Global secure digital memory card market is estimated to witness high growth, owing to increasing usage in smartphones & adoption of wireless technologies
Global secure digital memory card market is estimated to be valued at US$ 9.8 Bn in 2024, exhibiting a CAGR of 6% over the forecast period (2024-2031). Global secure digital memory card market growth is primarily driven by increasing usage of smartphones. Growing adoption of wireless technologies like Wi-Fi, Bluetooth, 5G which require memory cards for data and connectivity can also drive the market growth.
Market Dynamics-
Rapid Penetration of Smartphones: Smartphone sector has witnessed significant growth due to rising disposable incomes and affordable pricing of smartphones. Secure digital memory cards play a crucial role in storing content like photos, videos, apps and other files on smartphones. As number of smartphone users continue to increase globally, it can boost demand for SD memory.
Growing Adoption of Connected Devices: With proliferation of internet of things (IoT) worldwide, there has been huge adoption of connected devices like smart home appliances, smart wearables, drones, security cameras, and others. Most of these connected devices use secure digital memory cards to store data, software applications and transfer files wirelessly.
Growth in Smartphone Adoption and Digital Photography
There has been huge adoption of smartphones across the world over the past decade. As smartphones become more powerful and capable of high-resolution photos and videos, there will be need for additional storage. Secure digital (SD) memory cards are the most widely used format for additional storage in smartphones and digital cameras. The proliferation of smartphones and digital point-and-shoot cameras can boost demand for SD memory cards globally.
Threat from Alternative Storage Technologies
While SD card format is ubiquitous, other storage technologies have emerged as alternatives in recent years that threaten SD card usage in some devices. USB flash drives with much higher capacities offer comparable performance at lower prices in applications where hot-swapping is not required. Newer smartphones are also utilizing embedded flash storage or proprietary ports instead of SD card slots for additional storage. This poses a challenge for SD card adoption, particularly in the smartphone segment.
Declining Average Selling Prices
There has been decline in average selling prices of SD memory cards over the past decade due to cut-throat competition among manufacturers and the commoditization of the product. The falling prices squeeze profit margins for companies. This may discourage new investments and product development initiatives in the SD card industry. Sustained downward price pressure is a major restraint for participants trying to achieve revenue and profitability growth targets.
Adoption in Drones and Action Cameras
The market for professional-grade drones and action cameras has witness growth due to their reduced prices in recent years. Most high-end drones and action cameras feature SD card slots for capturing still photos and stabilized 4K videos. As these cameras take off in popularity among sports enthusiasts, filmmakers, vloggers and professional industries, there will be huge demand for large-capacity SD cards suited for high-performance video recording.
Link: https://www.coherentmarketinsights.com/market-insight/secure-digital-memory-card-market-4731
Key Developments-
- In February 2023, NX-F2PRO SD card was introduced by Nextorage, a manufacturer of secure digital cards. This card is specifically made to record 4K footage.
- In May 2022, Sony announced its plan to expand its live services and acquire more game studios. PlayStation, a subsidiary of the Sony Group Corporation, will expand its live services and acquire other gaming developers.
- In September 2021, Samsung introduced EVO Plus and PRO Plus memory cards. These are specifically made for pros, videographers, and content producers.
Key Players-
SanDisk (Western Digital), Samsung, Kingston Technology, Transcend, Lexar, PNY Technologies, Sony, Toshiba, Integral Memory, and ADATA
