Beancounters transparency say that the global Solid State Drive (SSD) market was valued at US$15.1 billion in 2014 and is expected to reach US$229.5 billion by 2022.

Asia Pacific was the largest revenue contributor in 2014 and accounted for 57.0% of the global solid state drive market.

The higher performance requirement in enterprise applications and consumer mobile devices is fuelling the demand for solid state drives. Features such as lower power consumption, cooler computing, low form factor, and reduced latency are cementing the demand for solid state drives.

The solid state drive market has witnessed rising demand for client SSDs, owing to their use in devices such as notebooks, tablets, and mobiles.

Asia Pacific will continue to be the fastest-growing market for solid state drive in terms of revenue during the forecast period. Growth in this region is mainly attributed to an expanding customer base and high IT infrastructure spending in countries such as Japan, China, and Taiwan.

Competition in the market is paving way for the development of novel technologies in the solid state drive market. Furthermore, benefits offered by SSDs over HDDs, and the resulting replacement demand, are expected to drive the growth of solid state drive market during the forecast period.

In 2014, client SSD was the largest segment, contributing 88.1 per cent of the revenue and 68.71 per cent of the market volume. SSDs with capacities of 80 GB and below dominated the global solid state drive market in 2014, accounting for approximately 36.31 per cent of the global SSD market revenue.

In terms of interface type, SATA SSDs have been able to see swifter adoption than other interfaces due to the former's lower prices. However, with higher performance requirements in enterprises, the SAS and PCI-E SSD segments are expected to overtake the SATA SSD segment over the forecast period. PCI-E SSD is expected to be the fastest-growing segment, recording a CAGR of 61.21 per cent over the forecast period from 2015 to 2022.

In 2014, Samsung, Intel and SanDisk Corporation were the market leaders and accounted approximately 57.5 1 per cent of the global SSD revenue.