Solid State Drive Market Trends

Growth Drivers

• Increasing Internet Presence of Users all Across the Globe - Increasing social media usage, e-commerce expansion, and media content growth will all play a key role in driving the solid state drive market throughout the projected period. Due to the widespread use of tablets and smartphones, which have enabled customers to create huge amounts of digital data, average household memory consumption is likely to increase in the coming years. As a result, the need for sufficiently large storage capacity is increasing. It has also been observed that the use of SSDs in data centers has increased due to various factors, including improved performance compared to conventional HDD storage, increasing demand for storage media increases and advances in the reliability and performance of enterprise-class SSDs. Businesses prefer SSDs because they require less power, which further allows for less dispersion, leading to reduced environmental impact.
• High Demand in Data Sensitive Businesses - The rapid growth in the demand for solid state drives is driven by an increasing number of data sensitive enterprises, for e.g. medical sciences, finance services, and energy management. Their operations are highly sensitive to data, and the delays can lead to financial losses. Thus, the main feature which is expected to underpin the world solid state drive market over the coming years will be their speed and rapid access to data. 

Challenges

• High in Cost – SSDs are significantly more expensive than traditional hard disk drives which can make them prohibitive for some consumers and businesses. As technology advances and manufacturing costs decrease, SSD prices are expected to come down, but they are still likely to remain higher than HDD for the foreseeable future.
• Limited Capacity in SSD is Anticipated to Hamper the Market Growth in the Forecast Period
• Security Concerns Associated are Estimated to Pose Limitation on the Solid State Drive Market Expansion in the Upcoming Period.