Home Semiconductor & Electronics Solid-State Drive (SSD) Market Size, Emerging Trends and Forecast to 2031

Solid-State Drive (SSD) Market

Solid-State Drive (SSD) Market Size, Share & Trends Analysis Report By Type: (External, Internal), By SSD Interface (SATA, SAS, PCIe), By Technology (SLC, MLC, TLC, Others), By Form Factor (1.8”/2.5”, 3.5”, M.2, U.2, FHHL/ HHHL), By Storage Capacity (Under 500 GB, 500 GB - 1 TB, 1T B - 2 TB, Above 2 TB), By Application (Enterprise, Client, Automotive and Industrial) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRSE1786DR
Study Period 2020-2032 CAGR 17.6%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market Asia Pacific Fastest Growing Market Europe
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Market Overview

The global solid-state drive market size to reach USD 175.9 billion by 2030 from USD 40.7 billion in 2021, growing at a CAGR of 17.6%.  

A solid-state drive (SSD) is a non-volatile storage device that stores persistent data on solid-state flash memory is a solid-state drive (SSD). An SSD is a solid-state drive that stores data using integrated circuits rather than magnetic or optical storage media. An SSD contains an array of semiconductor memory organized as a disc drive. There are many advantages to using solid-state drives (SSD). They function more quickly, are more resilient, are less cumbersome to transport and install, consume less power, read and write data more quickly, are more reliable, and provide video-on-demand services. Hard disc drives (HDDs) and solid-state drives (SSDs) store data using non-volatile media. Instead of being stored on spinning discs, the information is kept in interconnected microchips. As a direct consequence of this, the memory access is significantly accelerated, and the amount of time required for SSDs to begin operating is drastically cut down. Because of these qualities, solid-state drives (SSDs) are finding more and more applications in computing.

Solid-state drives (SSDs) have become the centre of attention since the big three cloud players—Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP)—are investing significantly in solid-state storage. SSDs have demonstrated the significance of high-performance object storage, becoming increasingly important as cloud service providers target high-performance applications, including production enterprise systems. In addition to traditional block and file storage, object storage and more recent forms of block and file storage have recently entered the market to facilitate computing workloads and virtual machines (VMs). This trend has affected how businesses store and process information, with typical enterprise applications such as customer relationship management systems, collaboration tools, and email all being hosted on cloud platforms. Much structured and unstructured data is being made available due to broader developments in information technology such as artificial intelligence (AI), the Internet of Things (IoT), and big data.

Market Dynamics

Global Solid-State Drive Market Drivers

  • The growing dependency on data centre applications is driving the market

A single solid-state drive (SSD) can outperform multiple spinning discs while using less power. As a result, able to consolidate servers and cut down on the overall physical footprint of a storage rack. However, the performance of SSDs in a data centre is determined by a different set of metrics than those used in consumer PCs. It is possible to use hundreds of solid-state drives (SSDs) in a typical data centre. If the power goes out, the drives on your computer could become corrupted, which would cause a significant amount of downtime because the drives would need to be reformatted. The operating systems would need to be reinstalled.

Additionally, data loss could harm your business's operations and your relationship with your customers. Finally, damaged drives would need to be replaced, which would result in higher operating costs. The importance of power loss protection (PLP) mechanisms can thus not be overstated.

  • Huge demand from the high-end cloud segment

With a massive quantity of consumer data being stored or backed up in the cloud, SSDs have become an attractive alternative to HDD storage. This has increased the demand for PCI Express (PCIe) storage in performance-sensitive applications and in-memory workloads, such as cloud computing and machine learning. Since PCIe-based SSDs are the preferred interface for these demanding sections, data analytics and high-performance rendering have embraced the fastest performance and lowest latency.

Considering the multi-cloud future of storage, allied user businesses have shifted to utilizing local storage systems to accommodate a variety of file handling, backup, and archive strategies. On the other hand, storage vendors have been observed churning out products to meet local storage requirements — and the competition is fierce.

An organization's migration to the cloud is primarily motivated by cost savings. To compete in the cloud, cloud providers must reduce expenses, of which hardware represents a significant portion. Cloud providers will only acquire storage hardware whose cost per gigabyte decreases exponentially to sustain growing demand without incurring rising costs at the same rate. The development of 3-D Xpoint has been in line with the current strategy to emulate flash or DRAM using NVMe SSDs.

  • Replacement of SDD over HDD in crucial verticals

A solid-state drive (SSD) functionality is comparable to a traditional hard drive; however, the data is not stored on interconnected flash memory chips, which can keep their data even when the power supply is turned off. When it comes to the delivery of data, a hard disc drive with 7200 RPM is up to 33 per cent faster than a hard disc drive with 5400 RPM. However, current solid-state drives (SSDs) store data using flash memory modules, and higher-end drives use 3D NAND flash memory modules, which can hold more data at a lower cost. When it comes to longevity, hard disc drives (HDDs) and solid-state drives (SSDs) are on par with one another; however, SSDs have a significant advantage in power consumption, which is an essential factor for applications that take place in data centres. Hard Disk Drives have moving parts, which cause them to generate heat; consequently, they require cooling to function correctly. Because of this, the HDDs use nearly five times the amount of electricity that would usually be used in a data centre.

Global Solid-State Drive Market Restraint

  • Concerns related to the cost and overall lifespan of SSDs

With the advancement of technology, mechanical hard drives are no longer the only option available. Solid State Drives (SSD) have become more streamlined thanks to an efficient drive that employs flash memory rather than platters and other moving parts. Consumers, businesses, and institutions have chosen SSD due to its speed and reliability.

Depending on how much data is stored in single-level cell memories, the lifespan of an SSD should increase. In contrast to other models, when data is written to a cell, there is only one bit of information in each cell. It is more difficult to read the requested information in the latter instance. This is anticipated to cause wear and tear on the device as it searches for the correct data at a specific time. Since a typical SSD costs more than its HDD equivalent, the market has been experiencing adoption barriers. Based on benefits alone, the gradual normalization of prices is estimated.

Global Solid-State Drive Market Opportunities

  • Cost-effectiveness, in addition to new architectures

In the coming years, solid-state enterprise storage is anticipated to become less expensive. Even though SSDs are a dollar per gigabyte more costly than HDDs, quick profits typically prompt businesses to switch to SSDs. The progression of technology from SLC (single-level cell) to MLC (multi-level cell) to TLC (three bits per cell) is associated with scaling improvements and the transition from the 2D to the 3D era. Currently, the cell structure is vertical, but multiple layers can be added for cost-effective improvements. The emergence of new device categories and architectures, specifically computational storage in Ethernet SSDs, is anticipated to eliminate system bottlenecks. For example, computational storage would reduce data movement and offload post-processing to improve application performance and infrastructure efficiency.

Consequently, the characteristics of QLC-based SSDs are conducive to read-intensive workloads to reduce the total number of P/E cycles. Real-time analytics, machine and deep learning, artificial intelligence, media streaming, content delivery, and backup are typical workloads suited to QLC technology. Moreover, these are found in many applications, including the cloud, CDNs, all-flash arrays, and other tiered solutions. Trends such as cloud, AI, 5G, and IoT will drive data growth across many end-market applications, including public and private cloud environments, traditional IT, the edge, and endpoints.

Regional Analysis

The global solid-state drive market is primarily segmented into three major regions, namely North America, Europe, and Asia-Pacific. The Asia-Pacific region is the most dominant, with a market value of USD 17.55 billion in 2021, growing at a CAGR of 19%. The expansion of blockchain technology and the Internet of Things in the country has led to the development of new SSD solutions. Some of the market's leading suppliers are also concentrating on mass production of SSDs to meet domestic and international demand and the intensifying competition. Several governments of the countries considered part of the Rest of Asia Pacific have taken initiatives to promote the growth of data centres in the region, increasing the demand for solid-state drives (SSDs). After Asia-Pacific, the next region has a significant market share in Europe, which is expected to grow with a CAGR of 16.8%. 

Report Scope

Report Metric Details
By Type:
  1. External
  2. Internal
By SSD Interface
  1. SATA
  2. SAS
  3. PCIe
By Technology
  1. SLC
  2. MLC
  3. TLC
  4. Others
By Form Factor
  1. 1.8”/2.5”
  2. 3.5”
  3. M.2
  4. U.2
By Storage Capacity
  1. Under 500 GB
  2. 500 GB - 1 TB
  3. 1T B - 2 TB
  4. Above 2 TB
By Application
  1. Enterprise
  2. Client
  3. Automotive and Industrial
Company Profiles Intel Corporation Samsung Group Micron Technology Inc. Western Digital Corporation Seagate Technology LLC Transcend Information Inc. ADATA Technology Co. Ltd Kingston Technology Corporation SK Hynix Inc. Teclast Electronics Co. Limited.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global solid-state drive market is segmented by SSD interface, application, and geography.

When segmented with respect to the interface, it is further classified as –SATA, SAS and PCIe. The PCIe are more popular and widely used in the industries, with a market size of USD 25.33 billion in 2021 and is expected to grow with a CAGR of 20.6%. Indicative of the growth in demand for its usage, the consecutive and continuous launch of products from major key players in the SSD industry using PCIe interface is indicative of the growth in demand for its usage, and it is anticipated that PCIe interface-based Solid Storage Devices will show significant growth in the period that is being forecasted.  The SAS Computer System Interface Solid State Drive costs more than its SATA counterpart. It is primarily utilized in servers, and processing-intensive computer workstations with increased read/write speeds. SAS SSD developers continually introduce new products to make storage devices more relevant to modern needs, signifying the transition from 12G to 24G. Specific to mission-critical data, the SAS Enterprise SSD market focuses on maximizing speed and capacity to manage AI and big data workloads on enterprise servers efficiently. Companies release SSDs with a SAS interface for advanced enterprise server systems to meet these demands.

When segmented with respect to the application, they are –Enterprise and Client. Out of these two categories, the Client had the highest market share in 2021 and is expected to grow at a CAGR of 19.8%. Following the increase in client SSD adoption, market leaders have introduced a new line of products to capitalize on the market's expansion. In tandem with the introduction of enterprise-class SSDs, the technological development of Client SSDs has led the market for SSDs. The Client SSDs are used in the consumer sector for netbooks, notebooks, ultrabooks, single-user desktop or laptop systems used in homes, small offices, and other single-user applications. They are primarily intended for eight hours of daily operation at 40 degrees Celsius. The most notable trend that has gained traction and accelerated the growth of Client SSDs is the shift in consumer behaviour from hard disc drives to solid-state drives, followed by the market segmentation into mainstream and value segments. Enterprise-class SSDs are preferred for mission-critical applications and data centres due to their increased reliability, endurance, error occurrence, and performance metrics. These are predominantly utilized in high-performance computers and servers in data centres. In response to the growing demand for enterprise-class SSDs in data centres, the major stakeholders increase the storage devices' production capacity.

Market Size By Type:

Market Size By Type:
  • External
  • Internal
  • Recent Developments

    • In May 2022: Samsung Electronics and Red Hat Announce Collaboration on Memory Software of the Next Generation
    • In January 2022: Micron shipped the first 176-layer QLC NAND in volume and has introduced the 2400 PCIe Gen4 Client SSD.
    • In December 2021: Samsung has Commenced Mass Production of Automotive Memory Solutions for Next-Generation Autonomous Electric Vehicles.

    Key Players

    Solid-State Drive (SSD) Market Share of Key Players

    Solid-State Drive (SSD) Market Share of Key Players
    Intel Corporation Samsung Group Micron Technology Inc. Western Digital Corporation Seagate Technology LLC Transcend Information Inc. ADATA Technology Co. Ltd Kingston Technology Corporation SK Hynix Inc. Teclast Electronics Co. Limited. Others

    Frequently Asked Questions (FAQs)

    What is the growth rate for the Solid-State Drive (SSD) Market?
    Solid-State Drive (SSD) Market size will grow at approx. CAGR of 17.6% during the forecast period.
    Some of the top industry players in Solid-State Drive (SSD) Market are, Intel Corporation, Samsung Group, Micron Technology Inc., Western Digital Corporation, Seagate Technology LLC, Transcend Information Inc., ADATA Technology Co. Ltd, Kingston Technology Corporation, SK Hynix Inc., Teclast Electronics Co. Limited., etc.
    Asia Pacific has been dominating the Solid-State Drive (SSD) Market, accounting for the largest share of the market.
    The Solid-State Drive (SSD) Market has seen the most substantial growth rate in Europe.
    The global Solid-State Drive (SSD) Market report is segmented as follows: By SSD Interface, By Application

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