The Business Research Company’s report on the Solid State Drive Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the solid state drive industry?
The increasing adoption of cloud computing is expected to propel the growth of the solid state drive market going forward. Cloud computing refers to the delivery of computing services such as storage, processing power, and software over the internet rather than through on-premises hardware. The increasing adoption of cloud computing is due to cost-efficiency, scalability, flexibility, and the ability to support remote work and collaboration, enabling businesses to access advanced technology without the need for significant upfront investment in physical infrastructure. Solid state drives enhance cloud computing by delivering faster data access, improved reliability, and energy efficiency, enabling seamless scalability and superior performance for cloud-based applications. For instance, in January 2024, according to the American Bar Association, a US-based professional organization, in 2022, over 75% of attorneys reported using cloud-based services, a notable increase from 65% in 2021, while the adoption of cloud-based practice management software rose to approximately 60%, up from 50% the previous year. Therefore, the increasing adoption of cloud computing is driving the growth of the solid state drive market.
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What is the estimated market size of the solid state drive sector by 2029, based on current forecasts?
The solid state drive market size has grown rapidly in recent years. It will grow from $61.95 billion in 2024 to $72.41 billion in 2025 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to supporting government measures, improved performance and durability, increasing digitalization, shifting lifestyles, and a rise in storage demand.
The solid state drive market size is expected to see rapid growth in the next few years. It will grow to $134.02 billion in 2029 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to data sovereignty laws, autonomous vehicles, hybrid storage systems, smart city development, and telemedicine and healthcare data. Major trends in the forecast period include innovation and continuous improvement in SSD, quantum dot technology, advanced controller technologies, AI-powered data optimization, and 5G integration.
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Who are the top players in the solid state drive market?
Major companies operating in the solid state drive market are Samsung Electronics Co. Ltd., Intel Corporation, SK Hynix Inc., Micron Technology Inc., Toshiba Corporation, Kingston Technology Company Inc., Western Digital Corporation, Transcend Information Inc., Seagate Technology Holdings plc, Apacer Technology Inc., Microchip Technology Incorporated, Kioxia Corporation, Lite-On Technology Corporation, Silicon Power Computer & Communications Inc., Corsair Components Inc., Team Group Inc., ADATA Technology Co. Ltd., PNY Technologies Inc., Patriot Memory Inc., Lexar Media Inc.
What are the major trends in the solid state drive market?
Major companies operating in the solid state drive market are focusing on innovative technologies, such as consumer solid-state drives, to cater to the growing demand for high-performance storage solutions across various applications. A consumer SSD (Solid-State Drive) is a storage device designed for personal use in laptops, desktops, and gaming systems, offering faster performance compared to traditional hard drives. For instance, in January 2024, Samsung Electronics Co. Ltd., a Korea-based company that provides consumer electronics, introduced the SSD 990 EVO, a consumer SSD (solid-state drive) designed to improve everyday computing experiences. The NVMe SSD (Solid-State Drive) offers enhanced performance by up to 43% compared to the previous model, with sequential read speeds up to 5,000 MB/s and write speeds up to 4,200 MB/s. It supports Modern Standby, PCIe 4.0 x4, and PCIe 5.0 x2 interfaces.
Which geography holds the highest solid state drive market share?
North America was the largest region in the solid state drive market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solid state drive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How do different segments contribute to the overall expansion of the solid state drive market?
The solid state drive market covered in this report is segmented –
1) By Type: External, Internal
2) By Storage: Under 500GB, 500GB – 1TB, 1TB – 2TB, Above 2TB
3) By Interface: Serial Attached SCSI (Small Computer System Interface), Serial Advanced Technology Attachment (SATA), Peripheral Component Interconnect Express
4) By Technology: Multi-Level Cell (MLC) Planar, Triple-Level Cell (TLC) Planar, Single-Level Cell (SLC), Multi-Level Cell (MLC) 3D, Triple-Level Cell (TLC) 3D
5) By End-User: Individuals, Enterprises, Other End-Users
Subsegments:
1) By External: USB Interface SSDs, Thunderbolt Interface SSDs, eSATA Interface SSDs
2) By Internal: SATA SSDs, NVMe SSDs, M.2 SSDs, U.2 SSDs
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How is the solid state drive market defined, and what are its core characteristics?
Solid state drives (SSDs) refer to advanced data storage devices that use flash memory to store and retrieve data electronically, rather than mechanically like traditional hard disk drives (HDDs). Solid-state drives (SSDs) utilize flash memory to store data, enabling faster read and write speeds, lower latency, and greater durability compared to traditional hard disk drives (HDDs).
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