Solid-state Drive Market
Solid-state Drive Market - By Storage insights, By End use insights, Type insights and Global Region Market Size, Trends, Share & Forecast 2020-2025Request Sample Request Discount
The global solid-state drive market size was valued at USD 7.8 billion in 2019 and is expected to register at a compound annual growth rate (CAGR) of 6.8% from 2020 to 2025. And even in the coming years, it is only meant to experience further boost ups. But there are some factors that accredit the boosting of the Solid State Drive Market. For instance, higher reliability, supreme efficiency in performance, and the ever-increasing SDD usage are some of such factors.
There are some specific organizations that solely observe and control data security. On a regional level, some of them would be the Waste Electrical and Electronic Equipment (WEEE) of the EU and the RoHS which is Restriction of Hazardous Substances. While most countries have a solid privacy and data safety policy, the UK has a law that ensures data safety to a great level. The Data Protection Act of the country keeps a solid check on the accessibility of an individual or organization’s data.
With the wildly rising usage of smartphones and devices, even more data is generated, which further requires protection. With such wide usage continuing in the coming years, any average household would produce heaps of digital data. But some factors that would really drive the market are the rapidly boosting e-commerce industry, bulks of media data transfer, excessive use of the internet, and almost everything becoming an online activity. With this rise in the usage and consumption of resources, there is also a demand for capacity to store the content.
On the basis of geography, the market divides into South America, North America, Asia Pacific, Europe, and Middle East and Africa. North America generated the highest revenue for the market in 2019. As a result of higher demand in North America market, the SSD manufacturers there have been looking towards product differentiation to further their reach.
Asia Pacific’s SSD market is evidently driven by factors such as an increase in IT budgets, wide popularity and use of social media and all electronic devices, and the need to store the data from these devices. So is also the case with the SSD market in South America, where SSDs are fast replacing HDDs. However, the high costs of SSDs have a negative impact in the Middle East and Africa. Due to this, the demand in that region has been falling.
In terms of storage type, the market can be segmented into 120 GB, 120GB to 320GB, 320GB to 500GB, 500GB to 1TB, 1TB to 2TB, and above 2TB. The SSD storage has been becoming immensely popular amongst all the other segments of the market. This is because of its immaculate performance and characteristics. Even though it is costlier compared to others, it ensures the smooth running of most applications.
Most SSD manufacturers today use the NAND flash-based memory instead of the RAM. This is due to its lower cost and higher efficiency.
End use insights
On the basis of end use, market segmentations are enterprise and the client. Most enterprises' applications need to display a high uptime, throughput, excellent storage devices, and good reliability. And all of these requirements are those which the SSDs fulfill and bring to pass.
Both the client as well as the enterprise has a rising demand as well as the need for the SSDs. This is due to the hefty amounts of digital data and the generation of content and to store these safely. The need is particularly higher in the client base. They opt for super-fast and large data storage options with the wide use of electronic devices.
Data centers have been widely using SSDs, and there are some factors which are the reason behind this. The need for a good storage infrastructure, superb reliability, and performance, higher efficiency compared to HDDs are some of such factors. The characteristics like reduction in sprawl, lesser energy consumption and a smaller carbon footprint make the SSDs appealing to enterprises.
The SSDs are further divided into internal and external. Internal would be when they are installed inside the devices. External SSD is when they are used as mediums of data storage externally. The efficiency of internal SSDs is much higher than the external ones. But the latter has seen a rising demand due to its ease of mobility.
Internal SSDs are also much faster and cost-efficient. But they require a conversion interface or a power source if one needs to port them. Therefore, although the external SSD is slightly costlier or even less efficient, it is much easier to use and port.
Competitive Landscape insights
The competition between companies in this market has greatly shot up. There are some companies which we can consider as the key players. Companies like the Western Digital Corporation, Samsung Electronics Co., Ltd., Intel Corporation, Seagate Technology PLC, and Micron Technology Inc., are some of the key participants. This industry growth can happen when these companies focus on investing in Research and Development and Technological Proliferation. The manufacturers and associations need to carry out such investments.
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