PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388801
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388801
Solid state drive (SSD) is referred to as a type of nonvolatile storage device that assists in keeping data on solid-state flash memory. Digital data is straightforwardly stored in silicon NAND flash memory chips in solid-state drives. In addition, it has no automatic moving which increases stability against mechanical failure or physical shock and optimizes performance. Moreover, SSD includes benefits such as being more durable, more efficient, faster functioning, easy to install, easier to carry, reliable, less power consumption, faster data writes and reads, and provides video-on-demand service.
The increasing online commerce industry, increasing volume of media data transfer, digitalization of day-to-day activities, and growing penetration of the Internet are predicted to drive the market. The average household's amount of storage is anticipated to rise over the forecast years due to the popularity of tablets and smartphones, which have allowed users to generate vast volumes of digital data and content. Increasing the resolution of movies and images has also aided in the creation of large volumes of digital content and data; this has led to the trending demand for sufficient capacity to store content. Thus, the rising demand for high-resolution videos and photographs is accelerating the huge production of digital data. As a result, demand for SSDs with large capacity has grown, fueling the market growth. However, the smaller life span of SSDs and the high cost of the product are major factors expected to hinder the market growth. Furthermore, the rising initiative for deployment of 5G technology in developing economies and greater demand for consumer electronics items are also projected to positively impact the growth of the market.
The market for solid-state drives is expected to flourish as a result of the increasing penetration of high-end cloud computing as well as the rapid decline in the cost of SSDs which will gain benefit over HDDs.
The global solid state drive market is segmented on the basis of type, storage, end-use, and region.
The market is divided into two categories based on type: internal and external. The internal segment is expected to possess the largest revenue share over the forecast period. Solid state drives can be either installed as external devices for data storage or can be used as inside laptops, tablets, and computers. Internal SSDs have faster and better performance in a USB enclosure than an external one. Worldwide storage capacity per household is rising owing to the intense use of soaring data transfer, social media, and high amounts of media content generated. This, in turn, smartphone manufacturers are installing SSDs inside mobile devices.
The market is divided into two categories based on end-uses: client and enterprise. The enterprise segment is further segmented into small, medium, and large. The large number of enterprise applications needs constant uptime, power efficiency, high reliability, high throughput, and high-performance storage devices. In an enterprise, all these requirements are addressed by SSDs. Moreover, in the client segment, demand for usage is high as users prefer large and fast data storage options. The rising adoption of SSDs in personal computers, laptops, smartphones, and tablets is further driving the client segment.
Based on the region, the high-resolution melting analysis market can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. The North American market is anticipated to lead the market as the rate of replacing hard disk drives (HDDs) with solid-state drives is higher. SSD manufacturers are focusing on product innovation and differentiation to increase their geographical revenue and reach, this will further increase demand for SSD devices in the region. Furthermore, the Asia Pacific is expected to drive owing to the rise in next-generation connected devices, growing need for high-capacity storage devices, expanding Information Technology (IT) budgets, soaring number of data centers, and increasing popularity of social media. Moreover, South American and MEA markets are also being boosted by the rising adoption of smartphones and laptops embedded with SSDs. The growing awareness of the benefits of solid-state drives compared to HDDs is expected to boost demand in the region.
In data centers high adoption of SSD is predicted to influence the growth of the solid-state drive market. Additionally, the rise in the use of social media, the high demand for sufficient capacity to store content, and the rise in the application scope of the SSD in the automotive sector are expected to create various new opportunities for the market. Furthermore, the solid-state drive market is oligopolistic as key companies witness maximum share. Market players of these devices face fierce competition and focus continuously on improving their customer pool through organic and inorganic growth strategies like agreements, new product launches, mergers & acquisitions, expansions, and joint ventures to strengthen their position in this competitive landscape. For example, in May 2023, Micron Technology, Inc. introduced the release of two SSDs, the Micron 6500 ION NVMe SSD and the Micron XTR NVMe SSD. Created to keep pace with the flourishing growth of data, these drives offer a major advancement for data centers by reducing operating costs and enhancing storage efficiency.
For instance, in July 2022, Western Digital Corp. and Sony Interactive Entertainment collaborated to deliver the sectors initial official PlayStation-licensed M.2 SSD for PlayStation 5 (PS5) to gamers throughout the globe.
The scope of this report covers the market by its major segments, which include as follows: