Universal Flash Storage Market expected to be worth 9.97 Billion USD by 2023

According to the new market research report "Universal Flash Storage Market by Capacity (32 GB, 64 GB, 128 GB, 256 GB, 512 GB), Configuration, End Use (Automotive Electronics, Digital cameras, Gaming Consoles, High-Resolution Displays, Smartphones), Application, and Geography - Global Forecast to 2023", the universal flash storage market is estimated to be valued at USD 9.97 Billion by 2023, at a CAGR of 18.6% between 2017 and 2023. The growth can be attributed to the rising adoption of high-speed data transfer technologies, increasing demand for wearable electronics, and growing demand for electronic devices with faster performance and improved responsiveness.

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“Universal flash storage market for mass storage application to grow at the highest rate between 2017 and 2023”

Mass storage needs to store a huge amount of data in a machine-readable format. The universal flash storage standard follows the SCSI architecture model, but with a subset of SCSI commands. Due to this, the universal flash storage standard supports multiple commands enabling command queuing and multi-threaded programming. This results in efficient data transfer between the host processor and mass storage. Owing to this, mass storage application is expected to grow at the highest rate between 2017 and 2023.

“256 GB is likely to continue to dominate during the forecast period”

256 GB universal flash storage solutions play a significant role in the embedded applications wherein processing speed and high bandwidth is of utmost importance. For instance, due to the rising consumer awareness for safety, increasing environmental concerns, growing demand for connectivity, and improved fuel efficiency, the adoption of electronic components in the automobiles is increasing. On account of increasing consumer needs, the automotive manufacturers are steadily improving the overall automobile quality.

“The embedded configuration is likely to lead the universal flash storage market between 2017 and 2023”

The important function of an embedded universal flash storage solution is to provide long-term product support, along with foreseeable performance. This is due to the devices utilizing the embedded universal flash storage configuration such as automotive electronics, gaming consoles, high-resolution displays, and laptops. The adoption of embedded universal flash storage configuration is limited in the initial stages. However, as the technology matures from the nascent stage of its adoption, this configuration is more likely to be gaining momentum in the coming years.

“Automotive electronics is projected to exhibit the fastest growth in the universal flash storage market between 2017 and 2023”

The automotive electronics segment is estimated to witness the fastest growth between 2017 and 2023 in the universal flash storage market. This is primarily attributed to the growing demand for a huge amount of data processing and storage in the automobiles.  In addition, with the advent of connected cars and technological advancements, the automakers are focused on adopting advanced memory solutions. Universal flash storage is anticipated to be a game changer in the automotive electronics arena. For instance, on September 14, 2017, Samsung announced to establish the Samsung Automotive Innovation Fund to exclusively focus on the automotive market. This fund is worth USD 300 million and will utilize this fund for securing connected car technologies and autonomous driving, such as connectivity solutions, security, artificial intelligence, smart sensors, high-performance computing, and machine vision.

“North America is anticipated to lead the universal flash storage market between 2017 and 2023”

North America holds the dominant position in the universal flash storage market owing to the rapid adoption of advanced technology products by the consumers, such as e-readers, drones, smartphones, tablets, wearable electronics, and AR-VR products.

Major players operating in the universal flash storage market include Arasan Chip Systems Inc. (US), Cadence Design Systems, Inc. (US), GDA Technologies Inc. (US), Micron Technology, Inc. (US), Phison Electronics Corporation, Inc. (Taiwan), Samsung Electronics Co., Ltd. (South Korea), Silicon Motion Technology Corporation (US), SK Hynix, Inc. (South Korea), Synopsys, Inc. (US), and Toshiba Corporation (Japan).

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