Solid State Drives Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The solid-state drives market size is projected to reach US$ 143.52 billion by 2031 from US$ 53.02 billion in 2023. The market is expected to register a CAGR of 13.3% during 2023–2031. The increasing penetration of high-end cloud computing and the growing adoption of data center applications are likely to be the key drivers and trends of the market.

Solid State Drives Market Analysis

Solid state drives market is experiencing significant growth globally. This growth is attributed to factors such as the increasing penetration of high-end cloud computing and the growing adoption of data center applications. Moreover, relational analytics using smart SSDs and innovations in critical SSD components are anticipated to drive market growth in the coming growth.

Solid State Drives Market Overview

A solid-state drive (SSD) is a new generation of storage device used in computers. SSDs store data using flash-based memory, which is faster than traditional hard disks. SSDs also have no relocating parts, and upgrading to one is a way to speed up the computer and make it stronger.

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Solid State Drives Market: Strategic Insights

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Solid State Drives Market Drivers and Opportunities

Increasing Penetration of High-End Cloud Computing to Favor Market

The SSD cloud servers operate by using the power of cloud computing and making use of solid-state drives (SSDs) for storage. Whenever there is a use of an SSD cloud server, the data and applications possessed are stored on high-speed SSDs, which enables faster access and data processing than hard disk drives (HDDs).  SSD cloud servers offer scalability, reliability, and swift performance, making them ideal for businesses of all sizes. Small and medium-sized enterprises (SMEs) find them particularly advantageous due to their cost-effective solutions without compromising on speed or storage capacity. A diverse range of applications can make the SSD cloud server. Applications such as business owners, entrepreneurs, start-ups, marketplaces, retailers, software, IT professionals, etc.

Innovations in Critical SSD Components.

Crucial external SSDs are faster than traditional hard drives and work with an expansive variety of devices. With Crucial X9 Pro, X10 Pro, X9 Pro for Mac, X9, and X6 portable SSDs, take files, backups, movies, games, or photos. The progression in SSD capacities is remarkable, revolutionizing data storage possibilities. Further, technological advancements such as 3D NAND have increased memory densities while advancing endurance and reliability. Multi-level cell (MLC) and triple-level cell (TLC) technologies have portrayed a crucial role in achieving these higher-capacity SSDs by enabling more data to be stored within memory cells.

Solid State Drives Market Report Segmentation Analysis

Key segments that contributed to the derivation of the solid-state drives market analysis are type, technology, storage, and end-user.

• Based on type, the solid-state drives market is divided into external and internal. The power management components segment is anticipated to hold a significant market share in the forecast period.
• Based on manufacturing technique, the solid-state drives market is divided into single-level cells (SLC), multi-level cells (MLC), and triple-layer cells (TLC). The single-level cell (SLC) segment is anticipated to hold a significant market share in the forecast period.
• By storage, the market is segmented into Under 500 GB, 500 GB-1 TB, 1 TB - 2 TB, and Above 2 TB. The Under 500 GB segment is anticipated to hold a significant market share in the forecast period.
• By end-user, the market is segmented into industrial, automotive, enterprise, and client; the other segment is anticipated to hold a significant market share in the forecast period.

Solid State Drives Market Share Analysis by Geography

The geographic scope of the solid-state drives market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the solid state drives market. High technology adoption trends in various industries in the North American region have fuelled the growth of the solid-state drives market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American solid-state drives market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of solid state-driven market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the solid-state drives market.

Solid State Drives Market Regional Insights

The regional trends and factors influencing the Solid State Drives Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Solid State Drives Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Solid State Drives Market Report Scope

Solid State Drives Market Players Density: Understanding Its Impact on Business Dynamics

The Solid State Drives Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Solid State Drives Market are:

1. Kingston Technology Europe Co LLP
2. SK Hynix Inc.
3. Micron Technology, Inc
4. Microsemi Corporation
5. Samsung Group
6. KIOXIA Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Solid State Drives Market News and Recent Developments

The solid-state drives market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the solid-state drives market are listed below:

• As digital transformation becomes imperative, with the continual evolution of Artificial Intelligence (AI) and rapid advancements in cloud computing, enterprises' demand for data computation and storage is escalating. To meet this growing demand, STC (a subsidiary of Kioxia) launched the CL6 series of industrial-grade SSDs, the world's first to be equipped with KIOXIA's sixth-generation BiCS FLASH™ 3D flash memory. (Source: STC Company Website, September 2023)
• Seagate Technology Holdings plc, a world leader in mass-data storage infrastructure solutions, and Phison Electronics Corp, a global leader in NAND flash controller and storage solutions, announced today plans to expand their SSD portfolio of next-gen high-performance, high-density enterprise NVMe SSDs. The new SSDs will help enterprises lower total cost ownership (TCO) through increased storage density, lower power consumption, and higher performance. (Source: Seagate Technology Holdings plc Company Website, April 2022)

Solid State Drives Market Report Coverage and Deliverables

The “Solid State Drives Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Solid state drives market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Solid state drives market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Solid state drives market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the solid state drives market.
• Detailed company profiles.