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Next generation memory technologies are advanced memory technologies that offer faster write and read speeds, consume less power, and provide higher storage density as compared to NAND flash and dynamic random-access memory (DRAM) technologies. These memory technologies include 3D XPoint, magnetoresistive RAM (MRAM), Phase-Change Memory (PCM), and resistive RAM (RRAM) among others.
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:
One of the key trends driving the growth of the next generation memory technologies market is the rising demand for universal memory. Universal memory refers to memory technologies that can offer the high density of flash memory, the fast read/write performance of DRAM and the non-volatility of flash memory in a single device. 3D XPoint developed by Intel Corporation and Micron Technology Inc., which is a type of non-volatile RAM (NVRAM) is emerging as a universal memory contender owing to its capability of fulfilling the key requirements of high density, fast read/write speeds and non-volatility.
Segment Analysis
The global next generation memory technologies market is segmented by technology, application, and geography. Based on technology, the resistive random-access memory (RRAM) segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. RRAM offers advantages such as non-volatility, high density, fast switching speed, and low power consumption as compared to other NGM technologies. These advantages have resulted in wide adoption of RRAM in diverse applications such as data centers, automotive, consumer electronics, and industrial IoT.
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. Among these, Micron Technology, Fujitsu and SK Hynix collectively accounted for over 35% of the global market share in 2023 owing to their innovations and strong distribution networks globally.
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 demand for high performance and low power memory technologies driven by exponential growth of data volumes across industries.
By region, Asia Pacific dominated the market in 2023 and is expected to continue its dominance over the forecast period. Presence of key players and rapid adoption of emerging technologies across industries such as consumer electronics, automotive, industrial IoT are some of the factors contributing to the high growth of the NGM market in the region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
