Global Non-Volatile Memory Market Grows at a Staggering CAGR of 10.40%

Introduction

Non-volatile memory (NVM), also referred to as non-volatile storage, is a type of computer memory that may retain recorded data even when the power is switched off—in contrast, maintaining data in volatile memory requires constant management. The non-volatile memory includes solid-state drives and flash memory storage such as NAND flash. The term "non-volatile memory" is commonly used to describe data storage in floating-gate memory cells made up of floating-gate MOSFETs (metal-oxide-semiconductor field-effect transistors) in semiconductor memory chips (SSD).

Market Dynamics

Increasing Demand for Non-Volatile Memory in Connected and Wearable Devices Drives the Global Market

The global proliferation of wearables and linked gadgets drive demand for non-volatile memory. Wearables are growing more and more popular in North America and Asia-Pacific. According to statistics, 25% of American adults are expected to use a wearable gadget by 2022, demonstrating the sector's growth in the North American region. The Asia Pacific area already has a high rate of wearable gadget ownership among residents of China, Thailand, and Vietnam. According to Cisco Systems, by 2022, connected wearables used in North America and the Asia-Pacific region will account for roughly 70% of all wearable 5G connections worldwide.

Wearable electronics and portable medical equipment are two IoT product categories expanding the fastest. People may stay active and healthy using gadgets like smartwatches, activity trackers, glucose meters, and blood pressure monitors. These devices utilize a powerful fusion of computing, sense, storage, and connected technology to collect vital fitness data. It can store code and configuration information and is available in high densities, and flash is ideal for some IoT applications. The fact that it requires the sector to clean despite having byte and page write functionality makes it unlikely to be employed in portable medical and fitness equipment that needs a lot of data logging.

Growing Demand for Enterprise Storage Applications Creates Tremendous Opportunities

The massive data generation and rapid technological advancements have increased the demand for memory that can efficiently and affordably handle large volumes of data. The next-generation memory meets almost all of these demands of businesses. The end-user industries, like the BFSI, heavily utilize IoT technologies and reap the rewards. Big data is being used increasingly in the BFSI to help investors make wiser investment decisions with consistent returns. The increasing number of connected devices generates a significant amount of data, which is best stored in the cloud. According to Cisco predictions, 500 billion devices are expected to be online by 2030.

Regional Analysis 

Asia-Pacific is the highest revenue contributor and is anticipated to expand at a CAGR of 11.30% over the projection period. Due to increased demand for services like video and phone communication, telecommuting, and online entertainment, China has been constructing new infrastructure, including data centers. Building enormous, massive data centers across the country is becoming increasingly important as the digital economy proliferates. This has led to an increase in the use of non-volatile memory in these data centers, which reduces downtime brought on by a power outage or a system crash occurrence and provides substantial financial benefit. One of China's major memory companies, Yangtze Memory Technologies Co. Ltd. (YMTC), entered the NAND and flash memory markets with vigor.

North America is anticipated to grow at a CAGR of 10.45% and produce USD 53.45 billion. Due to the constant advancement of technology and the massive amount of data being collected in all sectors of the economy, the United States requires more efficient processing systems. With the development of mobile and low-power devices, high-end data centers, and enormous on-chip caches, there is now an even greater demand for non-volatile, dense, and energy-efficient memory. According to Cloudscene, there are around 2,670 data centers in the US. The data center is now the primary computer structure. Modern and secure accelerated data centers must have data processing units (DPUs) that combine CPUs, GPUs, and DPUs into a single fully programmable computing unit.

Key Highlights

• The global non-volatile memory market was valued at USD 74.45 billion in 2022. It is projected to reach USD 181.38 billion by 2031, growing at a CAGR of 10.40% during the forecast period (2023-2031).
• Based on type, the global non-volatile memory market is bifurcated into traditional non-volatile memory and next-generation non-volatile memory. The traditional non-volatile memory segment is the highest contributor to the market and is estimated to boost at a CAGR of 9.50% during the forecast period.
• Based on the end-user industry, the global non-volatile memory market is bifurcated into consumer electronics, retail, IT and telecom, healthcare, and others. The IT and telecom segment is the highest contributor to the market & is estimated to boost at a CAGR of 10.60% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 11.30% during the forecast period.

Competitive Players

Competitive Players

The global non-volatile memory market's major key players are ROHM Co. Ltd, STMicroelectronics NV, Maxim Integrated Products Inc., 4 Fujitsu Ltd, Intel Corporation, Honeywell International Inc., Micron Technology Inc., Samsung Electronics Co. Ltd, Crossbar Inc., and Infineon Technologies AG.

Recent Developments

Market News

• In May 2022, Toshiba Electronic Devices & Storage Corporation and Japan Semiconductor Corporation created an analog platform for automotive applications with an integrated non-volatile memory (eNVM). The 0.13-micron generation analog platform, applied to analog integrated circuits (ICs), offers, according to rated voltage, performance, reliability, and cost, an optimum mix of techniques and devices for automotive analog circuits and eNVM on a single chip

Segmentation

Global Non-Volatile Memory Market: Segmentation

By Type

• Traditional Non-volatile Memory 
• Next-generation Non-volatile Memory.

By End-User Industry

• Consumer Electronics
• Retail
• IT and Telecom
• Healthcare
• Other End-user Industries

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA