The Global Market for USB 3.0 Flash Drives is Projected to Reach US$6.7 Billion by 2024
Ubiquity of USB Ports and
Connectivity on Myriad Electronic Devices Drives the Global USB 3.0 Market,
According to a New Report by Global Industry
Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global USB 3.0 market. The global market
for USB 3.0 Flash Drives is projected to reach US$6.7 billion by 2024, driven by ubiquitous
presence of USB 3.0 ports on devices.
Universal
Serial Bus (USB) interface has become ubiquitous in a wide range of electronic
devices since the introduction of its first version in 1996. USB has evolved into one of the highly successful interface technologies
over the years. Thanks to fast-paced technology
developments, new electronic devices, low-cost storage and media formats have
been converging, demanding high bandwidth bus to provide interactive experience
that users have come to demand. With an average individual having more than one
electronic device, the need to exchange data among these devices is also on the
rise. For instance, high-definition video recorders typically generate tens of
gigabytes of data that may have to be transferred to a personal computer for
viewing, editing or archiving. USB also 3.0 features backward
compatibility with its predecessor USB 2.0 technology, one of the major
differentiating and enabling factors for the success of the technology.
With
USB 3.0 ports becoming ubiquitous on all electronic devices, demand for USB 3.0
drives is increasing at a healthy pace. With all electronic devices supporting
USB 3.0, these drives have emerged as the de facto standard for USB storage
devices. Backward compatibility with USB 2.0 has enabled this widespread
adoption of the USB 3.0 technology. With backward compatibility, electronic
devices are not required to provide a separate port for reading older
technologies, thus bringing down the bill of materials. Capable of addressing such needs by adding faster transfer rates to
match new devices and usages, USB 3.0 has made device manufacturers sit up and
take note of this new interface technology for their products. Also, unlike in
previous USB standards such as USB 1.1 or USB 2.0, where it was only possible
to pipe data in a single direction at a time, USB 3.0 is capable of reading and
writing data simultaneously.
The
latest USB technology, USB Type C poses a risk for USB 3.0 technology. With most
smartphones migrating to the new format, USB 3.0 drives are rendered obsolete
for use with such devices. Even though the technology is backward compatible
with older technologies, the hardware interface is a hindrance in connecting
them. However, various aftermarket options and extensions enable USB 3.0 and
older devices to be connected with a USB Type C host. Solid State Drives
(SSDs)
have been the rage in digital storage in the recent past. Boasting of
super-fast read-write speeds, and small form factors, SSDs provide optimal
external storage options for consumers. SSDs are shrinking by the day, and have
reached the form factor of a typical USB drive. Moreover, at higher capacities,
USB drives provide comparable capacity to SSDs. On the other hand, with small
factor and superior read-write cycles, SSDs pose a threat to USB drives. SSDs
are inherently more stable and a better option compared to USB drives. Prices
of low cost SSDs and premium USB drive have almost converged, and for the
discerning customer SSDs provide a better option.
As
stated by the new market research report on USB 3.0, Asia-Pacific represents the
largest market worldwide, followed by Europe. Asia-Pacific is also home to a
large population, which is moving to the digital storage space, and coupled
with the low cost of USB 3.0 flash drives in these markets, the region is
forecast to register the fastest CAGR of 20.0% over the analysis period.
Key
players in the market include ADATA Technology Co. Ltd., Corsair Components
Inc., ELECOM Co. Ltd., EMTEC, Gigastone Corporation, HP Inc., Kingston
Technology Company, Monster Digital Inc., Patriot Memory LLC, Samsung
Electronics Co. Ltd., SanDisk Corporation, Sony Corporation, Toshiba
Corporation, Transcend Information Inc. and Verbatim Corporation, among others.
The research report titled "USB 3.0: A Global Strategic Business Report"
announced by Global Industry Analysts Inc., provides a comprehensive review of
market trends, growth drivers, innovations and launches, and strategic industry
activities of major companies worldwide. The report provides market estimates
and projections in US dollars for all major geographic markets including the
US, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific,
and Rest of World.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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