Solid-state drives (SSDs) are next-generation storage devices that stores data on interconnected flash-memory chips with the same functionality as a hard drive. Integration of SSDs in latest laptops is evidence of its rising popularity. Market Research Future’s (MRFR) report on the solid-state drive market outlines the various drivers, obstacles, trends, and opportunities for manufacturers for the forecast period (2020-2027). The COVID-19 outbreak and its effect on the industry have been explored in the report.
The global solid-state drive market is set to exhibit 15.13% CAGR over the forecast period. This is attributed to high use of removable storage devices, generation of large data volumes, and need for reliable storage repositories by individuals and corporations. Rise of data transfers, expansions in e-commerce, and advances driven by digitization of data can drive the market growth significantly. Large number of architectures for supporting SSDs such as PCIe, NVMe, and others with high data transfer speeds and low latency have attracted interest among large multinational corporations.
The COVID-19 outbreak affected the production schedule of SSD production owing to its shutdown initiated by major nations. But automation of processes has allowed the company to bounce back to its normal levels.
But the high costs of SSDs in comparisons to HDDs can hamper the market growth.
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