Memory Chip Market to Experience Exponential Growth by 2023
Memory Chip Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global memory chip market was valued at $76,767 million in 2016, and is projected to reach at $247,910 million by 2023, growing at a CAGR of 12.4% from 2017 to 2023.
Presently, North America dominates this market. In 2016, China registered the highest growth in Asia-Pacific. Similarly, the UK led the overall market in the European region. Presently, the U.S. is dominating the North American market.
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The rise in smartphone penetration has driven the demand for memory chips. Furthermore, high-density storage capability, quick read & write cycle, and availability of different shapes & sizes of memory chips fuel their adoption in the digital domain. However, easy corruption of memory chip hampers the growth of the market.
In 2016, the nonvolatile segment dominated the global memory chips market, in terms of revenue. However, based on application, laptop/PCs dominated the global market, followed by smartphone in 2016.
Top Impacting Factors
Factors that are expected to impact the global memory chip market during the forecast period are
• Development of the smartphone market
• Increase in adoption of smart devices
• Easy corruption of memory chip
• The surge in demand for memory solutions in electronic devices
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Key Findings of the Memory Chip Market:
• Laptop/PCs generated the highest revenue in 2016.
• In 2016, the nonvolatile memory chips segment accounted for the highest revenue in the memory chip market.
• Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
The key players profiled in the report include Samsung Group, Sony Corporation, Toshiba, ADATA Technology, SK Hynix, Micron Technology, Intel, Kingston Technology, Transcend Information, and Fujitsu Microelectronics Inc.
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