New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “USB Device Market Size, Share, Trends, Growth Forecast to 2028 - COVID-19 Impact and Global Analysis By Device Standard Type (USB 2.0, USB 3.0, and USB 4.0), Product (Webcams, Flash Drives, Memory Card Reader, Digital Audio Player, USB Hub and Docking Station, Computer Peripherals, and Others), Connector Type (Type A, Type B, Type C, and Lightning Connector), and Applications (Consumer Electronics, IT and Telecommunication, Automotive, Healthcare and Medical Devices, and Others)”; The global USB device market size to register a CAGR of 9.3% from 2021 to 2028, it was valued at USD 35.33 billion in 2021 and is projected to reach USD 65.85 billion by 2028.
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Global USB Device Market – Report Scope:
| Market Size Value in | USD 35.33 billion in 2021 |
| Market Size Value by | USD 65.85 billion by 2028 |
| Growth rate | CAGR of 9.3% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 257 |
| No. of Tables | 111 |
| No. of Charts & Figures | 116 |
| Historical data available | Yes |
| Segments covered | Device Standard Type, Product, Connector Type, and Applications |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Universal serial bus (USB), USB key, or USB stick devices store data in flash memory with a USB-integrated interface. Webcams, flash drives, memory card readers, digital audio players, 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 charge tablets and smartphones by connecting them to powered devices such as PCs and laptops.
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Impact of COVID-19 Pandemic on Global USB Device Market Growth:
The COVID-19 hampered the adoption of USB devices across North America in 2020 as sales of industries such as electronics and automotive were hampered due to the impact on supply lines. Meanwhile, the adoption of USB devices across IT & telecom and healthcare was reported as on higher side owing to the high emphasis on remote working and remote learning practices followed by a rise in the number of patients across hospitals due to COVID-19. However, from the Q1 of the supply lines of the automotive and electronics industry started to stabilize, and revenue of these industries showcased positive momentum, which subsequently propelled the USB device market in North America.
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 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 replacing 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.
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Key Findings of Study:
Geographically, the USB device market is segmented into North America, Europe, APAC, MEA, and SAM. APAC dominated the market for USB devices due to factors such as growing spending capability of people, availability of affordable consumer devices, and rapid urbanization in the developing countries of APAC. Also, the presence of various USB devices in countries such as China and India influence the demand for USB device in the region. Further, the high proliferation of smart devices is boosting the growth of USB devices.
In Europe, the demand for USB devices is propelled by the rising number of enterprises and the increasing adoption of Industrial Internet of Things (IIoT) in the industries. Also, the high adoption of smart home systems is propelling the demand for USB devices. Various government initiatives taken by EC to develop advanced smart classroom infrastructure across the region are also bolstering the demand for USB devices.
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Industrial USB Connectors Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (USB Type A, USB Type B, USB Type C); Application (Industrial Automation, Automotive, Others) and Geography
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USB Smart Card Tokens Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Contact Card, Contactless Card, Multi Component Card); Application (Healthcare, Automotive, Manufacturering, BFSI, Education, Others) and Geography
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