According to a report published by Grand View Research, Inc.; the solid-state drive (SSD) market is likely to reach a valuation of around USD 25.51 billion by 2025.
Technological advancements, high adoption of high-end cloud computing, increasing deployment in data centers, and many advantages over hard disk drives (HDDs) can propel the market during the forecast period (2014 to 2025).
Growing use of internet, growing digitalization, expanding online commerce industry, and escalating volume of media data transfer are anticipated to boost the market growth. The storage capacity in household use is projected to increase in the years to come owing to increasing use of tablets and smartphones. Increasing volumes of digital content due to high resolution of videos and images have increased the demand for better storage devices to store content. This is expected to support the market growth. SSDs are being extensively preferred in data centers due to their better performance and reliability as compared to HDD. Many enterprises use SSD, as they consume less energy and produces low environmental footprint.
Worldwide solid-state drive (SSD) market can be segmented on the basis of type, storage, end-use, and region.
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Based on type, the market can be classified into internal and external. Compare to external type, the internal SSDs comprise better and faster performance in a USB enclosure. The use of external type has been increasing due to its better portability. Despite better speed offered by internal devices, external devices pose huge demand as uses need to use an interface for data exchange and a power supply due to its portability. An external device is expensive and can be connected to other devices or systems through FireWire or USB.
As per storage, the market can be categorized into under 120 GB, 120GB-320GB, 320GB-500GB, 500GB-1TB, 1TB-2TB, and above 2TB. On the basis of end-use, the market can be split into enterprise and client. Numerous enterprise applications require reliable high-performance storage devices with high throughput, constant uptime, and power efficiency. Ever increasing digital data and content and transfers has increased the demand for the SSDs among the individuals (clients) and professionals (enterprises). Client segment has high demand for these products as users opt for efficient and large data storage options. Increasing use in devices including laptops, tablets, smartphones, and personal computers can positively boost the client segment.
Geographically, the market can be divided into North America, Europe, Asia Pacific, South America, and The Middle East & Africa.
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In 2016, North America dominated the market. Average replacement of HHDs over SSD is high in this region. Presence of major manufacturers and their focus on product innovation and differentiation is likely to increase product demand in the coming years.
Asia Pacific is likely to show significant growth in the coming years. Factors such as increasing popularity of social media, increasing expenditure for information technology (IT), growing next-generation connected devices, demand for high-capacity storage devices, and rising number of data centers can drive the market in this region. Additionally, high penetration of smartphones and laptops, flourishing big data and cloud computing, increasing demand for on-site storage systems, and increasing need for advanced computing systems are also expected to spur the market.
High usage of smartphones and laptops has increased the demand for product in the MEA and South America. Increasing knowledge about advantages of the product over HDD is likely to spur the demand in South America Region during the forecast period. High costs of the product is anticipated to have negative impact in MEA region.
Leading companies operating in the market include Micron Technology, Inc.; Seagate Technology PLC; Samsung Electronics Co. Ltd.; Digital Corporation; and Intel Corporation. Major market participants are making high investments for R&D activities and focusing more on development of diverse products. Manufacturers are focusing more to comply environmental guidelines related to recycling.
At present, most manufactures are using NAND flash-based memory, due to their low cost and non-volatility in contrast with dynamic random-access memory.
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