USB Flash Drives: A Global Strategic Business Report
San Jose, California (PRWEB) October 23, 2013
Defined as a removable flash memory storage device, USB flash drives have become an indispensable part of modern life. Key benefits of USB flash drives that have encouraged its mass adoption over the years include ease of use, portability, convenience, widespread compatibility, ability to store large volumes of data, higher read and write speed as compared to other optical storage devices, interoperability across all platforms, and improvements in security in the form of password protection or encryption/decryption, among others. USB flash drives have excellent durability with average life of a frequently used device ranging up to 10 years. Increasing usage of USB flash drives over the years for storing, transferring, and organizing digital content such as word documents, excel spreadsheets, power point presentations, personal mails, sound files, images and other vital business data, programs and applications also represents a significant growth driver.
Another important growth driver is the rapid penetration of the USB 3.0 standard driven by its capability to provide data transfer rates of 1.25 Gbps to a maximum of 5Gbps, which was more than 10 times faster than the 480Mbps speed of USB 2.0. Future growth in the market will be driven by the USB 3.1 standard launched in 2013. The new standard features SuperSpeed USB 10 Gbps transfer rates and uses more efficient data encoding and delivers highly effective data through-put performance than USB 3.0 over fully backward compatible USB cable and connectors.
USB flash drives’ increasing popularity as a branding and advertising tool is significantly driving sales of customized USB flash drives as CDs and DVDs are experiencing consistent decline in demand in the promotional industry. Increasing emphasis of enterprises on information security and confidentiality is also driving demand for secure USB flash drives. In addition, rapid proliferation of Android-based smartphones, tablets, and other portable OTG (On-the-Go) devices that have standard micro-USB port as a key feature are also lending traction to the USB flash drives market.
Another key factor driving growth in the market is the significant increase in USB flash drive memory capacities, which have reached 128GB-256GB. With manufacturers focusing on continuously stretching the maximum memory capacity of flash drives, the desire to lower costs and increase data transfer speeds will continue to drive innovations in memory capacity. Development of pen drives with high memory densities will help drive the migration towards USB 3.0 and 3.1, which in turn will drive growth in the overall USB flash drives market. Growing demand for flash memory devices with features such as retractable USB connector, internal flash memory, mechanized protective USB sliding cover, and internal gears is also expected to encourage market growth in the coming years.
As stated by the new market research report on USB Flash Drives, Europe represents the largest regional market worldwide. Asia-Pacific represents the fastest growing market with a CAGR of 10.2% over the analysis period. Growth in the region is driven by steady economic growth, growing consumption of computing devices, proliferation of smartphones and tablets, and increasing adoption of storage devices for storing, transferring, and sharing content, particularly in China and India.
Key players covered in the report include ADATA Technology Co. Ltd., Addon Technology Co. Ltd., Buffalo Technology (UK) Ltd., Corsair Memory Inc., Edge Tech Corporation, Ennova Direct Inc., Hewlett-Packard, Imation Corp., IronKey Inc., Kingston Technology Company Inc., Lenovo, Micron Consumer Products Group Inc., Memorex Products Inc., Patriot Memory, PNY Technologies Inc., SanDisk Corporation, Sony Corporation, SPYRUS Inc., Transcend Information Inc., Verbatim Americas LLC, and Xmultiple Technologies Inc., among others.
The research report titled “USB Flash Drives: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and launches, and other strategic industry activities. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America and Rest of World.
For more details about this comprehensive market research report, please visit http://www.strategyr.com/USB_Flash_Drives_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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