A report by Marker Research Future (MRFR) estimates the global non-volatile memory market to rise at a CAGR of 11% during the projection period from 2017 to 2023. At this pace, the opportunities in the worldwide non-volatile memory market are estimated to swell up with a high valuation that will be happening by the year-end 2023.
Key Market Drivers & Barriers
The entire market for non-volatile memory globally is estimated to achieve impulse in its growth, owing to the rising demand for significant memory in wearable and connected devices. Non-volatile memory derives with various qualities such as excellent speed, low consumption of power, and high scalability. The demand for non-volatile memory is lily to soar with the rising demand for certain types of consumer electronics such as flash drives, optical discs, and computers.
To add some more factors favoring the worldwide non-volatile memory market are increased applications in the consumer electronics and automotive industries. In addition to it, a rising count of people has now increased their disposable incomes, which they are willing to spend on consumer electronics such as smartphones, tablets, and laptops. Therefore, as the growing demand comes from an increased need for the production of such items, the market gets ready to expand, as per the study conducted says.
Furthermore, there appears a flip side of the market’s growth story as well. Non-volatile memory does not appear to be cheap; instead, it is highly-priced. This high-cost factor has noticed deeply as a restrain towards the growth of the market for non-volatile memory. Though, non-volatile memory comes with the unique quality of storing data permanently in a condition when the power of the system is turned off. Apart from this, the study came up with the fact that ease of storage offers an array of opportunities for the non-volatile memory market worldwide to expand considerably in the future.
Market Segmentation: Non-Volatile Memory
Non-Volatile Memory Market is further studied over segmental analysis, which includes segments of type, application, and vertical.
In terms of type segment, the market includes traditional and emerging. Wherein the traditional segment is also classified among non-volatile SRAM, embedded non-volatile memory, FLASH, EPROM, and SPROM. Whereas, the emerging segment is also classified into magneto-resistive RAM, 3D NAND, resistive RAM, Ferroelectric RAM, and 3D Xpoint.
In terms of the application segment, the market gets segmented into health & monitoring, consumer electronics, industrial, and enterprise storage.
Whereas, in terms of the vertical segment, the market gets segmented into healthcare, automotive, IT & telecommunication, manufacturing, and energy & power.
In the present regional scenario of the non-volatile memory market, the Asia Pacific region is likely to embrace the largest share of the market. The region of North America is also predicting to expand at the fastest rate during the assessment period. Along with this, Europe is also projected to expressively contribute towards the growth of the market for non-volatile memory.
The growth of the market in the Asia Pacific is accredited to technological advancements and amplified approval of high speed and low power consuming memory devices among various industry verticals. Also, the existence of technological giants such as Samsung and Hynix is yet another major factor furthering the market growth in this region. Apart from this, the region’s expanding population, along with the availability of disposable income, also gives the market for non-volatile memory a substantial boost that could lead the market to gain more valuation in the future.
Key Market Players
The bulging players in the global non-volatile memory market are listed as Toshiba Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), SK Hynix, Inc. (South Korea), Micron Technology, Inc. (U.S.), Fujitsu Ltd (U.S.), Western Digital Corporation (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Crossbar Inc. (U.S.), Nantero (U.S.), Adesto Technologies (U.S.), Synopsys Inc. (UK), Viking Technology (U.S.), Everspin Technologies (U.S.), Avalanche (U.S.), Kilopass Technology Inc. (U.S.), NXP Semiconductor (Netherlands), Cypress Semiconductor Corporation (U.S.), Texas Instruments (U.S.), Rambus (U.S.), 4DS (Australia) Open-silicon (U.S.), Spin Transfer Technologies (U.S.).
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