In terms of revenue, the global USB Devices market was valued at US$ 30869.1 million in 2019 and it is projected to reach US$ 59266.8 million by 2027; it is expected to grow at a CAGR of 8.7% during the forecast period from 2020 to 2027.
Universal serial bus (USB) or USB key or USB stick devices store data in flash memory with a USB-integrated interface. Webcams, flash drives, memory card reader, digital audio player, and computer peripherals are among the devices that can be connected to USB devices. Once the USB is plugged into these devices, the operating system automatically identifies the essential drives for displaying content and files stored on the drive. Unlike high-definition multimedia interface (HDMI) cables and Ethernet, the USB cables come with different types, such as Type-A, Type-B, Type-C, and lightning connectors. The USB Type-C specifications are highly compatible with Intel Thunderbolt 3, which can further surge the data transfer speeds by three-folds. USB devices can also be used to charge tablets and smartphones by connecting them to the powered devices such as PCs and laptops.
The USB device market is in the developing phase and is compatible with many devices such as smartphones, tablet PCs, digital cameras, and smart TVs. With the growing penetration of tablets and smartphones globally, the USB device technology is also witnessing substantial growth. The mounting demand for better connectivity performance between electronic devices is a significant factor contributing to the market growth. However, the growing security issues hinder the market growth. Besides, the growing complexities related to the replacement of old USB standards with new ones are posing challenges for the market vendors. Moreover, the continuous development of high bandwidth storage devices, technological innovations, and growing markets in APAC is likely to offer numerous opportunities for the growth of the market players.
Overall size of the USB Devices market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the USB Devices market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the USB Devices market. A DATA Technology Co., Ltd., Corsair, Hewlett-Packard Development Company, Imation Corporation, Kingston Technology Corporation, Samsung Corporation, SanDisk Corporation, Toshiba Corporation, Transcend Information, Inc., and Verbatim Americas LLC are among the key players profiled during this market study