Solid State Drive Market – Growth Opportunities and Challenges Over 2018-2024: Global Market Insights, Inc.
Based on the types in the SSD market, the product is classified into two categories, internal and external. It can be used as an internal memory storage for personal computers, laptops, tablets, and smartphones and they can be used as an external memory storing device. The industry is currently witnessing an increasing use of external devices due to their portable nature. An external device is expensive & slower; however, it can be attached to devices through FireWire or USB. The SSD market is segmented based on interfaces, which include SATA, SAS, and PCIe. PCIe segment is popular in the consumer segment market as it involves small products in the card format. Moreover, SAS is gaining popularity in enterprise applications due to its high efficiency (data transfer speed up to 12GB/s) and lesser hardware overhead & support for multiple data paths. Currently, most producers use NAND flash-based memory due to benefits such as non-volatility and low cost as compared to dynamic random-access memory, making this an added advantage contributing to the SSD market.
Solid State Drive (SSD) Market size is expected to grow owing to the numerous advantages of SSDs over hard drives (HDD). The major use of the product is the transfer of data from one system to another. SSDs are highly efficient and have high data transfer rate, making it an ideal choice for various business. The rising penetration of internet has led to the growth of data centers and server rooms, where a large amount of data is operated on a regular basis. In addition, the increasing utilization of SSD in the IT industry due to the speed and efficiency offered by these systems is providing an impetus to the SSD market growth. An increase in the digitization of daily activities and a huge increase in the media transfer due to social media penetration are expected to drive the SSD market. In India, government initiatives, such as Digital India, are compelling people to go digital, fueling the growth of digital data. Owing to the increasing penetration of smart devices coupled with the rise of the low-cost internet, people have started sharing high volumes of data such as HD videos and high-resolution images, generating huge data on the internet. Furthermore, increasing utilization of the technology in personal computers, laptops, smartphones, and tablets for storage applications is further driving the SSD market. The high cost associated with the manufacturing of SSD is posing challenges to the industry demands. These products are in demand by the consumer electronics 1|Page