January 25, 2022 13:03 ET | Source: Market Research Future Market Research Future
New York, USA, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “USB Devices Market information by Type, by Product, by Connector Type, by Application and Region – forecast to 2027” market size to reach USD 46.08 billion, growing at a compound annual growth rate of 13.9% by 2025.
Market Scope: USB devices are gaining traction owing to need for rapid transfer of data. Evolution of connectivity standards and adoption of USB ports in devices can prove to be lucrative for the market. Market Research Future’s (MRFR) report on the USB devices market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2020-2027) while taking into consideration the effects of the COVID-19 pandemic.
Dominant Key Players on USB Devices Market Covered are:
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Market USP Exclusively Encompassed: Market Drivers Increasing Use in Consumer Electronics to Drive Market Demand The increasing consumption of content and ease of downloading large files due to breakneck internet speeds can drive demand for USB devices. Rise of IT hubs and emergence of consumer retail market are likely to bode well for the market. Revision of USB standards for facilitating connectivity performance and data transfer between peripherals and USB devices can favor market. Ease in development and demand for customized devices will net huge revenue for the market.
Online Sales Channel to be Lucrative for Global Market The online sales channel is expected to be lucrative for USB devices as various manufacturers have developed websites for easy payment or partnered with ecommerce sites. Considerable discounts on products as well as increasing trend of online shopping can bode well for the market. Various discounts and payment options for electronic products will propel market demand.
Wireless USB Devices to Disrupt Market Growth Wireless USB is a communication protocol used in latest consumer electronic devices and devices compatible with the standard. The technology can support high-speed wireless connectivity and suited for parallel streams of content. It also contains the speed and security of wired technology.
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Security Concerns to Hamper USB Devices Market Growth The low security protocols for protecting USB devices can be a challenge to market growth. This is due to hackers using USB devices for disseminating malware, viruses, and other harmful software. Lack of protection for firmware and its use in stealing corporate secrets can impede market growth.
Segmentation of Market Covered in the Research: USB 3.0 to Gain Market Share By type, the global USB devices market has been segmented into USB 1.0, USB 2.0, USB 3.0, and others. The USB 3.0 segment is set to gain a large market share owing to increasing consumer demand for high-speed interfaces. Huge demand for compact devices with maximum storage capacity and technological enhancements can drive segment demand in the market. Introduction of the Stream Protocol that allows logical streams within an endpoint can be favorable to the segment.
Flash Drives to be Highest Selling Segment On the basis of product, the global USB devices market has been segmented into memory card readers, webcams, USB, flash drives, computer peripherals, scanners & printers, digital audio players, and others. The flash drives segment is set to drive maximum demand owing to innovation in storage devices and demand for maximum storage capacity among customers. The wide compatibility with various devices, good transfer speed, and small size can bode well for the segment demand.
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Type C Connector to Gain USB Devices Market Share On the basis of connector type, the global USB devices market has been segmented into type A, type B, type C, and lightning connector. The type C segment is poised to capture a major market share owing to adoption of the latest standard by latest device manufacturers. This is evident by its presence in latest Android smartphones and Apple laptops.
Automotive Industry to Gain Market Share Major applications of the global USB devices market has been segmented into healthcare & medical devices, IT & telecommunication, consumer electronics, automotive, and others. The automotive industry is expected to gain a large market share owing to demand in vehicle infotainment systems. Need for power and data transmission by car owners can drive market demand for USB devices.
Regional Analysis North America to Lead Global USB Devices Market North America is expected to lead in the global USB devices due to a strong presence of players from automotive, manufacturing, and consumer electronics companies. In addition, the use of wireless devices due to its portability and convenience can drive market demand significantly. Adoption of USB Type-C devices as well as presence of latest ports in smart devices can fuel demand. Canada and the U.S. are major contributors of the market over the forecast period.
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COVID-19 Impact on the Global USB Devices Market The COVID-19 pandemic has negatively impacted the global USB devices market growth. This is attributed to preference of cloud and rise of contactless methods of operation. Ease in development of manufacture of portable devices and custom-made devices for better connectivity can drive market growth. Relaxation of restrictions and demand for USB-based peripherals will favor market demand in the coming years.
Industry Update BIO-key International, Inc., has launched the BIO-key EcoID II, a USB fingerprint scanner. The product can be beneficial to enterprises looking to authenticate verification without investing in biometric scanners.
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