Latest Industry Trends

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Connected Car Market Share, Size, Segments and Growth by Forecast to 2027 | Impact of COVID-19

Market Overview

The global Connected Car Market is accounted to expand the market share at USD 63.2 Billion in the first half of 2020. However, this global market is projected to meet at USD 180.9 Billion during the forecast period of 2027.

Presently, the innovations of advanced cars are enhancing the user’s convenience, safety, and comfort, which is fueling the demand for the Connected Car Market. Moreover, the increased demand for advanced and modified cars, increasing ADAS features in cars, and diverse applications to commercial firms are some of the important factors driving the global market growth in the forecast period.

The global Connected Car Market has lucrative growth opportunities in the upcoming years due to the emergence of different new technologies likes AI and 5G. Many commercial industries widely adopt these new technological services as it is essential to enhance their sales and productivity. However, the global market growth might get hindered due to the limited network connectivity and lack of infrastructure for the functioning of connected cars.

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Market Segmentation

The Connected Car Market Size value is driving its growth rapidly with the market segmentations, including the technology, connectivity, service, and component. Further, the global Connected Car Market has been segmented into 2G, 3G, WiFi, Bluetooth, and LTE based on the technology segment. Based on the customers' requirements and industries, these technological segments of the connected car are used for different applications.

The connected cars also have some differentiating factor that is highly preferred by the customers based upon their capacity and connectivity services. The globally connected car market share has been classified into integrated, tethered, and embedded depending on the connectivity segment. Hence, most industries are focusing on improved capacity and connectivity services to grow their business operation.

Based on the services segments, the connected car market share has been segmented into OEM Services, Autonomous driving and Vehicle management, Entertainment, Safety, and Well-Being. In addition, the global market has been categorized into different components such as Processors, Cellular, Sensors, and wireless modules in terms of components segments. Thus, the worldwide market is eventually predicted to achieve impeccable heights with the addition of components. Also, these components throw light on the benefit of the product or technology.

Regional Analysis

The Connected Car Market Share is relatively spread across different geographical locations such as Europe (France, Italy, Western Europe, Germany, Spain, and others), Americas (Canada, North America, US), The Middle East & Africa, and Asia– Pacific (Asia, South Korea, China, Japan, India, and others).

Among all, the North American region is dominating the global market by generating the maximum connected car market value during the analysis period. This region is growing widely because of several factors, including the collective efforts of the key market players, the increasing production and supplies, and impeccable demands of the global connected car.

Industry News

Nowadays, most companies are trying to involve with the connected car market to grow their work process. Similarly, the smartest companies like Tesla and Toyota have also adopted the same strategies to enhance their business. Recently, SIM card-based connected drive technology has been adopted by a German multinational corporation named BMW for the worldwide connected cars.

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3D display is trend-setting technology in various fields such as education, defence, simulation of engineering, photography , video and gaming. The 3D display market is driven by high adoption of 3D display in the entertainment and gaming industry, and increased sales of TV sets, computers, mobile phones and tablets. Higher costs and lack of 3D content, however, could limit market growth. Real 3D display technologies are making their way into the market with rapid advances in electronics , optics, laser technology and photonics. Market Research Future (MRFR) includes the influence of the gaming industry on the growth of the 3D display sector in its study on the 3D display market. The marketing of the program in advertisement and broadcasting systems has also found mentions as major influencers in the study. Its impact on the pattern of consumer behavior is so profound that many related sectors such as tablets, smartphones, and monitors are expected to usher in profits in for themselves by taking leaps in innovation.

3D Display Market Report Size, Opportunities, Trends and Competitive Landscape | Impact of COVID-19

Market Overview

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The marketing strategies of the 3D company have various features like adoption, cooperation, partnership, product launch, and other features. The chief players are focusing on the segments of the market to develop it whenever needed. Major adoption in the gaming and entertainment industry is uplifting the market. The extraordinary way to visualize things in three dimensions is in high demand among the customers. They demand more advanced features, noticing its higher demand, the players are working on upgrading the features. The increased marketing of TV, monitor, smartphone, and tablets is even boosting the market.

The pandemic has negatively impacted the market, and it has stopped assembling plants across the globe. Different types of limitations were seen in the market, which hampered the growth of the market. With the help of the key players, the market is trying to get back to its position to compete at the global level.

The 3D Display Market Size is projected to develop from USD 54.84 Billion in 2017 to USD 150.81 Billion by 2023, with a CAGR of 18.4% during the assessment period.

Market Segmentation

The overview of the segment states that the 3D Display Market Report is segmented based on product, technology, and application. Based on the by-product, the market is segmented into volumetric, stereoscopic, and head-mounted. Based on technology aspects, it is categorized into Plasma Display Panel (PDP), Digital Light Processing (DLP), Organic Light Emitting Diode (OLED), and Light Emitting Diod. The application segment is fragmented into Television, smartphones, monitor, projector devices, and virtual reality headsets. These segments are contributing their growth in the market to reach a healthy CAGR in the upcoming period.

Regional Analysis

The 3D Display Market Trends efficiently functions in different regions of the world such as North America, Europe, Asia Pacific, and the rest of the world. The market is showing rapid growth in various regions due to the innovative progressions, expanding infiltration of cell phones, etc. The Asia Pacific is noticed to be the quickest developing region among others.

Industry News

The rise in demand for clinical applications and medical procedures is setting opportunities for the 3D Display Market Share. This technology innovation will improve the visual capacities of specialists, decline activity time, and other factors.

According to the recent updates, the global 3D Display Market is projected to reach USD 97.1 Billion by 2028.

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Wireless Electric Vehicle Charging Market Analysis, Key Players Profiles and Future Prospects | Impact of COVID-19

The Wireless Electric Vehicle Charging Market is anticipated to register a CAGR of 48.82% during the forecast period. The wireless electric vehicle market is mostly based on the form of inductive coupling, where energy passes through a device and is used for charging. The OEMs segment and government emphasize electric vehicles to reduce the carbon-emitting vehicles drives the market. The increasing usage of the Wireless Electric Vehicle contributes to the growth of the Wireless Electric Vehicle Charging solutions. Based on the research by the IEA, in 2019, the electric car profit was 2.1 million globally. This constant growth can continue and can impact the market growth. The surge in demand for electric vehicles adoption of improved technology produces efficient electric vehicle charging solutions. The pandemic has affected the Wireless Electric Vehicle Charging Market Analysis very several due to the decline in mobility which leads to less time on the electric vehicle technologies. Although with the improvement in the situation, the industry is expected to recover from the loss and grow in the forecast period.

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Wireless Electric Vehicle Charging Market - Competitive Analysis

Highly competitive, the wireless electric vehicle charging market appears fragmented due to the presence of several well-established players. These players incorporate strategies like mergers & acquisitions, collaboration, technology/product launch, and expansion to gain a larger competitive share.

Major Players:

Players leading the global wireless electric vehicle charging market include Leviton (U.S.), ABB (Switzerland), WiTricity Corporation (U.S), Siemens (Germany), Convenient Power HK Limited (Hong Kong), Delphi Automotive (U.K.), Bosch Group (Germany), and Qualcomm (U.S.), among others.

Additionally, large-scale implementations of truly wireless EV powering solutions and the game-changing wireless charging road systems led by the government initiatives to revolutionize mobility influence the market growth. Today, most industry players use electromagnetic resonance effects, which are practically identical to the current Qi standard, that is, using a charging pad. The demand for wireless EV charging solutions like Wi-Fi connectivity is expected to increase hugely in the future.

On the other hand, wireless power transmission solutions require a large structure which is a costly affair. Besides, charging stations’ unsafe frequencies are harmful to living organisms and can be expensive. Therefore, high investments requirement for the development of charging stations or infrastructures and unsafe frequencies are major growth impeding factors for the market.

Nevertheless, increasing R&D investments to develop innovative wireless EV charging solutions would support the market growth throughout the review period. Wireless charging enables vehicles on the go and keeps cities clean, allowing practically invisible charging during regular operation. This automatic system dispenses with the need for visually-detracting cabling or charging pads sunk into or on the roadway.

Wireless Electric Vehicle Charging Market - Segmentation

The report is segmented into three dynamics;

By Technology: Inductive Charging, Conductive Charging, Dynamic Charging, Magnetic Resonance, among others.

By Component: Electromagnetic Induction, Wireless Power Receiver, Rectifies, Power Distribution Box, Vehicle Receiver Unit, Ground Transmission Unit, Battery, and others.

By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.

Wireless Electric Vehicle Charging Market - Regional Analysis

North America dominates the global wireless electric vehicle charging market. The largest market share attributes to government initiatives to reduce dependency on fuel-driven vehicles that profit the electric vehicle market and create vehicle charging solutions. Moreover, the growing demand for electric vehicles with a low operating cost and government support for the development of the wireless EV charging industry push the regional market growth.

The Asia Pacific region stands second in the global wireless electric vehicle charging market. The market is driven by advancements in wireless charging technologies and charging devices. Besides, the massive increase in the production and sales of e-vehicles in the region increases the installation of the wireless EV charging system, and solutions drive the market growth.

Europe also accounts for a considerable share in the global wireless electric vehicle charging market. Factors such as investments in research & development and a large EV user base create a huge demand for wireless EV charging devices. Additionally, regulatory laws implemented to minimize vehicle emissions and favorable incentives policies substantiate the market demand, increasing electric vehicle sales.

Industry/ Innovation/ Related News

Feb. 18, 2021 ----- IPT Group, a global manufacturer of wireless charging and electrification solutions for industrial and e-mobility applications, announced the acquisition of Primove, the e-mobility inductive charging technology portfolio from Bombardier.

Primove technology complements IPT’s existing IP and product portfolio and speeds up its product-to-market plans. The acquisition would enable IPT to offer a complete product portfolio, combining two cleantech scale-ups in wireless power transfer for e-mobility, benefiting from synergies, thereby accelerate its markets.

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Human Centric Led Lighting Market Advancement, Top Key Players, Financial Overview and Forecast to 2027 | Impact of COVID-19

Market Scope

Market Research Future (MRFR) has announced a new release on the global Human Centric Lighting Market. The report examines the segmentation of the global Human Centric lighting market to assess the market’s present condition and presents forecasts as to the market’s growth over the 2018-2023 forecast period.

Human Centric lighting comprises lighting systems that shift their light spectrum throughout the day to match the natural sunlight spectrum, in order to maintain a positive, naturally oriented mood among the building’s occupants. Scientific research into the effects of the various wavelengths of light on the human brain has picked up steam in the last few decades. It has been shown that humans have evolved to become excited and alert when exposed to blue light, which is abundant during daytime, and become sleepy and relaxed when the level of blue light drops and warm lights such as yellows and orange increase. This has been put to use in an efficient manner in Human Centric lighting in various applications, as maintaining a positive mindset among the occupants is a highly innovative and positive application for lighting equipment.

Leading Companies

Leading companies in the market are Waldmann Lighting (US), Hubbell Inc. (US), Arcluce S.p.A. (Italy), Koninklijke Philips NV (The Netherlands), Glamox (Norway), Zumtobel AG (Austria), CoeLux S.r.l (Italy), Fagerhult AB (Sweden), Osram Licht AG (Germany), ES-SYSTEM S.A. (Poland), and more.

Some other vendors listed in the study include NormaGrup Technology (Spain), Legrand SA (France), Seoul Semiconductor Co Ltd (South Korea), to name a few.

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COVID-19 Analysis

SARS-CoV-2 has led to higher focus on the development of a strong supply chain as well as on the exploration of ways to deal with the lack of raw materials and products in the semiconductor industry. The novel coronavirus induced lockdown has boosted the demand for potential suppliers along with the adoption of better techniques to bring down the instability in the supply chain. Post pandemic, the situation has been such that more and more industries are adopting the latest technologies that can ensure better productivity and stability of the supply chain.

Although the lighting industry is bearing the repercussions of the COVID-19 outbreak, human-centric lighting (HCL) systems are finding extensive deployment in healthcare, industrial, education, residential and retail industries. The demand for HCL systems has gone up significantly in the healthcare sector, following the pandemic, especially in elderly care centers for people who are unable to obtain daylight due to mobility issues or some illness. Its effectiveness in light therapy treatment is also boosting its demand further, which can mean that the Human Centric Lighting Market can remain strong despite the SARS-CoV-2 outbreak.

Key Boosters and Main Restraints

In June 2020, Samsung built a new human-centric lighting LED called LM302N DAY that is used in daytime operations. The HCL LED helps bring down the person’s melatonin level by 18 percent compared to a conventional LED lighting. With the use of dual blue emitters, LM302N DAY facilitates more scattering of blue energy, which leads to higher effect on the nonvisual system. Several renowned companies in the human centric lighting market are actively conducting research and development of advanced lighting solutions for diverse end-users. With residential and commercial infrastructure progressively consuming smart technologies in their projects, players are encouraged to launch superior quality products that can help them gain more consumers and boost their market position.

With each passing year, the concerns with regard to the conservation of energy has mounted exponentially across regions, following which more and more end users are opting for greener alternatives and are taking up sustainable growth practices. A number of renowned research institutions are performing researches that pertain to circadian lighting’s effectiveness on human mental state and productivity, which can do wonders for the human centric lighting industry in the long run.

The sharp rise in industrialization around the world, primarily in emerging regions can be a significant growth enhancer in the market. The Human Centric Led Lighting Market can also benefit from the mounting awareness about sustainable development across industry verticals coupled with the rising prevalence of smart building technologies.

Market Segmentation

Application and component type are the primary segments based on which the market research has been carried out by MRFR.

The application-wise categories are healthcare, retail, education, residential, industrial, and others.

The component types described in the market study include drivers, sensors, switches & dimmers, transmitters & receivers and microprocessors & microcontrollers.

Regional Insight

North America, Europe, APAC/Asia Pacific, along with RoW/rest of the world are the primary markets for human centric lighting.

Europe could emerge as the leader in the global market, with Germany, Spain and the UK heading the said growth. The high consumption of HCL solutions in the healthcare sector along with the strong backing given by the government as well as regulatory bodies are some of the top impacting factors. Massive investments by the government and leading companies also favor the human-centric lighting market here.

The North American market can claim the second lead in the global market, thanks to the escalating growth of advanced technologies such as artificial intelligence and IoT backed by the extensive IT infrastructure in the region. Canada and the US could be the most profitable markets in the region during the appraisal period.

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However, the APAC market can potentially anticipate the fastest growth in the coming years, as a result of the huge pool of well-known semiconductor manufacturers present in China and the increasing awareness with regard to energy efficiency. Taiwan, Japan and China are touted to be the most lucrative markets in the region over the next few years.

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Fingerprint Sensor Market Report Future Insights, Market Revenue and Threat Forecast by 2027 | Impact of COVID-19

Overview

The global Fingerprint Sensor Market is expected to reach USD 8,006.6 million by 2026 at a CAGR of 13.27% during the forecast period. Market Research Future (MRFR), in its report envelops segmentation and drivers to provide a better glimpse of the market in the coming years.

Competitive Analysis

The key players of the global fingerprint sensor market are NEC Corporation (Japan), IDEMIA (France), HID Global Corporation (US), Thales Group (France), Apple Inc. (US), Qualcomm Technologies Inc. (US), Synaptics Incorporated (US), Fingerprint Cards AB (Sweden), Shenzhen Goodix Technology Co., Ltd. (China), and IDEX Biometrics ASA (Norway) among others.

Market Overview

Due to the rapid adoption by government of a fingerprint based authentication system through portable application, the Fingerprint Sensor Market is increasing with a double digit CAGR. The major growth driver on the market for fingerprint sensors includes the demand for security checks in organisations, the value of physical access control solution, and the smartphone and tablet market among others. Furthermore, the growing market growth of mobile devices such as smartphones, tablets and other portable devices involves the use of fingerprint sensors in order to protect data privacy and access protection. Internet-based online and mobile ecommerce options have further enhanced fingerprint sensor demand. However, factors such as lack of knowledge of security and the difficulty of smartphone integration such as devices with fingerprint sensors can hamper market growth According to a recent Market Research Future study report , the global fingerprint sensor market is booming and expected to gain prominence over the forecast period. Morevoer the increased adoption of fingerprint sensors in the BFSI sector is expected to significantly propel the market over the review period.

The development of less expensive fingerprint sensors for a wide range of applications presents tremendous market opportunities. There is a rise in the adoption of integrated fingerprint sensors based on two-factor authentication systems or multi-factor authentication systems that can provide high-tech security and access for high-end security applications.

Segmentation

The Fingerprint Sensor Market Report can be classified into four key segments for the suitability of the report and enhanced understanding.

Segmentation by Components Comprises sensors (ultrasound sensors, capacitive sensors, optical sensors, thermal sensors and solid-state sensors among others), hardware, and software, among others.

Segmentation by Technology Comprises Thermal, Capacitive & RF Capacitive, Optical and Others.

Segmentation by Application Comprises travel & immigration, consumer electronics, government, military defence and aerospace, healthcare, BFSI, and others.

For the reginoal overview, the market has been segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa.

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Regional Evaluation

Asia Pacific dominates the global market for fingerprint sensors with the highest market share and thus accounts for unprecedented amounts and is projected to expand by 2022 over its previous growth records. Because of the presence of countries such as China, South Korea and India, the growth of the market for fingerprint sensors in Asia Pacific is driving mainly. These countries are of substantial market size and provide major potential for the growth of the market for fingerprint sensors. The rise of the medium-sized income population in China and India and other large emerging markets in the region helps the consumer spending. Other factors such as the rapid urbanization, large population ,rising disposable income and the growing middle class in the APAC region are some of the drivers for the growth of the fingerprint sensor market in APAC's consumer electronics application. Other factors such as increased usage of biometric devices within organizations and increased adoption of emerging technologies in the field.

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Substation Automation Market Analysis, Revenue, Comprehensive Plans, Growth Potential & Forecast 2022-2027

The worldwide Substation Automation Market Analysis is predicted to develop at a higher CAGR of 6%, reaching a larger percentage value of USD 51 billion by the end of the projected timeframe. This is a performance monitoring solution for substations that includes connection and monitoring and protection and control.

Several factors contribute to the market's rapid expansion. As a result of increased state and corporate engagement in smart grid megaprojects and increased funding for the creation of smart societies, the worldwide market for building automation is seeing strong growth. In addition, it aids in lowering operating and maintenance expenses. It also increases factory efficiency, which in turn increases the pace of market expansion. Electrical power is safe, reliable, and very effective with it.

Substation automation is a process for using data from Intelligent Electronic Devices. It refers to the control and automation of substation capabilities and the control of power system devices by remote user commands. Growing demand for better electricity services worldwide and growing demand for smart grids are the key drivers for the growth of the substation automation sector.

Key Players

Some of the significant participants identified by MRFR operating in the global Substation Automation Market are Schneider Electric (France), General Electric (U.S.), Siemens AG (Germany), ABB Group (Switzerland), Tropos Network (U.S.), Cisco Systems, Inc. (U.S.), EATON Corp. (U.S.), Encore Networks (U.S.), Toshiba Corporation (Japan), Grid Net (U.S.), Cooper Industries (U.S.), Power System Engineering, Inc. (U.S.), Texas Instruments (U.S.), Larsen & Toubro Limited (India), Axiomtek Co. Ltd (Taiwan), Ametek (U.S.), SAE IT-systems GmbH & Co. KG (Germany), among others.

Competitive Analysis

The global market for substation automation continues to be highly competitive. To target, segment, and position their sensors on the global market and drive business growth, companies need to come up with innovative technological solutions to stay competitive. Industry leaders are investing in research and development to evolve their products continually and pursue market growth through a combination of strategic mergers and acquisitions, developments, and cost-effective product portfolios.

Market Dynamics

Growing demand for the retrofit of conventional substations and smart grids are some of the key drivers of market growth for substation automation. The smart grid contributes to the reliability and productivity of power systems. Moreover, the advanced smart substation automation system boosts the demand for the substation automation market as it is widely used in power system applications. The introduction of conventional protection is essential to the substation. The requirements of such systems are used for the protection and control of such automation. It tracks the state of the equipment. Such systems are equipped with intelligent electronic devices capable of protecting and controlling the system and providing high-performance remote power management functions.

Market Segmentation

The global market for substation automation has been segmented on the basis of component, module, communication channel, and industry.

On the basis of component, the global market for substation automation has been segmented into recloser controller smart meter, load tap controller, capacitor bank controller, and others.

On the basis of module, the global market for substation automation has been segmented into SCADA, intelligent electronic device, communication network, and others.

On the basis of the communication channel, the global substation automation market has been segmented into ethernet, power line communication, optical fiber communication, copper wire communication, and others.

On the basis of industry, the global substation automation market has been segmented into utility, transportation, mining, steel, and others.

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Regional Analysis

The global substation automation market is spanned across North America, Europe, Asia Pacific, and the rest of the world.

In North America, the substation automation market is experiencing high market growth due to the growing popularity of advanced intelligent electronic devices and communication technologies that are driving market growth in substation automation. In comparison, European countries are arising as substation automation market due to the rising demand for smart grids and are projected to rise at the highest CAGR during the review period. Asia Pacific countries such as China, Japan, and India are some of the world's leading market share regions.

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Thursday, 28 April 2022

Flash Memory Market Trends, Greater Growth Rate during forecast 2022 - 2027 | Impact of COVID-19

Overview

The global flash memory market spans across North America, Europe, Asia-Pacific, Middle East & Africa, Central & South America.

Flash memory technology enables a wide range of modern embedded non-volatile applications in Internet-of-Things (IoT) devices that require extremely low power consumption. Within the IT sector, flash memory provides code integrity to critical edge devices through authenticated commands, which enables firmware and software updates along with certificate generation for identity. The rapid technological development of new electronic devices using serial memory has increased the utility of data centers for various organizations. Such developments can increase the consumption of semiconductor components used in the data centers, which is likely to contribute to the overall adoption of serial memory-based equipment by end users globally. Moreover, the rising demand for IoT devices is giving rise to various opportunities for the players in the global flash memory market. IoT is defined as an environment where the connectivity of computer and networks extend to different electronic devices, such as mobiles, computers, electric meters, televisions, and air conditioners. The IoT environment allows the devices to exchange, consume, and generate data with little human intervention. The development and increasing utilization of flash memory in small electronic devices such as sensors in IoT devices is one factor that is expected to increase the demand for flash.

Competitive Analysis

The key players of the global Flash Memory Market are Infineon Technologies AG, Intel Corporation, Micron Technology, Inc., SK HYNIX INC., KIOXIA Holdings Corporation, Microchip Technology, Inc., ON Semiconductor, Seagate Technology LLC, Transcend Information, Inc., Silicon Motion Technology Corsp., JMICRON Technology Corporation, VIA Technologies, INC., Realtek Semiconductor Corp., Marvell, Western Digital Corporation, Integrated Silicon Solution Inc., Phison Electronics Corporation, and AMIC Technology Corporation among others.

In October 2018, Cypress Semiconductor Corporation, a subsidiary of Infineon Technologies AG launched 1.8V high-speed serial NOR flash memory. This provides high densities coupled with flexibility and fast performance required by a variety of mobile and embedded applications.

In May 2018, Intel Corporation signed a contract with Micron Technology Inc. for production and shipment of the industry’s first 4bits/cell 3D NAND technology. These companies also announced the development of the third-generation 96-tier 3D NAND structure.

In February 2018, SK Hynix Inc. has completed the development of an enterprise SATA solid-state drive (eSSD) with the 72-layer storage 512Gb 3D NAND flash memory chip. This has helped the company fully enter the high value-added eSSD market.

Segmental Analysis

The global Flash Memory Market Trends has been segmented based on Type, Component, Application, and region.

Based on component, the global market has been segmented into Memory Chips, Flash Controller. The memory chips segment accounted for the largest market share in 2019; it is expected to register a CAGR of 5.07% during the forecast period. Flash memory chips are programmable chips that can be erased and reprogrammed in blocks instead of one byte. These chips are non-volatile and do not need a constant power supply to retain their data. Flash memory chips offer extremely fast access most of the time with low power consumption and are immune to shock or vibration. A flash controller is an important component of flash memory that helps in communicating with the host device, managing the flash file system directory. It provides an easy interface to access NAND flash memory devices. Flash memory also helps to correct the 1-bit error and detect 2-bit errors.

By application, the market has been segmented Smartphone, Digital Camera, USB Flash Drives, Solid-State Drives, Tablet & Laptops, Gaming Consoles, Media Players, and Others. The smartphone segment accounted for the largest market share in 2019. The demand for smartphones has been growing at a tremendous rate in the past decade¸ due to the numerous features it offers to its users. Flash memories form an integral part of smartphones to store essential data without requiring power. Photography, both professional and personal, is among one of the most sought-after careers globally. And due to technological development in the sector, numerous digital cameras are now available in the global market. USB flash drives are removable, rewritable, and are very small in size, making it an efficient data storage device. USB flash drives are typically used for data storage, data transfer, and data backup. Solid-state drives are primarily used in computers to store data. They have been widely adopted in computers due to the numerous attributes of solid-state drives including shock resistance, silent operation, and quick access time. The demand for tablets & laptops has grown substantially in the last decade for both professional and personal use.

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By end-user, the market has been segmented enterprise, industrial, individual/personal. Individual/personal segment accounted for the largest market share in 2019. Companies are increasingly being dependent on flash drives for the storage of essential organizational data. Companies irrelevant of their size store data daily on flash drives for future use or reference. Industrial automation has been growing at a significant rate in the global market, and industries are increasingly being dependent on computers and related equipment for performing operations. Personal use of electronics and electrical equipment has grown significantly in the last decade.

The global flash memory market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. Asia-Pacific accounted for the largest market share of 35.78% in 2019; the market is expected to register the CAGR of 6.25% during the forecast period. Asia-Pacific held the largest market size in 2019 and is expected to hold the largest market size during the forecast period. North America is a prominent region in the flash memory market owing to the increasing adoption of the Internet of Things (IoT) and the rising number of data centers. Moreover, North America is a significant contributor to the growth of global NAND and NOR flash market owing to the presence of key players such as Cypress Semiconductor Corporation, Micron Technology, Inc., and Integrated Silicon Solution Inc.

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