The solid-state array market is projected to grow significantly in the coming years. By 2033, it is estimated to reach a value of US$53,006.0 million, with a notable compound annual growth rate (CAGR) of 15.7% during the forecast period.
This growth is fueled by various factors, including the increasing demand for faster and more efficient memory solutions in response to the growing volume of data generated daily.
Solid-state arrays are sought after for their large storage capacity and ability to meet high-performance and data management needs. They are also being adopted as backup targets to reduce backup and restore windows. Additionally, the advantages of solid-state drives, such as their resistance to motion and impact, enhanced data security, and reduced risk of data loss, contribute to the rising demand for solid-state arrays.
The expanding need for data storage, the acceptance of solid-state arrays as a superior alternative to traditional hard disc drives (HDDs), and the ongoing transition from HDDs to solid-state drives (SSDs) are key drivers behind the growth of the market.
However, challenges such as high design costs, environmental instability, rapidly evolving technology, and device interoperability issues may hinder the solid-state array market’s progress.
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The United States holds a significant value share of 19.5% in the solid-state array market. This is due to the country’s technological advancements, strong research and development focus, robust IT infrastructure, and market demand for efficient storage solutions.
The United Kingdom is experiencing a notable compound annual growth rate (CAGR) of 15.1% in the solid-state array market, driven by its emphasis on digital transformation and data-driven applications.
India is a highly lucrative market with a projected CAGR of 18.2% due to rapid digital transformation, government initiatives, and the presence of major technology companies.
In terms of capacity, the 1GB-256GB storage range holds a significant share of 40.3% in the solid-state array market. It offers a cost-effective solution with optimized performance characteristics, catering to mainstream usage and a wide range of applications.
Consumer electronics also have a prominent share of 18.3% in the market, driven by the demand for high-performance storage solutions in devices like smartphones, laptops, and gaming consoles. The decreasing cost of solid-state storage has further fueled its adoption in consumer electronics.
Competitive Landscape
The solid-state array market is fairly competitive, with the majority of companies from a variety of industries updating their budgets to concentrate on profit augmentation in the coming years. Many companies are putting their attention on organic growth strategies like product approvals, product launches, and other like patents and events, thereby expanding the solid-state array market share.
- In 2021, Western Digital, a leading provider of storage solutions, announced its collaboration with Kioxia Corporation, another major player in the solid-state storage market. The collaboration aimed to develop advanced solid-state drive (SSD) technologies, including next-generation 3D NAND and 3D memory solutions.
- In 2020, Pure Storage, a prominent solid-state array vendor, acquired Portworx, a leading provider of container data services. This merger allowed Pure Storage to enhance its data services portfolio and provide comprehensive storage solutions for containerized applications.
In 2019, NetApp, a well-known data management and storage company, announced its acquisition of SolidFire, a provider of all-flash storage systems. This merger strengthened NetApp’s position in the solid-state array market and expanded its product offerings for customers requiring high-performance storage solutions.
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Key Companies Profiled
- Fujitsu Ltd.
- IBM Corporation
- Hitachi Data systems
- Hewlett Packard Enterprise
- Huawei Technologies Co., Ltd.
- Kaminario
- NetApp, Inc.
- Tegile systems
- Pure Storage
- Tintri, Inc.
Solid-State Array Market
By Storage Capacity:
- 1GB – 256GB
- 256.1 GB- 1TB
- >=1.1TB
By Application:
- Enterprise
- Personal Computers
- Distribution and Retail Channel
- Consumer Electronics
- Telecommunication and Networking
- Medical Equipment
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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