Market Size of Solid State Drive (SSD) Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 65.47 Billion |
| Market Size (2029) | USD 147.01 Billion |
| CAGR (2024 - 2029) | 17.56 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solid State Drive Market Analysis
The Solid State Drive Market size is estimated at USD 65.47 billion in 2024, and is expected to reach USD 147.01 billion by 2029, growing at a CAGR of 17.56% during the forecast period (2024-2029).
The data storage demand has been on a massive rise over the past few years, and it is expected to witness an increasing trend over the forecast period. Increasing demand for data storage options is expected to drive the demand for SSD demand over the forecast period.
The demand for SSD has been rapidly increasing, along with the growing number of cloud platforms, from the traditional corporate private and new public clouds to personal cloud usage. The commonly used SSD interfaces include Serial ATA (SATA), PCI Express (PCIe), and Serial Attached SCSI (SAS). Enhanced features, such as high speed and quick data access, boost the adoption of PCIe SSDs for cloud computing.
Increasing digitalization and shifting lifestyles are the primary factors of the rise in consumer electronics consumption. The COVID-19 pandemic also compelled consumers to go digital for various reasons, including home-schooling and remote employment and has expedited digitalization in various industries. As a result, the use of SSDs in consumer technology solutions is rapidly rising. This need is projected to continue as technological developments, including IoT, VR/AR, 5G, online technologies, and machine learning, become more prevalent.
Furthermore, the rise in storage demand has led companies to invest in manufacturing advanced solutions. For instance, in May 2022, Samsung Electronics confirmed a comprehensive collaboration on next-generation storage software innovations. The collaboration will concentrate on creating and testing open-source applications for existing and new memory and storing technologies, such as NVMe SSDs, computational storage (Smart SSDs, HBM-PIM, Smart SSDs), CXL memory, and fabrics.
Post-COVID-19 pandemic, the effort towards automated technologies will rise, supporting the global expansion of solid-state drives. Furthermore, growing data volume as a result of the work-from-home situation increased demands for solid-state discs in data centers. These SSDs will assist data center providers in providing high-speed and robust intake output operation for massive clouds and workstations.
