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The memory cards market is estimated to grow at a CAGR of 1.19% between 2022 and 2027. The size of the market is forecast to increase by USD 565.28 million. The growth of the market depends on several factors, including the requirement for storage devices in cameras and camcorders, the proliferation of UHD content, and the high demand for compact storage devices.
This report extensively covers market segmentation by type (SD card, compact flash, memory stick, and multimedia card), application (mobile phones, cameras, and computers and laptops), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global memory cards market as a part of the global technology hardware, storage, and peripherals market within the overall global information technology market. The parent global technology hardware, storage, and peripherals market covers manufacturers of cellular phones, personal computers, servers, electronic computer components, and peripherals. It also includes data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The requirement for storage devices in cameras and camcorders is notably driving the market growth, although factors such as the rise in the use of cloud storage may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Memory Cards Market Driver
The requirement for storage devices in cameras and camcorders is the key factor driving the global memory cards market growth. The popularity of photography is gaining momentum worldwide. With the rise in the number of social platforms like Snapchat, Instagram, Facebook, and Twitter, people are learning tips and tricks to enhance their photography skills to gain appreciation. This increasing familiarity with various features of photography among people is pushing the demand for high-pixel digital cameras and camcorders. The number of pixels in a camera determines the quality of a picture.
Therefore, the higher the pixels in cameras, the higher the quality of the pictures. The higher the quality of pictures, the larger the space required to store them. Digital cameras and camcorders have their own in-built memory devices. However, this in-built memory can hold only a few best-quality shots, making the use of memory cards crucial. Thus, the use of memory cards gives the photographer a chance to shoot more freely. The rise in the popularity of photography has propelled the demand for cameras and camcorders, which increases the demand for memory cards.
Key Memory Cards Market Trend
The increasing need for the high-capacity solution will fuel the global memory cards market growth. With the increased penetration of the Internet worldwide, it is expected that the number of connected things will tripled by 2025. This will increase the number of data transactions, ultimately fueling the need for storage devices with high capacity. As per SD Association, it is expected that nearly 44 trillion GB of data will be created and copied by 2021. To accommodate this huge growth in data, SD Association has laid down higher bandwidth specifications, which will provide end-users with an option to choose from various memory cards.
Memory card manufacturers are developing models with high storage capacities and at par with HDD and USB flash drives. The storage capacity of memory cards in the market has increased from 1GB to 512 GB. Vendors are providing memory cards with high storage capacity, as young customers prefer such memory cards due to the rising popularity of social networking apps, such as WhatsApp, Instagram, and Facebook, which consume a large amount of space.
Key Memory Cards Market Challenge
The rise in the use of cloud storage is a major challenge to the global memory cards market growth. Cloud storage is a new and more optimized technology for storage media. In cloud storage, data are stored online in the cloud and are accessible from multiple connection points. This is leading to an increase in demand for cloud services. Cloud storage can archive data and recover it in case of any disaster.
Moreover, the companies like Google, Amazon Web Services, Microsoft Azure, pCloud, and Dropbox, offer free cloud storage. This idea of free storage is a win-win situation for consumers, posing a significant challenge for the global memory cards market.
Key Memory Cards Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Memory Cards Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
adata.com - The company offers memory cards such as High Endurance microSDXC, Premier ONE microSDXC UHS-II U3 Class 10, and Premier Pro microSDXC. Also, the company offers various products including LED lighting solutions, axial flow high-speed motors, motor controllers, air-cooled motors, gaming solutions, and other products.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the SD card segment will be significant during the forecast period. At 95.29%, SD card represents a major share of the global memory cards market and is widely used in smartphones. Other devices that use SD cards include cameras and camcorders, tablets, media players, and gaming consoles. The growth of this segment will, however, continue to decelerate during the forecast period as the use of memory cards in smartphones is likely to reduce. This is because of the higher internal storage offered by smartphone vendors.
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The SD card segment shows a gradual increase in the market share of USD 2,827.36 million in 2017 and continue to grow by 2021. The use of SD cards in cameras and camcorders will continue to rise because of higher internal memory and faster read/write speed offered for storing UHD content. Despite this rise, the market is expected to be stagnant as it is overshadowed by a decline in the smartphone segment for memory cards.
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APAC is projected to contribute 31% of market growth by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, APAC accounted for a major revenue share in the global memory cards market. The unit shipment of under USD 100 mobile phones has been increasing in emerging economies like India, China, Pakistan, Indonesia, and Bangladesh. The in-built storage capacity of under USD 100 mobile phones is lesser compared with other high-end mobile phones and would, therefore, enhance the adoption of memory cards with more storage capacity. The demand for memory cards will further be enhanced by the growth of social media, such as Facebook, Twitter, and Instagram, as end-users will tend to download more content from these platforms.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for APAC. However, a significant rise in business operations in electronics and semiconductor companies involved in producing memory cards since the third quarter of 2020 is expected to drive the growth of the market in the region during the forecast period.?
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, application, and region.
Memory Cards Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 1.19% |
Market growth 2023-2027 |
USD 565.28 million |
Market structure |
Fragmented |
YoY growth (%) |
1.02 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 31% |
Key countries |
US, Canada, China, Japan, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ADATA Technology Co. Ltd., Apacer Technology Inc., ATP Electronics Inc., Cactus Technologies Ltd., Delkin Devices Inc., Innodisk Corp., Integral Memory Plc, KINGMAX Technology Inc., Kingston Technology Co. Inc., Lexar Co. Ltd., Magic Ram Inc., Micron Technology Inc., Panasonic Holdings Corp., PNY Technologies Inc., Samsung Electronics Co. Ltd., Sony Group Corp., SUNROBOTICS Technologies, Toshiba Corp., Transcend Information Inc., and Western Digital Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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