"With rising consumer demand for sharing HD video, high resolution images and pictures, a need has been created for higher capacity personal storage media," CyberMedia Research Analyst (InfoTech and Channels Research Practices) Narinder Kumar said.

Advancements in technologies used for connecting devices such as bluetooth, USB, Wi-Fi and NFC have made data sharing easy and comfortable at higher speeds, thus adding to the demand for more storage, he added.

CyberMedia said that in spite of the global price shake- up, the India market for consumer storage seems positive in the long run.

"During the second quarter (April-June 2013) some minor price adjustments were already being witnessed. The upcoming festive season starting August 2013 is likely to witness increased demand for consumer flash memory, driven in part by the use of these products as freebies with electronic gadgets," it added.

The overall market is expected to grow, riding on the increased shipments of mobile phones and tablet PCs. Of late, 'Tier II' and 'Tier III' cities were seen to be creating comparatively more demand for consumer storage vis-a-vis the large metros, it said.

In pen drives, USB 3.0 drives, which currently contribute a minimal share of shipments, are expected to see increased adoption in computing devices. Pen drives have become a 'must have' personal storage accessory for customer segments like students and working professionals, Kumar said.

Also Read: 5 Linux Distributions With Fastest Boot Speeds

Also Read: Top 10 Antivirus Software of 2013