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Memory Chips Global Market Report 2024 Market Size, Insights, Outlook, Overview And Report 2023-2032
Memory Chips Global Market Report
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According to The Business Research Company's, The memory chips market size has grown strongly in recent years. It will grow from $92.92 billion in 2023 to $99.78 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to personal computers, smartphones and mobile devices, data center expansion, consumer electronics, emerging markets.
The memory chips market size is expected to see strong growth in the next few years. It will grow to $130.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to ai and machine learning, 5g network expansion, iot and edge computing, autonomous vehicles, quantum computing. Major trends in the forecast period include nand flash advancements, 3d nand technology, non-volatile memory, custom memory solutions, memory security.
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Market Drivers and Trends:
Rising penetration of mobile, tablet and other electronics and rising data consumption will drive the memory chip market. Increase in sales of electronic devices such as smart phones and tablets leads to an increase in generation and consumption of digital content and require memory chips to store data For instance, in November 2022, according to the International Telecommunication Union, a Switzerland-based United Nations department responsible for a wide range of issues, including communication and information technology, 73% of individuals aged 10 and above are expected to have accessibility to a smartphone in 2022, 7% more than the fraction of the overall population that accesses the Internet currently. This increasing use of smart phones is expected to increase the necessity to store data, hence driving the memory chip market.
Companies in the memory chip market are developing chips with major technological changes that contribute to the growth of demand for memory chips. Researchers are creating memory chips that can store and process the data, reducing the time and energy required to transfer data and increase the speed of processors. For instance, Samsung Electronics announced mass production of fifth-generation V-NAND memory chips that transfer data faster and additionally has the fastest data write speed at 500-microseconds (μs). This write speed is a 30% improvement over the previous generation, and the read-time has significantly reduced to 50μs. Technological advances reducing the data transfer time and energy contribute to the growth of the market.
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Major Key Players of the Market:
Samsung Group, Sony Corporation, Toshiba Corporation, SK Hynix Inc., Micron Technology Inc., Intel Corporation, Transcend Information Inc., Fujitsu Microelectronics Inc., NXP Semiconductors N.V., Broadcom Inc., Qualcomm Incorporated, Texas Instruments Incorporated, Western Digital Corporation, Taiwan Semiconductor Manufacturing Company Limited (TSMC), Texas Instruments Incorporated (TI), MediaTek Inc., Avago Technologies, Renesas Electronics Corporation, Western Digital Corporation, Nanya Technology Corporation, Macronix International Co. Ltd., Winbond Electronics Corporation, Cypress Semiconductor Corporation, STMicroelectronics N.V., Infineon Technologies AG, ON Semiconductor Corporation, Integrated Silicon Solution Inc., Silicon Motion Technology Corporation, Powerchip Technology Corporation, United Microelectronics Corporation, Vanguard International Semiconductor Corporation, Advanced Micro Devices Inc., IBM Corporation, Micronas Semiconductor Holding AG, National Semiconductor Corporation, NEC Corporation, NVIDIA Corporation, Xilinx Inc.
Memory Chips Market 2024 Key Insights:
• The memory chips market size is expected to see strong growth in the next few years. It will grow to $130.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Explosive Growth In Mobile Devices And Data Consumption A Boon For The Memory Chip Market
• Revolutionizing Memory Chip Technology Accelerated Data Transfer And Enhanced Processing Speeds
• Asia-Pacific was the largest region in the memory chip market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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