With 10.7% CAGR, Non-Volatile Memory Market Growth to Surpass USD $124.1 billion

The non-volatile memory market is estimated to reach USD 124.1 billion by 2027, growing at a CAGR of 10.7% from 2022 to 2027. Integration of emerging technologies to support digitalization across all industries to drive the demand for non-volatile memory market.

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With the rapidly increasing data in enterprises and the adoption of cloud storage solutions, there is an increasing need for advanced storage memories with the shortest read time and high storage capacity. The performance of advanced products is constantly improving, driving a large part of the semiconductor industry. The rising need for memory devices with high speed, low power consumption, and high scalability has resulted in the development of various emerging non-volatile memories, such as RRAM, MRAM, FeRAM, and NRAM. These technologies offer higher scalability, density, speed, and endurance than traditional technologies. The time taken by the synthesizer's output to meet the specified requirements after the command request of most emerging memory technologies lies in the range of 1-10 ns. The switching time refers to the time the synthesizer's output takes to meet the specified requirements after the command request. The lower the switching time of the memory, the higher the speed of read/write data operations of the memory.

There has been a growth in demand for solid-state drives (SSDs) as a viable alternative to traditional hard disk drives (HDDs) over the past few years, owing to their significant benefits. SSDs have higher capacities (1 TB and above) than HDDs. In SSDs, data is stored in interconnected flash memory chips that retain the data even without power. SSDs have no moving parts; thus, they make no noise and generate less heat, which increases durability and reliability. An SSD consumes less power than a standard HDD. In addition, in an SSD, data can be accessed in 35-100 microseconds, which is nearly 100 times faster than HDD. It means that the effective performance of a system with an SSD is higher than that of a standard HDD. Servers that use SSDs in data centers run faster than servers with HDDs. SSDs can also be retrofitted in the existing servers. Besides, the storage capacity of SSDs has been increased by several terabytes, which, in turn, would reduce the infrastructure and operational costs of the data center.

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Asia Pacific region is estimated to create the largest market opportunity in the non-volatile memory market during the forecast period. Non-volatile memories are highly demanded in smart wearables, MP3 players, smartphones, home entertainment and security, appliances, and other consumer electronics. China is a hub for memory and consumer electronics manufacturing, and consumption is pegged to hold a high share of the non-volatile memory market. The country is home to one of the major non-volatile memory manufacturer-SK HYNIX INC. Recently, a major development in the country was the acquisition of Intel's memory business. In December 2021, SK HYNIX INC. received clearance from the Chinese authorities to acquire Intel's NAND and SSD business with an investment of USD 7 billion. The demand for smartphones and wearable electronic devices is expected to drive the domestic memory market. Companies such as Xiaomi, Huawei, and Lenovo dominate the smartphone market in this region. This booming smartphone market is expected to boost the consumption of memory devices and integrated solutions in the Asia Pacific region.

News also covered: https://www.prnewswire.com/news-releases/non-volatile-memory-market-worth-124-1-billion-by-2027---exclusive-report-by-marketsandmarkets-301699049.html

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