The universal flash storage market is expected to grow from $1.65 billion in 2017 to $4.50 billion by 2023.
That’s according to a new report which notes that much of the growth can be attributed to the growing demand for electronic devices, including in healthcare, with faster performance and improved responsiveness, as well as the increasing adoption of high-speed data transfer technologies, as well as rapidly growing demand for wearable electronics.
The report comes on the heels of an IDC assessment which determined that total worldwide enterprise storage systems factory revenue was up 14 percent year over year and reached $11.8 billion in the third quarter of 2017, with flash storage very much a driving force in that growth.
"The enterprise storage market finished the third quarter of 2017 on a positive note, posting strong year-over-year growth and the first double-digit growth in several years," said Liz Conner, research manager, Storage Systems, in the IDC report. "All Flash, software-defined, and converged/hyperconverged systems continue to be the driving force for traditional storage vendors.”
The total All Flash Array (AFA) market generated just under $1.6 billion in revenue during the quarter, up 38.1 percent year over year, while the Hybrid Flash Array (HFA) segment of the market continues to be a significant part of the overall market with $2.3 billion in revenue and 19.1 percent of the total market share.
As for the years ahead, experts say universal flash storage external cards are expected to lead the universal flash storage market during the forecast period. The report noted that key vendors are focusing on developing innovative memory solutions to cater to their growing requirements of consumers in healthcare and other sectors.
The Asia Pacific region is expected to be the fastest-growing region in the universal flash storage market during the forecast period.