The Rise of Non-Volatile Memory: Driving Innovation in Data Storage

According to the new market research report "Non-Volatile Memory Market by Type (Flash, EPROM, nvSRAM, EEPROM, 3D NAND, MRAM, FRAM, NRAM, ReRAM, PMC), Wafer Size (200 mm, 300mm), End-user (Consumer Electronics, Enterprise Storage, Healthcare, Automotive) and Region - Global Forecast to 2027" The non-volatile memory market is projected to grow from USD 74.6 billion in 2022 to USD 124.1 billion by 2027; it is expected to grow at a CAGR of 10.7% from 2022 to 2027. The key factors fueling the growth of the non-volatile memory market include the high adoption of smart devices and wearables and a notable shift towards SSDs from HDDs.

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The enterprise storage segment is projected to grow at the second highest CAGR in the Non-volatile memory market from 2022 to 2027.

Non-volatile memories are gaining high traction in the enterprise storage segment owing to their high computing performance capability. It is apt for some data center applications such as data analysis, data mining, digital media creation and transmission, and financial modeling among many others. Non-volatile memory offer notable performance improvement and cost saving hence there’s a major shift towards SSDs too from HDDs.

Emerging Type Segment to Grow at High-Rate Market Size By 2027

Emerging non-volatile memory technologies include Resistive random-access memory (ReRAM), Magnetoresistive random-access memory (MRAM), Phase Change Memory (PCM), 3D NAND, NanoRAM, and ferroelectric random-access memory (FRAM), among many others. Next-generation memory technologies have the potential to replace all or most of the existing semiconductor memory technologies as they have less power consumption and are easily scalable for next-gen applications.   

North American region is expected to hold a high share in the market during the forecast period.

North America leads in memory chip manufacturing owing to the presence of many DRAM and NAND manufacturers in the region. It also has many wafer fabrication facilities. North America is expected to continue to hold the second position in the non-volatile memory as it has a huge consumer base of electronics and next-generation data storage.

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The key players operating in the non-volatile memory market are SAMSUNG (South Korea), Western Digital Technologies, Inc. (US), KIOXIA Holdings Corporation (Japan), Micron Technology, Inc. (US), and SK HYNIX INC. (South Korea) among others. The other companies profiled in the report are Microchip Technology Inc. (US), ROHM CO., LTD. (Japan), Renesas Electronics Corporation (Japan), STMicroelectronics (US), Infineon Technologies AG (Germany), Nantero, Inc. (US), Crossbar Inc. (US), Everspin Technologies Inc. (US), Winbond (Taiwan), and Pure Storage, Inc. (US) among others.