by The Next Generation Memory Technologies Market is estimated to be valued at Us$ 10567.41 Mn in 2023 and is expected to exhibit a CAGR Of 56.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Next generation memory technologies are used in various consumer electronic devices like smartphones, tablets, portable media players, smart watches and other wearables due to their ability to provide faster access, better performance and lower power consumption compared to current generation memories such as dynamic random-access memory (DRAM) and flash memory. The key next generation memory technologies include ferroelectric RAM (FRAM), phase-change memory (PCM) and resistive random-access memory (ReRAM or RRAM). These new memory technologies have the potential to replace or complement existing memories in applications ranging from high-performance computing to Internet of Things (IoT) devices.
Market Dynamics:
The growth of the next generation memory technologies market is driven by the rising demand for non-volatile memory technologies across various end use industries due to advancing technological capabilities. Non-volatile memories offer benefits like faster write/read speeds, unlimited read/write endurance, high scalability and low power consumption compared to conventional memory technologies such as DRAM, SRAM. As a result, they are increasingly preferred for memory-intensive applications in areas such as data centers, industrial automation, artificial intelligence and autonomous vehicles.
Additionally, proliferation of IoT devices is another key factor fueling the adoption of next generation memory technologies. IoT requires large storage and processing capabilities from device memories to handle enormous amount of data generated from a multitude of connected devices. Next generation memories are well suited for IoT due to ability to process and store data rapidly while offering features like high density, enhanced speed and endurance at low power. This in turn is propelling the next generation memory technologies market growth during the forecast period.
Segment Analysis
The next generation memory technologies market is dominated by non-volatile memories (NVMs) segment. NVMs exhibit properties such as data retention even when not powered and high densities. This makes them suitable for applications requiring data persistence like consumer electronics and automotive sector. The rapid growth in data traffic and emergence of technologies like AI and IoT are driving demand for NVMs.
PEST Analysis
Political: Standardization in technology and government support for semiconductor research boost the market.
Economic: Increasing demand for data storage from automotive, healthcare and other sectors is fueling market growth.
Social: Rising usage of electronic devices and growing digitization are key social factors.
Technological: Introduction of advanced concepts like STT-MRAM, PCM, ReRAM enables higher performance and enhance capabilities.
Key Takeaways
The Global Next Generation Memory Technologies Market Size is expected to witness high growth, exhibiting CAGR of 56.% over the forecast period, due to increasing data traffic from emerging technologies and greater number of connected devices.
Regional analysis:
North America is expected to dominate the market over the forecast period owing to major technological advancements and presence of key players in the region. The Asia Pacific region is anticipated to exhibit the fastest growth rate owing to rising demand from industries such as automotive and increasing investments by countries like China and Japan in the semiconductor sector. China’s massive investments in AI, IoT and 5G will boost demand.
Key players :
Key players operating in the next generation memory technologies market are Micron Technology, Inc., Fujitsu Ltd., Everspin Technologies, Inc., Winbond Electronics Corporation, SK Hynix Inc., Cypress Semiconductor Corporation, Avalanche Technology, Inc., Adesto Technologies Corporation Inc., and Samsung Electronics Co. Ltd. Micron holds a leading position in the DRAM market and is investing heavily in technologies like 3D XPoint. Samsung is a prominent player with strong focus on both NAND flash and DRAM technologies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
