Solid State Drive (SSD) Market Primed for Growth due to Rising...

Solid State Drive (SSD) Market Primed for Growth due to Rising Demand for Computing Devices

Posted 2024-09-09 13:21:37

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The solid state drive (SSD) market has seen increased prominence in the last decade owing to advances in computing devices requiring improved storage solutions. An SSD is a data storage device that uses flash memory instead of a traditional hard disk drive to store and retrieve data. SSDs are highly durable compared to traditional hard disk drives and do not have any moving parts, resulting in faster read/write speeds and increased shock resistance.

Solid State Drive (SSD) Market Demand adopted across laptops and PCs due to their ability to improve overall device performance and responsiveness. Additionally, cloud computing, big data analytics, and artificial intelligence have fueled demand for large storage capacity servers, driving adoption of SSDs across datacenters.

The global solid state drive (SSD) market is estimated to be valued at US$ 64.06 Mn in 2024 and is expected to exhibit a CAGR of 16. % over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the solid state drive (SSD) market are Teclast Electronics Co. Limited, Intel Corporation, Transcend Information Inc., Samsung Group, Kingston Technology Corporation, Micron Technology Inc., ADATA Technology Co. Ltd., Western Digital Corporation, SK Hynix Inc., and Seagate Technology LLC.

The global SSD market offers significant opportunities such as demand from data centers, cloud service providers and hyperscale Internet companies. Additionally, increasing adoption of SSDs across notebooks and laptops would also boost market opportunities. Growing investments towards expansion of manufacturing facilities especially in Asian countries by leading players will further aid global expansion of the SSD market.

Market drivers
Solid State Drive (SSD) Market Size And Trends such as PCs, laptops, and tablets is one of the major drivers for the SSD market. SSDs offer improved performance and reliability compared to conventional hard disk drives and are increasingly replacing HDDs across various devices.

Additionally, growing proliferation of cloud computing and adoption of AI and big data analytics has increased the need for higher storage capacity across data centers. This is expected to propel the demand for enterprise SSD solutions in the coming years.

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