Next-Generation Memory Market Projected to reach $17.7 billion by 2028

The next-generation memory market is projected to grow from USD 6.2 billion in 2023 and is projected to reach USD 17.7 billion by 2028; it is expected to grow at a CAGR of 23.2% from 2023 to 2028.

The growth of the next-generation memory market is driven by increasing demand for memory devices that provide fast access and consume minimal power, and suring adoption of next-generation memories in smartphones and smart wearables.

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Conductive-bridge RAM (CBRAM) is a type of Resistive RAM (ReRAM) technology that operates based on the formation and dissolution of a conductive filament within the memory cell. In CBRAM, the memory cell typically consists of a metal-insulator-metal (MIM) structure. The insulator layer contains metal ions that can move or diffuse under the influence of an electric field. When a voltage is applied to the metal electrodes, metal ions migrate through the insulator and form a conductive filament or bridge connecting the two metal electrodes. This process results in a low-resistance state, representing a data state (e.g., "1"). Reversing the voltage can dissolve the conductive filament, increasing the resistance and switching the cell back to a high-resistance state, representing another data state (e.g., "0"). CBRAM operates at low voltages and currents, leading to reduced power consumption, making it suitable for power-constrained devices and energy-efficient applications. CBRAM technology can be scaled down to smaller feature sizes, potentially enabling higher memory densities and more extensive memory arrays.

The market for healthcare segment is expected to grow at a high rate during the forecast period. The healthcare industry is being driven by health monitoring devices for disease prevention, early diagnosis, and treatment. Emerging memory technologies are expected to be deployed in personal healthcare applications, such as pacemakers, heart rate monitors, and blood pressure monitors, owing to their high read/write speed. The demand for personal health monitoring devices is on the rise due to increasing focus on wellness, healthier lifestyles, and preventing serious illnesses. These devices use Flash memory, microprocessors, and other components, with emerging memory technologies for data gathering, analysis, storage, and security. These technologies meet the requirements for portability and power efficiency in health monitoring devices. In the healthcare industry, next-generation memories like MRAM and FRAM are gaining popularity due to their distinct features. They are energy-efficient, provide quick access, and are non-volatile, making them ideal for various healthcare applications.

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In terms of geographic coverage, the next-generation memory market has been segmented into 4 regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). North America is among the largest producers of memory chips in the world. It is the major base for all memory technology manufacturers. Additionally, North America is the second-largest consumer of memory in the world after Asia Pacific. The region is the hub of the computer industry and a prominent innovator of technology as well as has a large R&D support with a huge financial backing, which leads to the consumption of a large quantity of memory. The next-generation memory market for consumer electronics applications is expected to grow at the highest rate in the memory market across all regions, including North America. The memory-integrated products in this field include smartphones, tablets, gaming consoles, digital still cameras, and personal navigation devices. The region is a major center for consumer electronics, especially smartphones. Another major end use of next-generation memory in North America is enterprise storage, which is expected to drive the demand sizably. The presence of key players for next-generation memory technology such as Intel Corporation (US), Micron Technology, Inc. (US), and Everspin Technologies (US) is one of the key drivers for the growth of the next-generation memory market in the region.

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