Solid State Drive (SSD) Market size is set to grow by USD 167.41 billion from 2024-2028, Enhanced performance and durability boost the market, Technavio

NEW YORK, July 23, 2024 /PRNewswire/ — The global solid state drive (SSD) market size is estimated to grow by USD 167.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  35.02%  during the forecast period. enhanced performance and durability is driving market growth, with a trend towards emergence of portable SSDs. However, poor latency and endurance  poses a challenge. Key market players include ADATA Technology Co. Ltd., Corsair Gaming Inc., DataDirect Networks Inc., Intel Corp., International Business Machines Corp., Kingston Technology Co. Inc., Kioxia Corp., LITE ON Technology Corp., Maxta Inc., Micron Technology Inc., NetApp Inc., Pure Storage Inc., Samsung Electronics Co. Ltd., Seagate Technology Holdings Plc, Simms International plc, SK hynix Co. Ltd., Sony Group Corp., Toshiba Corp., Transcend Information Inc., and Western Digital Corp..

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Market Driver

The global SSD market is experiencing significant growth due to the introduction of advanced portable SSD alternatives. For instance, Kingston Technology’s XS2000 offers USB 3.2 Gen 2×2 speeds for next-generation performance in a compact, portable external drive. Micron Technology has expanded its portable SSD portfolio, providing consumers with various options for external storage based on performance, capacity, and value. Their new offerings include a high capacity 4TB and a 500GB portable SSD. These portable SSDs deliver superior speed and performance in a convenient, on-the-go format, fueling the expansion of the SSD market. 

The SSD market is thriving with advancements in NAND technology. MLC Planar and MLC 3D are giving way to TLC 3D, offering more storage at lower costs. Smartphones and PCs are leading the demand for SSDs under 500 GB, while Enterprise, Client, Industrial, Netbooks, Ultrabooks, and Laptop systems in the 500 GB–1 TB and 1 TB–2 TB range are growing. Homes and small workplaces in the Consumer market prefer SSDs over HDDs. MnM, PCI Express, SATA, 2 (SFF 8639), FHHL, and HHHL interfaces cater to various system requirements. SLC, MLC, and TLC, with RI and NAND 3D technologies, ensure efficient data access for Single-user desktops and laptop systems. 

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Market Challenges

The Solid State Drive (SSD) market faces significant challenges, primarily in the area of latency and endurance. SSDs cannot completely mask write latency with write-back caching, but read latency cannot be concealed. SSD read latencies typically range from a few hundred microseconds, but can exceed tens of milliseconds or even seconds when access is interrupted by internal device tasks. Additionally, SSDs have a limited number of write cycles compared to hard disks, with SLC flash drives offering higher endurance at a premium price, and MLC flash being a more affordable option, but its lifespan depends on user data and internal drive activity. These factors, particularly endurance, may hinder the growth of the global SSD market.The Solid State Drive (SSD) market is experiencing significant growth, driven by the demand for faster and more reliable storage solutions. One trend shaping the market is the development of “Smart SSDs” with advanced features like hardware-based encryption and IEEE 1667 interface for high-end cloud computing. However, challenges remain, such as the need for compatibility with ATA and SATA interfaces, and the design complexity of next-generation interfaces like PCIe. Solid-state drive providers are also addressing the needs of various industries, including automotive for infotainment systems and next-generation connected cars, and data centers for cloud computing and relational analytics. TLC SSDs are gaining popularity for their cost-effectiveness in consumer applications like notebooks and tablets. Enterprises are focusing on file back-up, archiving information, and ensuring security for sensitive data on cloud platforms. In April 2021, Samsung Electronics launched the PM9A1 SSD, offering NVMe interface, NAND flash memory, and hardware-based encryption for enhanced performance, reliability, and security. Overall, the SSD market requires a balance of flexibility, temperature management, and endurance to meet the diverse needs of businesses and consumers.

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Segment Overview 

This solid state drive (ssd) market report extensively covers market segmentation by  

Type 1.1 TLC1.2 MLC1.3 SLCEnd-user 2.1 Laptops2.2 PCsGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 TLC-  The TLC segment of the Solid State Drive (SSD) market is an emerging and cost-effective option for consumer applications. TLC, or Triple-Level Cell, is the least expensive form of NAND flash memory, storing three bits per cell. Despite having lower performance, less endurance, and fewer write cycles compared to SLC and MLC, TLC is ideal for consumer usage due to its high storage density and low cost. Samsung Electronics, for instance, offers a 100+ layer 250GB V6 SATA SSD, which utilizes sixth-generation V-NAND technology, 136 layers of charge trap flash cells, and TLC 3bits/cell. With better error correction requirements and a lower price point, the TLC segment is expected to drive the growth of the global SSD market, offering a cost-effective solution for consumers.

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The global Client Solid-State Drive (SSD) market is witnessing rapid growth driven by increasing demand for high-performance storage solutions in personal computing and enterprise environments. Advances in technology and declining prices are fueling adoption rates. Meanwhile, the global All Flash Array market is expanding due to its superior speed and efficiency over traditional storage systems, making it a preferred choice for data centers and cloud services. Key players in both markets are investing heavily in innovation to cater to the rising demand for faster, more reliable data storage solutions.

Research Analysis

Solid State Drives (SSDs) are digital storage devices that use NAND flash memory instead of spinning disks like Hard Disk Drives (HDDs). SSDs offer several advantages over HDDs, including faster read and write speeds, lower power consumption, and no moving parts, making them ideal for high-performance applications. SSDs come in various interfaces such as PCI Express (PCIe), SATA, and M.2 (SFF 8639), with form factors including Full Height Half Length (FHHL) and Half Height Half Length (HHHL). TLC Planar and SLC are common types of NAND flash memory used in SSDs. SSDs are widely used in high-end cloud computing, automotive, and other applications requiring fast storage. The NVMe interface is gaining popularity due to its high bandwidth and low latency, making it a preferred choice for PCIe SSDs. Solid-state drive providers continue to innovate, offering solutions for low-cost interface designs and advanced technologies like relational analytics.

Market Research Overview

Solid State Drives (SSDs) have revolutionized the storage industry, offering faster read and write speeds compared to traditional Hard Disk Drives (HDDs). SSDs use NAND flash memory, available in various types such as TLC Planar, SLC, and MLC, and the latest 3D NAND technology. SSDs come in different interfaces including SATA, PCI Express (PCIe), and Mini-SAS (MnM), with form factors like 2.5″ (SFF 8639), Half-Height Half-Length (HHHL), and Full-Height Full-Length (FHHL). SSDs are used in high-end cloud computing, automotive infotainment systems, next-generation connected cars, data centers, and various consumer applications like notebooks, tablets, smartphones, and PCs. The market for SSDs is vast, catering to Enterprises, file back-up, archiving information, cloud platforms, compute engine, and more. In April 2021, Samsung Electronics launched the PM9A1 SSD, designed for sensitive data with security requirements. SSDs offer benefits like performance, reliability, endurance, flexibility, and security through hardware-based and software-based encryption. The market continues to grow, with advancements in NVMe, IEEE 1667, and design complexity.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeTLCMLCSLCEnd-userLaptopsPCsGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio