtain a competitive advantage and boost corporate productivity. As a result, there has been a strong push for the use of SSDs in IT infrastructure devices to save time, speed up data transfer, and reach high levels of performance. Furthermore, traditional hard disc drives are being replaced with SSDs at a rapid pace in North America. Further, the Asia-Pacific region is projected to register the fastest growth in the market in the upcoming years.