Next generation memory technologies like NAND flash memory finds its application in solid-state drives (SSDs), memory cards, USB flash drives and other storage devices. It provides faster access and storage of large amounts of data as compared to hard disk drives (HDDs). It also provides advantages like shock resistance, power efficiency and faster boot times.
The global Next Generation Memory Technologies Market is estimated to be valued at US$ 4298.1 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 key trends:
Wide adoption across cloud computing and data center applications is one of the major drivers boosting the growth of next generation memory technologies market. As data centers begin using NAND flash memory rather than HDDs, adoption rate increases exponentially. NAND flash memory supports faster reading and writing than HDDs making them suitable for high performance computing applications. Moreover, growing trend of miniaturization and need for faster, more power efficient and high density storage solutions will continue to drive the next generation memory technologies market growth over the forecast period.
Segment Analysis
The global Next Generation Memory Technologies market is dominated by the non-volatile memory segment, which held around 75% share of the overall market in 2023. Non-volatile memory is preferred across various industries as it retains data even when the power is turned off. The demand for non-volatile memory is driven by its widening usage in data centers, cloud computing, enterprise storage, consumer electronics, and IoT devices.
Key Takeaways
The global Next Generation Memory Technologies market is expected to witness high growth over the forecast period of 2023 to 2030. The global Next Generation Memory Technologies Market is estimated to be valued at US$ 4298.1 Mn in 2023 and is expected to exhibit a CAGR of 56% over the forecast period 2023 to 2030.
Regional analysis shows that Asia Pacific region held the largest share of around 40% in the global market in 2023. The rapid growth of industries such as consumer electronics, automotive, and data centers in countries such as China, India, South Korea and Japan is driving the demand for next generation memory technologies in Asia Pacific.
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 Technology held the leading share of around 18% in the global market in 2023 owing to its strong product portfolio and widespread customer base.
Players are focusing on new product launches and expanding their regional presence to gain higher market share. For instance, in February 2023, Everspin Technologies launched new MRAM-based F-RAM products to address the growing demand of industrial and automotive applications.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it