Hyderabad, July 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Solid State Drive (SSD) Market Report (2023-2028)," the market is estimated at USD 55.69 billion in 2023. It is expected to register a CAGR of 17.56% during the forecast period.
A solid-state drive (SSD) is storage media that is non-volatile in nature. It stores persistent data on solid-state flash memory. It is faster, quieter, and more preferred than hard disk drives (HDD). SSDs are expected to replace HDDs due to their larger capacities, faster speeds, and affordable prices.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 55.69 billion |
| Market Size (2028) | USD 125.05 billion |
| CAGR (2023-2028) | 17.56% |
| Study Period | 2017-2027 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing demand for data storage. |
| Increasing digitalization is leading to a growing number of cloud platforms. |
Which are the Top Companies in the Solid State Drive (SSD) Market?
The solid-state drive (SSD) market is highly competitive and consists of major market players. These players are investing heavily in the R&D of new and innovative products.
Significant players in the solid state drive market are:
- Intel Corporation
- Samsung Group
- Micron Technology Inc.
- Western Digital Corporation
- Kingston Technology Corporation
- Seagate Technology LLC
- SK Hynix Inc.
- ADATA Technology Co. Ltd
- Transcend Information Inc.
- Teclast Electronics Co. Limited
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Key Highlights from the Solid State Drive (SSD) Market Report:
Demand from Enterprise Segment to Lead Market Growth
- SSDs are being used increasingly in data centers due to their high efficiency than conventional HDDs, rising demand for more storage capacities, and durability of SSDs. The increasing demand for data centers is expected to propel the demand for SSDs.
- Enterprise SSDs are preferable to client SSDs due to the protection benefits of DRAM-stored data in case of power loss, better performance, stronger error correction code (ECC), consistent service quality, and longer warranty periods.
North America is Expected to Hold the Maximum Market Share
- North America is expected to hold significant market shares due to the increasing adoption of advanced technologies in the country like cloud, IoT, big data, and high-end cloud computing. Therefore, the increasing need for storage options due to the adoption of such technologies is driving the growth of the market in this region.
- Companies in the United States are spending heavily on IT infrastructure to enhance organizational efficiency, which has boosted the demand for storage solutions like SSDs.
What are the Latest Developments in the Solid State Drive (SSD) Market?
- In July 2022, Kioxia launched NVMe SSD using PCIe 5.0 technology. The series allows SSDs using PCIe 5.0 and above to cater to future data center designs while supporting a wide range of devices and applications.
- In April 2022, SK Hynix, a South Korean storage chip giant, and its US NAND flash memory solutions subsidiary, Solidigm, launched SSDs for data centers.
Mordor Intelligence has Segmented the Solid State Drive (SSD) Market Based on SSD Interface, Application, and Geography:
- By SSD Interface (Market Size and Forecast based on Value (USD billion), 2017-2027)
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- SATA
- SAS
- PCIE
-
- By Application (Market Size and Forecast based on Value (USD billion), 2017-2027)
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- Enterprise
- Client
-
- By Geography (Market Size and Forecast based on Value (USD billion), 2017-2027)
-
-
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Rest of Europe
- Asia-Pacific
- China
- Taiwan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- North America
-
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In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Solid State Drive Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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