Global Solid State Drive (SSD) Market to Reach US$ 156.3 Billion by 2032, Impelled by Increasing Incidences of Cyberattacks

According to the latest report by IMARC Group, titled "Solid State Drive (SSD) Market Report by Type (External, Internal), Interface (SATA, SAS, PCIe), Form Factor (1.8”/2.5”, 3.5”, M.2, U.2 (SFF 8639), FHHL and HHHL), Storage (Under 500 GB, 500 GB–1 TB, 1 TB–2 TB, Above 2 TB), Application (Enterprise, Client, and Others), and Region 2024-2032," the global solid state drive (SSD) market reached a value of US$ 52.8 Billion in 2023. A solid state drive (SSD) is a storage device that utilizes integrated circuit assemblies as memory to store data. It is a form of non-volatile storage system that can store data even when the power is switched off and uses amalgamated circuits as a memory to store persistent visual data. It comprises interconnected microchips that aid in accessing memory by substantially decreasing startup time. It is a portable option that exhibits better physical shock-resistant properties, has lesser data access latency, and offers higher speed compared to hard disk drives (HDD). Additionally, it provides faster read and write speeds than traditional HDDs, making them a great option for gaming, heavy multitasking, and other data-intensive tasks. It generates low heat, is widely utilized for video-on-demand services, and improves the lifespan of big data while ensuring minimal power consumption. Moreover, it consumes less power than HDDs, making them a more energy-efficient solution for mobile devices. As a result, it is extensively used across enterprises to reduce mechanical failures, thus enhancing overall operational performance.

Global Solid State Drive (SSD) Market Trends:

The penetration of high-end cloud computing interfaces majorly drives the global market. This can be supported by the growing need for effective data storage solutions across organizations for archiving information and file backup due to the rising instances of computer crashes and cyberattacks, causing file deletion and providing data access to unauthorized users. As applications and data become more complex, the need for faster storage is increasing, which is significantly supporting the demand for SSDs on the global level. Along with this, the increasing investments by private and public agencies to upgrade the overall data center infrastructure on account of rapid digitization are contributing to the market. Apart from this, the growing adoption of mobile devices for numerous purposes has encouraged leading manufacturers to incorporate SSD in the devices to build faster and more reliable storage solutions, which is acting as another growth-inducing factor. Some of the other factors driving the market include the rising strategic collaborations among key players to improve SSD capabilities, the large-scale integration of NAND flash memory with SSDs and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 156.3 Billion by 2032, exhibiting a CAGR of 12.6% during 2024-2032.

Market Summary:

• On the basis of the type, the market has been segmented into external and internal.
• Based on the interface, the market has been classified into SATA, SAS, and PCIe.
• On the basis of form factor, the market has been segregated into 1.8”/2.5”, 3.5”, M.2, U.2 (SFF 8639), and FHHL and HHHL.
• Based on the storage, the market has been bifurcated into under 500 GB, 500 GB–1 TB, 1 TB–2 TB, and above 2 TB.
• On the basis of application, the market has been divided into enterprise, client, and others.
• Based on the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include ADATA Technology Co. Ltd., Corsair Gaming Inc., Kingston Technology Corporation, KIOXIA Holdings Corporation, Micron Technology Inc., Samsung Electronics Co. Ltd., Seagate Technology LLC, SK hynix Inc., Toshiba Corporation, Transcend Information Inc. and Western Digital Corporation.

Report Coverage:

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