Also, the growth in MicroSD cards due to a growing base of 3G and 4G smartphones will be a key driver of growth of the market, revealed CMR's India Quarterly Consumer Storage Flash Memory Market Review report.

The report also said SanDisk remained the top vendor with a 37 percent market share in the fourth quarter of calendar year 2015 in terms of unit shipments, followed by Samsung on second and Strontium at number three position.

One of the key reasons for the market revival is that shipments of unbranded MicroSD cards recorded a 143 percent hike quarter-on-quarter versus a 48 percent decline in the previous quarter.

There was also a change in capacity trends as the suppliers of unbranded MicroSD cards were mainly focused on 4 GB and 8 GB capacity, the established players moved up the value chain to 8GB and above.

The 8 GB capacity was the most favoured segment with a 46 percent market share in terms of unit shipments in the fourth quarter of calendar year 2015 and shipments of 16 GB capacity grew sequentially by 14 percent during the same period.

CyberMedia Research (CMR) is a pioneering market intelligence and consulting firm that runs a comprehensive quarterly market update on the  India Consumer Storage market.