Solid State Drive Market size is expected to cross USD 800 Billion by the end of 2036, expanding around 19% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of solid state drive was over 53 Billion. Cloud computing is quickly gaining popularity among users as a data preservation tool, followed by the increasing use by a wide range of people and businesses. By 2027, more than 50% businesses all across the globe are going to take up cloud computing program for improved results. The demand for solid state drives has increased globally due to the availability of a wide range of cloud platforms, including new public clouds, conventional private clouds, and personal clouds at home.
The market for solid state drives is driven by the increasing need for data storage across a range of end applications. The need for data storage has grown significantly in recent years, and it is anticipated that this trend will continue in the near future, propelling the global SSD market expansion. Solid-state drives have surfaced as a more advanced substitute for hard disk drives. They are high in demand worldwide due to their outstanding read and write capabilities. SSDs are better than hard disk drives because of their fast data accessibility.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~19% |
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Base Year Market Size (2023) |
~USD 53 Billion |
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Forecast Year Market Size (2036) |
~USD 800 Billion |
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Regional Scope |
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End User (Enterprise, Client, Industrial, Automotive)
Solid state drive market from the enterprise segment is estimated to grow at the highest by registering a revenue share of 40% by the end of 2036. Enterprise SSDs leads the way over client SSDs with power loss protection for data stored in DRAM, higher performance, stronger error correcting code (ECC), consistent and durable quality of service, and longer warranty. The first enterprise-class SSD to use single-level cell (SLC) NAND flash memory, which stores one bit per cell and provides the highest endurance and performance, with a typical life cycle of 100,000 writes per cell. Additionally, NAND-based flash storage solutions are in high demand among organizations due to their long durability, low cost, and faster storage with low error rates, which increases the demand for SSD solutions in businesses around the world. The growing use of SSDs in data centers is driven by many factors, including higher performance compared to conventional HDD storage, increasing demand for storage capacity, as well as advances in the durability and performance of enterprise SSDs.
Interface (Serial ATA (SATA), Serial Attached SCSI (SAS), Peripheral Component Interconnect Express (PCIe))
In terms of interface, the SATA segment is predicted to dominate the global solid state drive market during the time period between 2024-2036. That's because the SATA interface is cost-effective to design, enabling it to be adopted by a wide variety of devices such as laptops, data centers, and personal computers. With the support of the SATA interface, data center operators can improve their existing systems' reliability and performance which are expected to provide opportunities over the coming years.
Our in-depth analysis of the global SSD market includes the following segments:
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Type |
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Form Factor |
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Interface |
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Storage |
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Technology |
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End User |
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North American Market Forecasts
The SSD market in the North America is estimated to hold the largest revenue share of 35% by the end of 2035. Because of the increasing uptake of cutting-edge technologies like cloud, IoT, big data, and high-end cloud computing, North America is anticipated to be a significant market. The region's market is growing because of the rising need for storage brought on by the widespread use of these technologies. Strong vendor presence in the area supports the expansion of the market. In order to boost product penetration, boost revenues, and accelerate the demand for the item in the area, regional producers are also concentrating on invention and product differentiation. For example, Micron released the 5400 SATA SSD Advanced Memory System for Critical Infrastructure in June 2022. With the 5400 SSD, the company provides 176-layer NAND innovation to its data center SATA SSD.
Europe Market Statistics
The solid state drive market in the Europe is expected to grow substantially by the end of forecast period. The demand for solid state drives in Europe is being fueled by the rapid adoption of smart devices, rising investment to develop IT infrastructures, and a rapidly expanding use of cloud computing. Moreover, in the Europe region, Germany is predicted to dominate the regional market during the projected time period.
Author Credits: Abhishek Verma, Hetal Singh
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