Solid-state Drive (SSD) Market size is set to surpass USD 125 billion by 2026, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the increasing requirement for storage capacity in computers and improvements in older interface protocols for transferring data. Earlier the data transfer in Hard Disk Drives (HDD) were transferred over network protocols such as Parallel ATA (PATA), Integrated Drive Electronics (IDE), and Small Computer System Interface (SCSI). Today, hard disk drives are being replaced by solid-state drives in almost every market.
The rise in Big Data through enterprise and cloud applications with the growing demand for faster storage has resulted in the increasing development of large-storage SSD at a low cost. Increasing penetration of internet users worldwide, upsurge in e-commerce platform, and rising media volume data transfer are anticipated to stimulate the industry growth. The growing adoption of smartphones and laptops allows users to generate large amount of content and digital data. This will increase the requirement of high storage capacity devices, accelerating the market expansion among consumer applications.
SAS interface is gaining market traction due to rising integration in cloud data centers
Get more details on this report - Request Free Sample PDF
The SAS segment held 5% of the market in 2019 and is projected observe 20% growth rate till 2026. The SAS interface aids to deliver high data transfer speed up to 22.5 Gbit/s, support for multiple data paths, and require lesser hardware overheads, fostering its demand in the market. In addition, companies in the industry are replacing dynamic RAM with NAND flash memory owing to benefits, such as low cost and non-volatility, adding an advantage for significant acceptance of SAS interface.
The SAS interface offers efficient I/O queuing protocol, low cable size and cost, and high signaling rates, propelling its integration in large data center applications. Key players are focusing on advancing the integration of SAS interface in solid-state drives to gain high growth opportunities in cloud datacenters.
Rising demand for MLC in consumer electronics application is fueling the solid-state drive market progression
MLC is rapidly growing segment in the market is estimated to attain a CAGR of 15% through 2026 led by the high-performance and low cost of GB per SSD compared to the other technology segment. Adoption of MLC in solid state drives helps to deliver faster storage with low error rate, resulting in high growth opportunities for MLC in enterprise applications. Development in enterprise multi-level cell (eMLC) and burgeoning growth of enterprise data centers in developing nations will add a lucrative advantage to the market.
MLC technology is highly economic compared to TLC and finds applications in consumer electronics devices, such as gaming consoles, laptops, and smart devices, in the market. Companies are continuously engaged in the development of solid-state drive through technological advancement.
Browse key industry insights spread across 250 pages with 395 market data tables and 21 figures & charts from the report, “Solid-state Drive (SSD) Market Size By Interface (Serial ATA (SATA), Serial Attached SCSI (SAS), Peripheral Component Interconnect Express (PCIe)), By Technology (Single Level Cell (SLC), Multi-Level Cell (MLC), Triple Level Cell (TLC)), By Storage (Under 500 GB, 500 GB - 1 TB, 1T B - 2 TB, Above 2 TB), By Application (Enterprise, Client), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing storage capacity requirement in enterprises is proliferating the demand for high storage SSD
The 500 GB - 1TB segment held around 30% of the market share in 2019 impelled by the growing requirement for quick and efficient performance of computers to enable multitasking and faster application launch time in enterprises. In office laptops and PCs, the usage of 500 GB - 1 TB solid state drive is increasing rapidly to deliver optimum usage, faster sequential read speed, and robust performance to employees. Therefore, to cater to the high demand in the market, companies are innovating high storage capacity in solid state drives.
Rising demand from the IT sector will propel the solid-state drive market value
Enterprise segment accounted for 5% of revenue share in 2019. Large number of enterprise applications require high reliability, power efficiency, constant uptime, and high throughput from storage devices. The SSD address all these requirements for an enterprise. Moreover, the IT sector is demanding technological solutions for increasing storage requirement from enterprises. Development in enterprise SSD to address the demand from the IT sector will positively impact the industry expansion.
The rising trend of work from home due to COVID-19 pandemic has resulted in the need for high-speed data storage and data transmission in large enterprises. Solid state drive will help enterprise data center companies to deliver high performance and powerful input output operation for mega clouds and servers. Companies are investing in new technology solutions to cater to the demands for high power efficiency and improved endurance, boosting the industry progression.
Rising penetration of data centers is laying significant impact on APAC
Asia Pacific solid-state drive market is predicted to witness substantial growth during the forecast period on account of the growing data center establishment. Several investments by foreign & global leaders to establish data centers in Indonesia and Singapore will add an opportunity for the industry value. Rising digitalization among the population is also adding to an upsurge in the demand for hyperscale data centers in the region. Furthermore, the increasing demand from citizens for online services and development of e-governance projects will further accelerate the growth of data centers.
The key players in the market include Western Digital Corporation, Samsung, Intel Corporation, Toshiba Corporation, Micron Technology Inc., and Seagate Technology PLC. Companies are involved in new product innovations and bringing upgraded versions of solid-state drive storages suitable for growing applications.
Explore More on Related Topics: