Global Solid-State Drives Market is valued approximately at USD 22.9 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 14.68% over the forecast period 2019-2026. Solid state drives (SSD) are electronic disk used as a data storage device. This SSD uses ICs (Integrated Circuits) assemblies as a memory for storing virtual data. SSDs performs better than conventional disks such as hard disk drives, floppy disks as it does not contain any moving component. Thus, SSD are more resistant to physical shock and has lower access time and lower latency as compared to electromechanical disks. Such advantages of SSD have widened the scope of applications of SSD in handheld devices such as smartphones and laptops.
Increasing penetration of high-end cloud computing coupled with increasing adoption of SSDs in data center are key driving factors of market growth. In addition, increasing acceptance of SSDs in notebooks and tablets is expected to create significant growth opportunity in the market over the forecast period. However, high up-gradation cost of SSD impedes the growth of the market over the forecast period of 2019-2026.
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The regional analysis of global Solid-State Drives market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to increasing spending on IT infrastructure coupled with increasing replacement of traditional hard drives in the region.
Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as increasing adoption of cloud computing among various enterprises and growth data volumes with increasing data centres would create lucrative growth prospects for the Solid-state drives market across Asia-Pacific region.
Major market player included in this report are: