Market Research Future has identified all the details regarding the global non-volatile memory market and has made conclusions regarding the market’s outlook over the review period ranging from 2017 to 2023. The growth of the market is projected at a healthy CAGR of 11% during the assessment period, and at this pace, the global non-volatile memory market is expected to grow to reach an estimated market value of USD 90 Bn by the end of 2023. Non-volatile memory is a part of computer memory which has the capacity to save or hold data. It does not require refreshing of memory data periodically and is often used for the storage of digital media.
Every smartphone, laptop, tablet, and other mobile devices are increasingly adding high storage capacities so that consumers can save a maximum amount of data in one space. The increasing demand for non-volatile memory is attached to the increasing demand for electronics and electrical sector products. Rising demand and consistent pattern of consumers updating their devices have increased the demand for non-volatile memory. Moreover, it has been identified that the increasing demand for non-volatile memory and wearable devices is increasing, thus driving the global market. Increasing deployment of non-volatile memory across various data-sensitive industries such as banking and financial services is also expected to encourage market growth.
Constant innovation in electronic products and the resultant development of non-volatile memory is expected to keep demand constant and increase opportunities in the market during the upcoming assessment period.
The various vital parts of Global Non-Volatile Memory Market in MRFR’s report has been segmented on the basis of factors such as type, application, vertical, and region. Types of non-volatile memory include traditional & emerging. The traditional segment has acquired the largest share while the emerging segment is expected to grow at the highest CAGR during the forecasted period.The traditional segment is sub-segmented further to include embedded non-volatile memory, EPROM, SPROM, non-volatile SRAM, and FLASH. Meanwhile, the emerging segment is segmented further into magnetoresistive RAM, 3D NAND, resistive RAM, 3D Xpoint, Ferroelectric RAM, and others.
Applications of non-volatile memory include consumer electronics, enterprise storage, health & monitoring, industrial, and others.
Verticals, where non-volatile memory is adopted, include automotive, energy & power, healthcare, IT & telecommunication, manufacturing, and others.
The Asia Pacific market is estimated to account for the most significant share of the global non-volatile memory market. The rapid demand for advanced technology in the region following economic growth combined with the high demand for high speed and low power consumption devices is expected to propel market growth. Moreover, the APAC market has a strong presence of market leaders such as Samsung, Toshiba, and SK Hynix which drives the regional market’s growth.
The North American market is expected to grow at the fastest rate during the review period. Increasing entrants in the market along with other strong players combined with the increasing investments in the development of non-volatile memory is expected to drive the regions market growth over the forecasted period.
Notable market participants included in MRFR’s report are Western Digital Corporation, IBM Corporation, NXP Semiconductor, Nantero, Texas Instruments, 4DS, SK Hynix, Inc., Synopsys Inc., Avalanche, Intel Corporation, Adesto Technologies, Cypress Semiconductor Corporation, Kilopass Technology Inc., Toshiba Corporation, Everspin Technologies, Micron Technology, Inc., Fujitsu Ltd, Spin Transfer Technologies, Rambus, Viking Technology, Crossbar Inc., Samsung Electronics Co., Ltd.,
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