10-January-2019: According to a report by Grand View Research, Inc., global solid state drive market is anticipated to value USD 25.51 billion by 2025. Growing requirement for large, fast, and reliable data storage devices among consumers is anticipated to propel demand for solid state drives (SSDs).
Increasing penetration of internet coupled with growth of e-commerce sector can influence growth of market. Growing adoption of smartphones, laptops, and tablets among consumers can surge demand for high capacity SSDs. Increasing resolution of video and images is expected to generate large volumes of digital data and content. This, in turn, can influence market growth over next few years. Moreover, average household’s storage capacity is expected to increase attributed to popularity of tablets and smartphones. These devices are likely to generate large volumes of data and hence can fuel growth of market during the forecast period (2014 to 2025).
Based on type, the market can be bifurcated into internal and external. SSDs can be used as external storage device or can be installed inside laptops, computers, and tablets. Internal SSDs are likely to offer faster and better performance in USB enclosure as compared to external one. Use of external SDD is increasing owing to its portability. Global storage capacity per household is expected to increase owing to intense use of social media and high data transfer need. Hence, smartphones manufacturers are likely to install SSDs inside smartphones. An internal SDD is cheaper and faster. However, users are required to use specific interface for conversion and power source for using these drives portably. External SSDs can be slow and expensive but can be connected to systems or devices using FireWire or USB.
Based on storage, the market can be classified into under 120 GB, 120GB-320GB, 320GB-500GB, 500GB-1TB, 1TB-2TB, and above 2TB.
Based on end use, the market can be divided into client and enterprise. Based on size, enterprise segment can be segmented further into medium, small, and large. Most number of enterprise applications are expected to demand constant uptime, high reliability, high-performance storage devices, power efficiency, and high throughput. SSDs are likely to address all these demands in an enterprise. In addition, enterprises are likely to prefer SSDs as they are expected to consume less energy, add smaller environmental footprint, and allow for reduction in sprawl. Moreover, rising adoption of SSDs in data centers attributed to growing demand for storage infrastructure can augment market growth.
Huge amount of digital data coupled with growing adoption of reliable and fast data storage options are estimated to fuel demand for SSDs for personal and professional use. Demand for usage in client segment is also high attributed to user’s preference for fast and large data storage options. Increasing use of SSDs in personal computers, laptops, and tablets can drive client segment.
Regional segmentation includes Europe, North America, Asia Pacific, South America, and Middle East & Africa (MEA). In 2016, North America dominated the market and accounted for largest market share. Rising rate of replacing hard disk drives (HDDs) with solid state drives in the region can augment market growth. In addition, manufacturers of SSDs in the region are likely to focus on product differentiation and innovation to increase revenue and enhance geographical reach can fuel growth of market.
In Asia Pacific, the market is expected to witness significant growth attributed to rising need for high-capacity storage devices. In addition, increasing number of data centers owing to expansion of information technology in the region can stimulate growth of market. Growing popularity of social media attributed to rising adoption of next generation connected devices can influence market growth. Moreover, growing demand for advanced computing systems, rising number of smartphone and laptop users, and growing demand for on-site storage devices can augment market growth in the region.
In South America and MEA, the market is anticipated to grow well owing to growing use of smartphones and laptops embedded with SSDs. In addition, rising awareness regarding benefits of solid state drives over HDDs can augment growth of market.
Some of the leading companies offering solid state drives are Micron Technology, Inc.; Intel Corporation; Seagate Technology PLC; Samsung Electronics Co., Ltd.; and Western Digital Corporation.
In-Depth Research Report On Solid State Drive Market:
https://www.grandviewresearch.com/industry-analysis/solid-state-drives-industry
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