Solid State Drive Market worth 60.22 Billion USD by 2023 with a growing CAGR of 14.68%

According to the new research report "Solid State Drive (SSD) Market by Form Factor (2.5", 3.5", M.2, U.2/SFF 8639, FHHL/HHHL), Interface (SATA, SAS, PCIe), Technology (SLC, MLC, TLC), End-user (Enterprise, Client, Industrial, Automotive), and Geography - Global Forecast to 2023", the solid state drive market is expected to be worth USD 26.47 Billion in 2017 and USD 60.22 Billion by 2023, at a CAGR of 14.68% between 2017 and 2023. The growth of this market is mainly driven by the increasing penetration of high-end cloud computing, growing adoption of SSDs in data centers, and advantages of SSDs over HDDs.

Market for SATA interface solid state drive held the largest size in 2016

The large market of SATA interface solid state drive is mainly attributed to the low price of SSDs compared to SSDs with SAS and PCIe interfaces. In addition, old desktop PCs support only SATA interface for the upgrade of storage from HDDs to SSDs. This is driving the demand for SSDs with SATA interface during the forecast period.

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Market for half height, half length (HHHL); or; even bigger form factor; full height, half length (FHHL) form factor–based solid state drive is expected to grow at the highest rate during the forecast period

Most of the PCIe SSDs are manufactured in form factors such as half height, half length (HHHL); or; even bigger form factor; full height, half length (FHHL). The market for PCIe interface is expected to dominate the use of all other available interfaces owing to high speed and enhanced performance scaling. Therefore, the market for FHHL and HHHL is expected to grow at the highest CAGR during the forecast period

Solid state drive market in enterprise held the largest size in 2016

An increasing number of enterprise applications require high performance storage, constant uptime, high throughput, power efficiency, and high reliability; SSDs meet all these requirements of enterprise applications, thereby creating enterprise data centers more dynamic. SSDs for data centers offer high speed, mass volume, and energy-efficient hierarchical storage. SSDs based on the non-volatile memory technology are widely used for mass storage and high-functionality storage. Also, the PCIe interface used in SSDs is a high-speed bus interface that provides enterprise systems with a high data-transfer speed, which helps companies manage heavy workloads with high reliability and efficiency.

North America accounted for the largest share of the solid state drive market in 2016

North America is a key market for notebooks, laptops, and tablets. With more emphasis on speeding up data transfer, the dynamics of computing has changed for notebook, tablet, and laptop developers in this region; hence, there has been a strong push for using SSDs in these devices to save time, speed up data transfer, and achieve high-performance level. In addition, the replacement rate of traditional hard disk drives with SSDs is high in North America.

Samsung (South Korea), Intel (US), Western Digital (US), Micron (US), and Toshiba (Japan) are the major players included in the report with market share analysis. The report also covers various innovators involved in the solid state drive market. Viking (US), Adata (Taiwan), Foremay (US), BiTMICRO Networks (US), and Crossbar (US) are a few innovators in the solid state drive market that offer disruptive products. Also, Diablo Technologies (Canada) and Violin Memory (US) are a few emerging companies in the market.