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

The universal flash storage market is valued at USD 1.65 Billion in 2017 and is estimated to grow at a CAGR of 18.3% to reach USD 4.50 Billion by 2023. This growth can be attributed to the growing demand for electronic devices with faster performance and improved responsiveness, rising adoption of high-speed data transfer technologies, and increasing demand for wearable electronics.

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“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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