The global solid state drive market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing popularity of high-performance cloud computing, popularity of solid state drives in data centers, and advantages of solid state drives over hard drives.
A solid-state drive is a non-volatile storage device that stores data in solid-state flash memory. SSD has a solid-state storage array, which is organized like a floppy disk drive, using integrated circuits instead of magnetic or optical media. It has a long service life, easy to transport, more efficient, easy to install, reads and writes data rapidly, more reliable, uses less electricity, and provides video-on-demand services. When it comes to persistent storage, solid state drives are like hard drives. Data is stored in interconnected microchip systems, not on rotating disks.
Cloud computing is quickly becoming one of the most popular methods for companies and individuals to protect and store data. With the increasing variety of cloud platforms, from classic private and public enterprise clouds to home clouds, the demand for solid-state drives continues to increase. Solid-state hard drives with new interfaces such as PCIE are the result of advancements in solid-state storage technology. PCIE solid state drive for cloud computing are becoming popular because they have advanced features for example high speeds and fast data access. The new PCIE SSD provides excellent performance, low latency, and high frequency.
The method of processing data and executing code is the core of relational analysis. Smart SSD is a flash memory device with storage and computing capabilities to process relational analysis queries. The performance of relational analysis for very sparse data is improved by using the computing power of SSDs. This reduces the processing power required by the host PC while increasing the processing power of the server or device.
Market Trends, Drivers, Restraints, and Opportunities
- Growing preference for cloud computing technology in enterprise for backup of organizational data and rising adoption of solid state drive by data centers is expected to boost the market during the forecast period.
- Rapid growth of the automotive industry owing to demand for luxury and high-end technology cars such as navigation and entertainment system is major factor fueling the market.
- Rising initiative by government for deployment of 5G technology and declining cost of SSD is anticipated to drive the market during the forecast period.
- High cost and short life span of solid state drive is projected to restrict the market growth.
- Lack of awareness of the industry about the governance of nanotechnologies and lack of adoption by user due to cost and design complexity act as major challenges that can hamper the market growth during the forecast period.
- R&D investment and technological advancement in smart solid state drive for relational analytics by collaboration of software and hardware vendors is projected to offer significant opportunities for the market players.
- Micron Technology Inc.
- Western Digital Corp.
- Intel Corp.
- Kingston Technology Corp.
- Samsung Group
Key players competing in the solid state drive market include Micron Technology Inc.; Western Digital Corp.; Intel Corp.; Kingston Technology Corp.; and Samsung Group.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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