Market Overview:

The Solid State Drive Market size is estimated to reach $172.1  billion by 2030, growing at a CAGR of 17.5% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Solid State Drive Market – By Interface (SATA, SAS and PCIE), By Capacity (<250 GB, 250 GB to <500 GB, 500 GB to <750 GB and >750 GB), By End-User (Enterprise and Client), By Application (Desktop PCS, Notebooks/Laptops, Tablets, Data Centers, Entertainment Devices, Video Storage and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Higher reliability and durability of SSDs over traditional hard drives are appealing to enterprise users and Reduction in SSD prices is making the technology more accessible to consumers are fueling the growth of the Solid State Drive industry during the forecast period.

North America Dominated the Market in 2023:

North America accounted for the largest share of 42.1% of the Solid State Drive Market in 2023. Increasing demand for high-speed data storage solutions across various sectors, including IT, telecommunications, and retail drive the Solid State Drive market in North America. The rising adoption of cloud computing and big data analytics is fueling the need for efficient storage systems, while the expansion of data centers further boosts SSD deployment. Additionally, growing consumer preference for laptops, ultrabooks, and gaming devices with enhanced performance and durability continues to drive SSD adoption in the region.

Solid State Drive Market: Key Takeaways

The Growing Shift to Cloud Computing and Data Centers Fuels SSD Market Expansion:

The growing shift to cloud computing and data centers is a key driver for the SSD market. Global end-user spending on public cloud services was expected to rise 23.1% from $270 billion in 2020 to $332.3 billion in 2021, reaching $397.5 billion in 2022. Cloud services are forecasted to account for 14.2% of global IT spending by 2024, up from 9.1% in 2020. As businesses increasingly adopt cloud-based solutions for data storage and processing, demand for faster, reliable storage like SSDs has surged. Data centers require high-performance SSDs to manage vast data volumes, while their speed, efficiency, and durability make them the preferred option. The need for real-time data processing and AI further boosts SSD demand in cloud environments.

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Increasing Demand for Faster Data Access and Processing Speeds is Driving SSD Adoption:

The demand for faster data access and processing speeds is a major driver behind the growing adoption of solid-state drives (SSDs). As businesses and consumers increasingly rely on high-performance computing for tasks such as data analysis, content creation, and real-time applications, SSDs offer significant advantages over traditional hard drives. Their ability to deliver faster boot times, quicker file transfers, and seamless multitasking is crucial for industries like gaming, financial services, and cloud computing. Additionally, the rising use of advanced technologies such as artificial intelligence and big data analytics further emphasizes the need for efficient data storage and retrieval, which SSDs efficiently provide. As speed and responsiveness become critical for both personal and professional use, the SSD market continues to expand. 

Scope of the Report: 

        Report Metric

                            Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

17.5%

Market Size in 2030

$172.1 billion

Segments Covered

By Interface, By Capacity, By End-User, By Application, and By Region


Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).



Key Market Players

  1. Intel Corp.

  2. Micron Technology Inc.

  3. Samsung Electronics Co. Ltd.

  4. Western Digital Corporation

  5. Shenzhen KingSpec Electronics Technology Co., Ltd.

  6. Seagate Technology LLC

  7. Kingston Technology Corporation 

  8. SK Hynix Inc.

  9. ADATA Technology Co., Ltd.

  10. Corsair Memory, Inc.


Recent Developments:
  • In July 2024, Micron has launched its 9550 SSD, claimed to be the world’s fastest data center SSD, delivering top-tier performance, power efficiency, and AI capabilities. It offers up to 67% better performance than competitors, with capacities from 3.2TB to 30.72TB.
  • In January 2024, Samsung Electronics Co. Ltd. has launched the SSD 990 EVO, offering powerful performance and improved energy efficiency for gaming, work, and content editing. This NVMe SSD is designed to enhance everyday computing for a wide range of users.

Solid State Drive Market: Competitive Landscape

Key companies profiled in the Solid State Drive Market are Intel Corp., Micron Technology Inc., Samsung Electronics Co. Ltd., Western Digital Corporation, Shenzhen KingSpec Electronics Technology Co., Ltd., Seagate Technology LLC, Kingston Technology Corporation, SK Hynix Inc., ADATA Technology Co., Ltd., Corsair Memory, Inc. and Others.

About IndustryARC™:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.  

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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IndustryARC

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