With the advent of cloud and online data storage systems, the need to transfer large amounts of data is met easily nowadays. Nevertheless, USB (universal serial bus) 3.0 flash drive is still emerging as a highly serviceable and convenient tool for data transfer. USB 3.0 flash drives offer a wide-ranging scope of advantages, which the traditional USB technology has felt short of. This is one of the reasons that the global USB 3.0 flash drives market has witnessed a surging demand. According to a recent report by Transparency Market Research (TMR), the market is foreseen to make a combined revenue of approximately US$3.1 bn by 2020 when the U.S., Europe, and Asia Pacific (APAC) regions are considered.
Although USB 3.1 flash drive is putting up an intensifying competition against the USB 3.0 version, the later still sits on top of the demand. USB 3.1 was deprived of the much needed popularity that a product requires after its launch. However, the latest USB drives have made a commanding appearance in the industry compared to modern SSDs (solid-state drives), mainly on the basis of the speed of data transfer.
Which Region will Top Production and Demand Volume?
APAC is expected to continue its dominance in the international USB 3.0 flash drives market, considering the fact that a multitude of key players have already established their major manufacturing firms in the region. Presently, the prominent competitors predicted to hit the mark in the top three regions of the market are Toshiba, Monster Digital, ADATA Technology Co., Ltd., Lenovo Group Ltd., Patriot Memory LLC, Samsung Group, Corsair Components, Inc., HP Inc., Kingston Technology Corporation, Micron Consumer Products Group, Inc. (Lexar), SanDisk Corporation, Transcend Information, Inc., Verbatim Corporation, Inc., Emtec Inc., and Gigastone Corporation.
APAC’s dominion with regard to both production and demand volume is mainly attributed to downright manufacturing capacity compared to other regions in the market. Countries such as China and India simplify market penetration for global players with their elephantine consumer pools in the digital electronics sector.
The market attractiveness for North America and Europe is forecasted to ride on technologically sophisticated infrastructures in the consumer electronics and IT sectors. The rapid rise in demand in both the regions could be due to the attitude to reduce the import of USB 3.0 flash drives and instead focus on manufacturing them in larger volumes.
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How will Larger Capacity Devices Fare in the Market?
The USB 3.0 flash drives market has spurred significantly on the basis of capacity, where smaller flash drives offering larger storage capacity, such as 16 GB and 64 GB, have proved feasible than their vice versa counterparts. As the USB technology continues to show signs of advancement, even devices such as 128 GB and 256 GB have gained traction and are expected to show growth until 2020. With the augment in digital data volume since the last few years, flash drives with greater capacity will secure more preference from consumers than smaller capacity devices.
Product development is another factor that will be responsible for the growth in the global market for USB 3.0 flash drives. Technologies such as chip-on-board could be highlighted in the market as key players look to upgrade their products.