Press release
Universal Flash Storage Industry, Business Development Analysis by 2024
Global Market Insights, Inc.
Universal Flash Storage Market size is expected to witness a significant growth over the forecast timeline. It can be accredited to the rising adoption of fast data transfer technologies followed by the increasing penetration of electronic devices across various applications. Factors, such as file transfer, are considered as vital parameters for any business productivity. The technology has an enormous potential to address the growing scalable & growing data transmission needs. Increasing demand for such high-performance interface for computing and mobile systems provide lucrative growth opportunities to the universal flash storage market growth.
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Continuous improvements & innovations in the technology coupled with its incorporation in high-end tablets and smartphones will drive the universal flash storage market growth. The standard UFS 2.0 provides an enhanced link bandwidth for performance upgrades, improvised security, and power-saving features as compared to the previous versions. It is considered as the most technologically-advanced specification for flash memory-based storage in mobile devices such as smartphones and tablets. The technology has made significant advancements and is a replacement for the eMMC or embedded multimedia card, which is considerably slower.
Enhanced performance along with the capability of managing larger workloads compel the increasing penetration of such technology in many applications. However, high costs associated with the implementation of the technology might limit the overall universal flash storage market growth. The reluctance of many businesses to adopt universal flash storage technology following the budget concerns might pose a challenge for the players operating in the industry.
By configuration, the universal flash storage market is classified into embedded and externally removable cards. The embedded segment is set to grow in a considerable manner owing to the increasing demand from various industrial sectors. The incorporation of such solutions in laptops, high-resolution displays, and gaming consoles is on the rise considering its capability of delivering high performance. The externally removable cards help in achieving high performance & efficient data transfer. The rising utilization of the technology in drones, VR, and DSLR cameras is providing impetus to the universal flash storage market.
In universal flash storage market, the automotive electronics segment is expected to witness a high growth over the forecast timeline. It can be attributed to the rising demand for processing and storage of a large volume of data. For instance, Samsung introduced eUFS solutions for applications such as automotive. These solutions are aimed at advanced driver assistance systems, dashboards and infotainment systems. In addition, the technology is anticipated to significantly contribute to enhance the performance and manage the audio content & infotainment systems in a better way. Technological advancements and the entry of connected cars are compelling the automotive manufacturers to focus more on innovative memory solutions.
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North America is anticipated to dominate the universal flash storage market due to the growing adoption of the technology in smartphones, tablets, VR products, and smart wearables. The emerging trend of digitization across several industry verticals is expected to contribute to the Asia Pacific universal flash storage market. The growing preference for high-performance and energy-efficient devices along with the increased spending in new technologies further contributes to the regional growth.
Companies in the universal flash storage market include Samsung Electronics Co., Ltd., Toshiba Corporation, Silicon Motion Technology Corporation, Synopsis, Inc., Phison Electronics Corporation, Micron Technology, Arasan Chip Systems, Inc., Cadence Design Systems, and SK Hynix and GDA Technologies, Inc. The industry players are seeking new possibilities and focusing more on technological advancements to address the growing data transmission needs of end-users. The universal flash storage market is currently witnessing slightly intense competition among the players compelling them to make heavy investments in R&D and stay competitive in terms of technology offerings.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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