Increasing demand for advanced automotive electronics systems, as well as for wearable electronics and the growing popularity of faster, more responsive electronic devices is driving growth in the universal flash storage market, according to a recent report from Markets & Markets. The overall universal flash market is estimated to be valued at $4.50B (U.S.) by 2023, increasing at a CAGR of 18.3% between 2017 and 2023.
The proliferation of embedded systems is due partly to the growth of the Internet of Things market. Support for those systems requires storage of huge amounts of data in a machine-readable format. For embedded applications such as automotive electronics that require high processing speed and bandwidth, 256-GB universal flash storage solutions are critically important. For instance, embedded applications in cars address safety, conservation and environmental concerns, as well as the growing demand for connectivity within a vehicle.
Analysts predict automotive will be the fastest growing segment in the universal flash storage market between 2017 and 2023, primarily because of the rising demand for a significant amount of data processing and storage in automobiles. As more connected cars hit the road, automakers are focused on implementing advanced memory solutions, and universal flash storage is expected to be a game changer in the automotive electronics arena, with applications in connected car technologies, autonomous driving, connectivity solutions, security, artificial intelligence, smart sensors, high-performance computing and machine vision.