Solid State Drive (SSD) Market Size

Solid State Drive Market Size

Solid State Drive Market size exceeded USD 55 billion in 2019 and is anticipated to grow at over 15% CAGR between 2020 and 2026. The proliferation of cloud computing platforms among several enterprises and consumers for personal usage to back up their data will increase the demand for SSDs in the coming years. Major market players in cloud computing are increasing the adoption of theses drives for quick data access and high speed in work process.

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Solid state drives are also experiencing significant acceptance in the automotive sector for next generation connected cars and infotainment passenger vehicles, fostering the SSD market growth. In connected car applications, solid state drives are used to meet the requirements for high-performance graphics, data storage, and communications. Also, SSD offers flash storage solution that aids to deliver high-performance storage and reliability in several in-vehicle applications including driver assist technology, entertainment system, navigation system, and 3D mapping.

However, COVID-19 pandemic has restrained the research & development initiative in the automotive sector due to the shutdown of several major manufacturing plants worldwide. The post COVID impact will increase the initiative toward autonomous technology, fueling the solid state drive market progression. Adding to this, the rising data traffic credited to the work from home scenario has propelled the industry demand for solid state drives in data centers. These drives will help data center companies to deliver high performance and powerful input output operation for mega clouds and servers.