Era of Smart SSDs to Provide Growth Opportunities for Solid State Drives Market During 2021–2029
According to our latest market study on “Solid State Drives Market Forecast to 2029 – COVID-19 Impact and Global Analysis – by Type, Technology, Storage, End User,” the market was valued at US$ 53,829.6 million in 2021 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.
Relational Analytics Using Smart SSDs
Data processing and code execution techniques are the focus of relational analytics. Smart SSDs are flash storage devices with memory and processing power for handling relational analytic queries. The efficiency of relational analytics for widely scattered data will be increased by utilizing the compute capabilities of SSDs. This lowers the amount of processing power required by the host PC while increasing the computational capability of servers or appliances. Smart SSDs, rather than using regular processors, have their own CPU, which is very efficient in terms of overall price/performance ($/MHz ratio). As a result, incorporating data processing in smart SSDs can minimize the entire database server/energy appliance usage. The total cost of running the database system will eventually be reduced due to this. In relational databases, metadata can also be cached on SSDs. When it comes to queries, sorting, and calculations, this will significantly speed up databases.Many major market players are investing in smart SSD technology. For example, Samsung and Xilinx collaborated to create a one-of-a-kind solid state drive with a Xilinx field-programmable gate array (FPGA) for data processing inside the SSD. Samsung SmartSSD Computational Storage Drive (CSD) is the term given to this intelligent storage device by the two firms. The SmartSSD CSD is the industry's first customizable computational storage platform, owing to the inclusion of Xilinx FPGAs. The CSD brings another degree of performance, customization, and scalability to data-intensive applications with this added programmability and computing performance. The CSD is flexible and programmable to create custom applications utilizing the Xilinx Vitis software platform. Common high-level languages like C, C++, and OpenCL can create runtimes, libraries, APIs, and drivers.
As a result, smart SSDs will eventually allow a new type of data processing to become commoditized. At the same time, hardware and software companies must work together to investigate this possibility.
Impact of COVID-19 Pandemic on Solid State Drives Market
The COVID-19 pandemic has affected several industries worldwide in a negative manner. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, electronics & semiconductor, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.
The worldwide lockdown to minimize the transmission of the virus has significantly disrupted the supply chain activities, along with production volume across several manufacturers, especially the small & medium enterprise owners. The semiconductor industry took a significant hit as the demand for electronic components was lowered from the industrial sector and end users. The revenue model for microelectronics has declined as no mass production was carried during the lockdown period. Post lockdown, the semiconductor industry started to regain the market share as production facilities restarted the operation by taking social distancing measures. Besides, work from home and remote monitoring strategies also helped increase the sale of advanced electronics products for better connectivity. The IT and telecommunication industry’s importance has been highlighted for the communicational purpose, which allowed the industry to evolve with new technologies such as IoT connectivity and high-speed wi-fi compatible packaging technology. COVID-19 created a major impact on the semiconductor industry in the first half of 2020. According to The Semiconductor Industry Association (SIA), worldwide sales increased by around 11% in the third quarter. The increasing demand for small form factor-based electronics devices specifically for health monitoring and smartphones augmented the market growth.
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. are among the key players operating in the global solid state drives market.
Solid State Drives Market – by Geography, 2020 and 2029 (%)
Solid State Drives Market Size | Report Forecast 2021- 2029
Download Free SampleSolid State Drives (SSD) Market Forecast to 2029 - COVID-19 Impact and Global Analysis By Type (External, Internal); Technology (Single-Level Cell (SLC), Multi-Level Cell (MLC), Triple-Layer Cell (TLC)); Storage (Under 500 GB, 500 GB-1 TB, 1 TB - 2 TB, Above 2 TB); End-User (Industrial, Automotive, Enterprise, Client, Others) and Geography
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