Nov 14, 2019 (Market Insight Reports via COMTEX) -- A solid-state drive (SSD) is a type of nonvolatile storage media that stores persistent data on solid-state flash memory. SSD is faster, quieter, and generally preferable when available, as compared to the hard disk drives (HDD). With a larger capacity, faster speed, and friendlier price, SSD is expected to comprehensively replace HDD in the near future.
The solid state drive (SSD) market was valued at USD 30.33 billion in 2018 and is expected to grow at a CAGR of 14.94% during the forecast period (2019 – 2024), to reach USD 69.91 billion by 2024.
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Some of the major players of the market are:
Intel Corporation, Samsung Group, Western Digital Corporation, Toshiba Corporation, Micron Technology, Inc., SK Hynix Inc., Kingston Technology Corporation, Lite-On Technology Corporation, Transcend Information Inc., ADATA Technology Co. Ltd., Seagate Technology PLC, amongst others.
The technological advancement of large companies in existing SSD with the facilities like 1 GB/s sequential read speed, high-speed continuous shooting at 960 frames per second, are boosting the market growth.
– With the splurge in big data brought about by the IoT devices and enterprise applications, the importance for faster storage has become utmost, thus, giving rise to the development of mega-sized SSDs and increased research on how to make larger SSDs at a lower cost.
– Furthermore, high capacity SSDs are typically used for cloud applications, for instance, to support content sharing traffic, such as media streaming and video, as well as active archiving applications, where highly sensitive information is not being overwritten. This has enhanced the enterprise SSDs to strike a balance between capacity and performance.
– With the introduction of smart devices and wireless technologies, in-vehicle-infotainment (IVI) system is able to play music and videos, and find the fastest route by analyzing real-time traffic information, both of which requires the reliability on the data executing speed of the storage devices in the system. In this aspect, SSDs are the best solutions for executing big data. In strict environments, such as low air pressure or high humidity atmosphere, the mechanic-free structure of SSD has made it more trustworthy than HDD.
Key Market Trends
Rising Demand from Enterprise Segment to Augment the Market Growth
– The earliest SSDs for enterprises used SLC (single-level cell) NAND flash, which stores one bit per cell and offers the highest level of endurance and performance, with a typical lifecycle of 100,000 writes per cell.
– The improvements to NAND flash technology have enabled the enterprise SSD manufacturers to use lower-endurance NAND flash options, such as a multi-level cell (MLC), triple-level cell (TLC), 2D NAND and 3D NAND. Advantages of the lower-endurance forms of NAND flash include lower cost and higher capacity, which have spurred the market growth.
– Moreover, flash storage is at the core of the increase in enterprise data. Flash is increasingly becoming integral in helping both storage vendors and data center operators weather an IT landscape that is being reshaped by next-generation workloads.
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