The global solid state drive market is expected to cross the value of US$ 178 Bn by the end of 2031
Analysts’ Viewpoint on Solid State Drive Market Scenario
The solid state drive market is positioned for healthy growth in the upcoming months as stakeholders adjust to a new post-pandemic normal. However, it has been found that consumer-grade SSDs are more expensive than consumer-grade hard drives. Hence, market stakeholders should increase awareness about the advantages of SSDs such as reduced latency and low failure rates to offset the cost advantage of hard drives. Rise in demand for mobile devices and advancements of mobile computing technologies is a key driver for growth prospects of the market of solid state drives. In part, this can be ascribed to the growing preference of NAND (NOT-AND) flash memory-based solid state drives (SSDs) over HDDs. Manufacturers are increasing the availability of various interfaces of solid state drives such as SATA (serial advanced technology attachment) SSDs, SAS (Serial-Attached SCSI) SSDs, and PCI-E (PCIe solid-state drive) SSDs. Depending on technical characteristics, the usage of each varies.
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Companies in the global solid state drive market are catering to needs of client SSD (solid state drive) and enterprise SSD. Of the two, the client SSD held the leading revenue share of the global market in the past few years. Consumers are increasingly becoming attracted toward tablets, desktops, and notebooks. On the other hand, revenues in the enterprise SSD are projected to expand at a rapid pace during the forecast period. Some of the salient features of the SSD technology are fast logging in and less load time for apps & services to start up. Constant innovation in enterprise-grade SSD have steered revenue generation from the segment. There is substantial demand for cutting-edge storage technologies in enterprise-class servers, propelling the growth of solid state drive market.
The growing number of enterprises deploying SSD-based storage technologies are underpinning the growth prospects of the solid state drive market. The growing trend of adoption of cloud data center has fueled the uptake of SSD products.
Stakeholders in the semiconductor industry are striving to meet the unprecedented demand for electronic products amid the ongoing COVID-19 pandemic. Since business activities in the automotive industry are growing in a staggered manner, stakeholders in the solid state drive market are diversifying their production & supply activities in client, enterprise, and industrial applications. Participants in the market are establishing a balanced relationship with suppliers and ecosystem partners during the ongoing pandemic. Manufacturers are rethinking supply networks to ensure business continuity. They are taking data-driven decisions before investing in new production technologies and R&D activities.
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Solid state drives are gathering steam as secondary memory in a wide range of modern computing systems. SSDs are characterized by non-volatile flash memory, and are gaining wide preference over magnetic hard disk drives (HDDs) in mobile devices due to several benefits. Their reduced latency and lower failure rates in contrast to HDDs have made them remarkably popular in handheld devices. In particular, the incorporation of SSDs in slim laptops, convertibles, and 2 in 1s is propelling the commercialization avenues in the solid state drive market.
The rapid pace of technological advancements spurred increasingly by sheer pace of digitalization of business processes across the world is a key driver for adoption of SSDs. This has led to price decline, thus has been bolstering the uptake in enterprises as well as consumers. Thus, the solid state drive market is predicted to expand at an astonishing rate.
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