Solid State Drive Market to Grow at a CAGR of 15.0% to Hit US$ 143,557.0 million by 2029 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

A new market study report by The Insight Partners on the Solid State Drive Market has been released with reliable information and accurate forecasts for a better understanding of the current and future market scenarios. The report offers an in-depth analysis of the global market, including qualitative and quantitative insights, historical data, and estimated projections about the market size and share in the forecast period. The forecasts mentioned in the report have been acquired by using proven research assumptions and methodologies. Hence, this research study serves as an important depository of the information for every market landscape. The report is segmented on the basis of types, end-users, applications, and regional markets.

The global solid state drives market is expected to grow from US$ 53,829.6 million in 2021 to US$ 143,557.0 million by 2029; it is estimated to grow at a CAGR of 15.0% during 2022–2029.

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What is Solid State Drive?

Cloud computing is rapidly becoming one of the most popular methods for businesses and individuals to back up and preserve their data. With the growing variety of cloud platforms—from classic corporate private and new public clouds to personal clouds in homes—the need for SSDs has constantly been expanding. SSDs featuring new interfaces such as PCIe, NVMe, and others have emerged due to technological improvements in solid state storage. PCIe SSDs for cloud computing are becoming more popular due to improved capabilities such as high speed and quick data access. New PCIe SSDs provide excellent performance with low latency and high frequency.

A Solid state drive with these capabilities is necessary for various sophisticated activities in data-sensitive businesses like financial services, medical sciences, and energy management, where each microsecond of latency results in a significant revenue loss. Solid state drives, or SSDs as they are more frequently known, are storage devices that rely on memory. Traditional hard disc drives differ from SSDs because they lack magnetic storage and, more significantly, moving parts.

The key market drivers for Solid State Drive Market Includes, rising geriatric population across the globe along with significant increase in physically challenged population. Moreover, increased healthcare spending in developed nations is also expected to fuel market growth. Whereas, less awareness of Solid State Drive in low income nations is expected to restrain market growth during forecast period.

The Emerging Players in the Solid State Drive Market includes: G.SKILL International Enterprise Co., Ltd.; Silicon Power Computer & Communications Inc.; Hangzhou Hikstorage Technology Co., Limited; Western Digital Corporation; and Kingston Technology Europe Co LLP.

An Overview of the Impact of COVID-19 on this Market:
Due to the pandemic, we have included a special section on the Impact of COVID 19 on the Solid State Drive Market which would mention How the Covid-19 is Affecting the Solid State Drive Industry, Market Trends and Potential Opportunities in the COVID-19 Landscape, Covid-19 Impact on Key Regions and Proposal for Solid State Drive Players to fight Covid-19 Impact.

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Several big firms manage their cloud platforms and respond to their clients' increased demand for SSDs. For example, Google employs permanent SSD storage for compute engine users in open beta, delivering high-input/output operations per second (IOPS) and allowing Google cloud platform customers to use SSDs faster on workloads. Compared to standard magnetic media, these activities allow faster delivery of input/output (I/O) and are less redundant. Facebook Inc. employs PCIe flashcards instead of hard drives for its MySQL databases to take advantage of FusionIO's logging system, which preserves data in the event of a power outage.

Factors such as growing demand for digital classrooms along with ascending demand from online gamers is contributing to the growth of market. Furthermore, increasing adoption of Solid State Drive in retail sector and increasing user engagement with the help of Solid State Drive for applications such as way finding will drive the growth of Solid State Drive market during forecast period.

The research provides answers to the following key questions:
1. What is the estimated growth rate of the market for the forecast period 2022–2029? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Solid State Drive market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Solid State Drive market?
4. What are the prominent market trends influencing the development of the Solid State Drive market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Solid State Drive market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?

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Note: Access insightful study with over 150+ pages, list of tables & figures, profiling 10+ companies.

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