The global 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 include technologies such as magnetoresistive random-access memory (MRAM), phase-change memory (PCM), spin-transfer torque RAM (STT-RAM), resistive random-access memory (ReRAM or RRAM), and 3D XPoint. These memory technologies offer advantages such as high storage density, low power consumption, and high-speed data access compared to existing memory technologies. The need for high-speed and low-power consuming memory drives the growth of the next generation memory technologies market.
Market key trends:
One of the key trends in the next generation memory technologies market is the increasing demand for cognitive computing applications. Cognitive computing involves self-learning systems that use advanced AI and natural language processing techniques to mimic human thought processes. It allows systems to understand, reason, and learn from their interactions coupled with their internal and external knowledge sources. Cognitive computing requires massive amounts of data processing capabilities which can be enabled by high-speed, low-power memory technologies such as 3D XPoint or RRAM. This growing demand for cognitive computing is expected to significantly drive the next generation memory technologies market over the forecast period.
Segment Analysis
The next generation memory technologies market is segmented based on type and application. Based on type, the market is segmented into Non-volatile memory (NVM) and volatile memory. NVM is further segmented into resistance random-access memory (RRAM), magneto-resistive RAM (MRAM), phase-change memory (PCM) and 3D XPoint. NVM dominates the market as it provides faster access, higher data retention and permanent data storage.
Key Takeaways
The Global Next Generation Memory Technologies Market Size is expected to witness high growth, exhibiting 56.% CAGR over the forecast period, due to increasing demand for faster, high density and more power efficient memory solutions across various industries.
Regional analysis
Asia Pacific region dominates the market and is expected to grow at the highest CAGR during the forecast period. This is attributed to the presence of key manufacturers and growing electronics industry in countries such as China, Japan and South Korea. North America is another major market owing to large presence of OEMs and implementation of advanced technologies by major economies like United States.
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 Technology, Inc. is a leading player with wide product portfolio and global presence.
The global next-generation memory market and its growth depend on many factors significantly, which is expecting growth at 45% CAGR during the forecast period (2016-2022), reveals Market Research Future (MRFR).
Also, during this growth course, the market might gather a valuation of USD ~8 billion.Top Impacting FactorsThe next-generation memory market is likely to gain momentum in support of the factors such as mounting demand for high scalable as well as fast and economical memory solutions.
With rising data, there is an increasing necessitate to manage and store the data and information for future references.
Also, mounting demand for flexible and wearable electronics may provide new avenues for market growth in the coming years.Furthermore, more factors such as intrinsic benefit with non-volatile memories, technological advancements for storage, high growth in the wearable electronics industry, rising adoption of MRAM & PCM memory rise in the practice of next-generation memory in smartphones, and enterprise storage also motivate the market growth over the forecast period.
On the contrary, some other factors, such as soaring designing cost and stability in extreme environmental conditions, could hinder market growth over the next six years.
In addition to this, low write endurance rates may act as a restraint to the next generation memory market.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2448SegmentationThe further purpose of this study, Market Research Future has segmented the market of next-generation memory market among product and application.By the segment of the product, the market has included non-volatile memories, which further include Magneto-Resistive Random Access Memory (MRAM), Phase Change Memory (PCM), Ferroelectric RAM (FeRAM), and Resistive Random Access Memory (Re RAM.
