According to our latest market study on "Solid State Drives (SSD) Market Forecast to 2029 - COVID-19 Impact and Global Analysis - by Type, Technology, Storage, and End User," the solid state drives market was valued at US$ 53,829.6 million in 2022 and is projected to reach US$ 143,557.0 million by 2029; it is expected to grow at a CAGR of 15.0% from 2022 to 2029.
The increasing adoption of high-end cloud computing is driving the demand for solid state drives (SSDs). As cloud computing becomes a more widely used method for backing up and preserving data, the need for SSDs has grown. With the introduction of new cloud platforms, including private corporate, public, and personal clouds, the demand for SSDs has increased. Technological advancements in solid state storage have resulted in the emergence of new SSD interfaces, such as PCIe and NVMe, which have improved speed, data access, and performance. PCIe SSDs, in particular, are becoming more popular for cloud computing as they provide high-speed data access and quick data retrieval. These advanced capabilities are crucial for data-sensitive industries such as financial services, medical sciences, and energy management, where even a small amount of latency can result in significant revenue loss. Unlike traditional hard disk drives, SSDs use memory instead of magnetic storage and do not have moving parts.
Several large companies are offering cloud platforms and responding to the growing demand for SSDs from their clients. For instance, Google offers permanent SSD storage for its compute engine users, which provides high input/output operations per second (IOPS) and allows for faster SSD usage on workloads. This offers faster input/output (I/O) delivery compared to traditional magnetic media and is less prone to redundancy. Facebook uses PCIe flashcards instead of hard drives for its MySQL databases to benefit from FusionIO's logging system, which helps preserve data in case of a power outage. This has led to a 50% decrease in latency and a 33% increase in throughput compared to HDD storage. SSDs play a crucial role in reducing infrastructure costs and improving response times. They offer significantly more inputs and outputs (I/Os) for mega-clouds and virtualized servers.
Key Findings of Study:
The Solid State Drives market is divided into five regions, including North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominated the market in terms of revenue in 2020, followed by Europe and the Asia Pacific region. The market is further segmented based on type into external and internal, with the internal segment accounting for a larger share of revenue in 2022. In terms of technology, the market is divided into single level cell, multi-level cell, and triple layer cell. In 2022, the single level cell segment dominated the global Solid State Drives market .
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