An analysis report is forecasting up to $18.05 billion revenue growth for USB devices market shares from 2021 to 2026. The report examined USB product segmentation in markets throughout the Asia-Pacific, Europe, MEA, and the Americas. It used statistical data gathered from multiple USB device vendors in the industry for its forecast.
List of Vendors
- ADATA Technology Co. Ltd.
- Corsair Gaming Inc.
- Dell Technologies Inc.
- Intel Corp.
- Kingston Technology Co. Inc.
- Netac Technology Co. Ltd
- Teclast Electronics Co., Ltd.
- Toshiba Corp.
- Transcend Information Inc.
- Western Digital Corp.
Key Factors for Growth
One of the key factors driving growth in the USB devices market is the high demand for compact storage devices. The market is witnessing a rising demand for storage devices with high capacity within small sizes as the need for data storage is a rising issue for noncommercial consumers and organizations. In addition, USB devices are reliable as they have a shock absorb rating of 200Gs and can retain data for long periods and be reprogrammed numerous times. This is increasing the demand for USB devices. USB devices are predominantly used for additional storage in handheld devices like feature phones, smartphones, tablets, cameras, and camcorders. As these devices are getting sleek and stylish, they require tiny components with high capacity. Thus, USB devices serve the purpose of high storage capacity and compact size, which will further drive the growth of the market.
Year-over-year growth is expected to maintain a rate of 8.29% with a CAGR of 9.64%. The Asia-Pacific region was identified with the highest amount of market growth, accounting for up to 40% of total global sales. The report does identify that cloud storage solutions do pose a challenge for continued USB storage solutions.
The emergence of cloud storage services will be a major challenge for the USB devices market during the forecast period. Consumers are increasingly choosing the cloud for their storage needs as it allows for the storage of large data sets of any type. Cloud storage offers more benefits than USB devices, such as the ability to retrieve data from virtually anywhere, collaborate more effectively by accessing the same data and tools, and disaster recovery and backup strategies, which may restrict the growth of the market on a large scale during the forecast period. Cloud storage service providers such as Dropbox, Yandex Disk, Media Fire, and Mega now provide clients with free cloud storage, reducing the need for USB devices.
Another contributing factor for growth includes the lifting of pandemic lockdown restrictions in China and India that brought production to a halt. The semiconductor shortage is also expected to lessen, which will also assist in increased device production.
Source: technavio (via PR Newswire)