The next generation non volatile memory market is expected to be worth USD 1,863.5 million by 2032, up from USD 874 million in 2022, growing at a CAGR of 7.9%. The market for next-generation non-volatile memory is being expanded by highly scalable, quick, and affordable memory solutions.
The demand for next-generation non-volatile memory is on the rise due to the growing need for quick and affordable storage solutions. Sales of next-generation non-volatile memory are increasing due to the size and storage capacity of non-volatile memory solutions. Data and information storage capacity in a switched-off device are promised by the adoption of next generation non volatile memory.
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Next Generation Non Volatile Memory Market: Drivers and Challenges
Drivers:
The growing demand for mass storage and storage devices is the major driver of the Next Generation Non Volatile Memory market. Also, decreasing profit margins in traditional memory technologies is one of the key factors for the growth of next generation non volatile memory market to provide faster and more efficient storage methods.
Another driving factor is that the emerging next generation memory technologies such as MRAM, memristor, FeRAM, and others, are all expected to replace the traditional non-volatile memory technologies because of incompatibility and poor performance of the existing non-volatile memories. The increasing demand in various industrial applications will provide more growth opportunities in next generation non volatile memory market.
Restraint:
The high design cost is expected to be the restraint in the growth of Non Volatile memory market. Also the low environmental stability and rapidly changing technology are some of the factors that are restraining the growth of next generation non volatile memory market.
Moreover, the chances of rivalry in next generation non volatile memory market are high due to the presence of abundant suppliers in the market, which are providing services to customers with low product differentiation.
What are the Key Developments of Next Generation Non Volatile Memory Market?
Some of the key market players in the next generation non volatile memory market are
- Samsung Electronics Co. Ltd
- Adesto Technologies
- Everspin Technologies
- Intel Corporation
- Crossbar Inc.
- Fujitsu Ltd
- Micron Technology
- Toshiba Corporation
- Avalanche Technologies Inc.
- Everspin Technologies, Inc.
- Honeywell International Inc.
- IBM Corp.
- Infineon Technologies AG
Some of the recent developments in the next generation non volatile memory market are:
- In July 2015, Intel Corporation and Micron Technology Inc. introduced a new next generation non volatile memory technology, i.e., 3D XPoint which can be used for fast access of the data.
- In July 2017, Adesto Technologies Corporation – a leading provider of application-specific non-volatile memory products, acquired Zacks Investment Research.
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Next Generation Non Volatile Memory Market: Regional Overview:
Geographically, APAC is expected to be the largest market for Non Volatile Memory due to the presence of key market players operating in developing economies such as South Korea, Japan, China, and India and due to the increasing demand for smartphones and tablets.
The North American market is expected to be the second largest market due to rising demand for next generation non volatile memory and the presence of some key players in this region.
Next Generation Non Volatile Memory Market Segmentation:
By Type:
- Non Volatile Memory
- Volatile Memory
By Application:
- Consumer Electronics
- Healthcare
- Automotive & Transportation
- Industrial
- Enterprises
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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