Globally, the size of the non-volatile memory market is set to grow at a CAGR of 11% during the forecast period (2024 - 2032) driven by the increasing requirement for efficient data storage technology is surging the non-volatile memory market. The hardware gadget area is expected to be affected by the COVID-19 episode, as China is one of the significant providers of unrefined components and completed items. The business was confronting a decrease underway, interruption in the production network, and cost variances. Likewise, the deals of noticeable electronic organizations are supposed to be impacted soon. This is supposed to somewhat hamper the market's development in the short run.
Somewhat recently, the development of the convenient frameworks market pulled in light of a legitimate concern for the semiconductor business in the non-volatile memory market (NVM) advances for mass capacity applications. The ascent popular for more prominent productivity, quicker memory access, and low-power utilization are huge elements driving the NVM market development.
Because of its low cost and power utilization, the reception of glimmer recollections in shopper hardware is critical for the market's development. NVM is utilized in cell phones and wearable gadgets to empower more capacity and quicker memory access.
In the prospering customer gadgets industry, clients anticipate that their gadgets should constantly be all the more remarkable, give new usefulness at a mind-boggling pace, and store more films, pictures, and music. While streak empowered significant advancement during the recent many years, another age of memory is expected as glimmer hits innovation barriers, keeping it from scaling a lot further.
The rising examination exercises in this space are driving the market's development. For example, in March 2021, Infineon Technologies LLC declared the send-off of second-age non-unstable Static RAMs equipped for QML-Q and high-dependability modern details to help non-unpredictable code stockpiling in unforgiving conditions, including aviation predominantly.
Covid 19 has caused plenty of disruptions in the market. Due to the ongoing pandemic, the non-volatile memory market is facing few challenges. The consumer electronics sector is facing massive losses during this period. It is affecting the non-volatile memory market immensely. Also, the production of non-volatile technology is less.
Several non-volatile memory plants have come to a halt. The lack of an adequate workforce is another challenge to the market. All these factors are causing a declining effect in the market. The slight decline will be temporary according to the Market Analysis. Post covid 19, the production rate seems to increase rapidly. Further, product variation and development will also take place post covid 19.
Consumer electronics is crucial end users of the nvm market. The use of nonvolatile memory in connected devices is growing at an exponential pace. The consumer electronics sector requires solutions for power processing and memory density. Also, the non-volatile memory technology exceptionally meets the memory storage requirements in the consumer electronics sector. Also, non-volatile memory is a sophisticated technology. It can interact with AI, data analytics and IoT. All these provide high data storage possibilities with non-volatile memory.
The increasing requirement for efficient data storage technology is surging the nonvolatile memory market. The consumer electronics that require non-volatile memory storage are mobile phones, gaming devices, camera, tablets and laptops. The high production rate of electronics fuel the demand for non-volatile memory. Further, the adoption of high-end memory storage solutions is high. Today, plenty of companies adapt to these storage solutions for convenience and ease of use. Also, these factors act as crucial drovers for the overall non-volatile memory market demand.
The emergence of the 3D NAND memories propels the growth opportunities of the non-volatile memory. The 3D NAND is a miniaturized data storage solution. The use of 3D NAND will enhance the storage efficiency as well as the cost. Also, the rapid adoption of non-volatile memory will offer plenty of growth prospects for the non-volatile memory market.
The performance of flash memories is beneficial in many sectors. Also, the storage density is high with this miniaturized memory solution. This new age flash memory is made with layers of silicone that can store a massive amount of data. The adoption of this single-chip memory can boost Non-Volatile Memory Market Growth. Also, the deployment of non-volatile memory in unique sectors will further offer growth opportunities. The requirement for non-volatile memory in the finical sector is increasing in the upcoming years. It will benefit the overall growth rate of the non-volatile memory market.
The non-volatile memory comes with exceptional features. Excellent performance, high data storage and convenient backup are the significant features of the technology. However, the low endurance of the nonvolatile memory is the major restraint in the market. The low endurance is known as the low writing speed of memory technology. Due to this limitation, the overall time to transfer data is affected.
The top companies require a storage solution that is efficient and comes with high data writing speed. However, the low endurance of the non-volatile memory fails to meet this requirement. These restraints can have a declining effect on the market. The adoption rate of non-volatile memory in the financial and consumer electronics sector may decrease due to this limitation. Also, the possibilities of choosing the alternatives if non-volatile memory can pose a threat to the market demand.
There are plenty of technical challenges in non-volatile memory. The non-volatile memory is known for its high-density features. However, there are plenty of other alternatives that offer more storage density. It is a significant challenge that affects the overall market growth. These factors restrict the key end-users from adapting to this technology. In the long run, these factors can affect the revenue and demand of the market. However, with technological advancements, the key players are trying to fix these issues.
The non-volatile memory market is witnessing a steady growth rate in the forecast period. There is several market driving factors that fuel the market growth. The immense demand from the consumer electronics sector provides exceptional revenue for the market. Further, the use of non-volatile memory in giant companies is another driving factor. However, a few restraints can hamper the overall market growth. The low endurance of the technology and other technical difficulties can slow down the demand. Many end-users will not prefer a product that can use inefficiency. However, the key players of the market are taking steps to fix the issues in the market. Overall the market growth remains positive during the forecast period.
The Asia Pacific is leading the non-volatile market in the forecast period. It holds the maximum Non-Volatile Memory Market Share. The high population in the Asia Pacific region is the key factor for the high demand for consumer appliances. The consumer electronics market is booming in the Asia Pacific region. Due to this, the n market has immense demand. The high number of data centers is another reason for massive growth in this region. Further, the non-volatile memory has versatile end-users in Asia pacific. The demand from automotive and other electrical sectors continuously raises the market demand. Due to all these factors, the non-volatile memory market will receive high revenue in 2027.
The market is fragmented into three main regions that are North America, Asia Pacific and Europe. The Asia Pacific region is well known for its booming consumer electronics market. The key end-users for the non-volatile memory market is consumer electronics. The rise in consumer electronics ultimately increases the demand for the market.
The next biggest market is located in North America. North America is well known for its massive memory chip production market. The production rate in nonvolatile memory companies is massive in the region. Further, investment and consumer spending are immense in North America. All these factors drive more demand and profitability for the market. Europe is a region with significant growth in the non-volatile memory market. The research and development investment in non-volatile memory is immense in this region. Further, the prevalence of gaming devices, mobile phones and other electronics is fuelling the market growth.
The completion in the non-volatile memory market is massive. The entry of new key players will further intensify the completion. Further, all the key players are making new strategies to develop the market. The market acquisitions, expansion and new partnership deals are part of the development process. Also, the key payers are taking steps to top fix the challenges in the market.
| Report Attribute/Metric | Details |
| Market Size 2032 | USD 90 Billion |
| Compound Annual Growth Rate (CAGR) | 11% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, By Application and Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Open-silicon, Samsung Electronics Co, Spin Transfer Technologies, Western Digital Corporation, Adesto Technologies, Cypress Semiconductor Corporation, Fujitsu Ltd, Crossbar Inc., Nantero, Avalanche, IBM Corporation, Crossbar Inc |
| Key Market Opportunities | The use of 3D NAND will enhance the storage efficiency as well as the cost |
| Key Market Dynamics | The non-volatile memory technology exceptionally meets the memory storage requirements in the consumer electronics sector. |
Non Volatile Memory Market Highlights:
Frequently Asked Questions (FAQ) :
The non-volatile memory market is predicted to grow at an 11% CAGR between 2024-2032.
The non-volatile memory market is predicted to reach USD 90 billion by 2032.
Key players profiled in the non-volatile memory market include Open-silicon, 4DS, Spin Transfer Technologies, Texas Instruments, Rambus, NXP Semiconductor, Cypress Semiconductor Corporation, Avalanche, Kilopass Technology Inc., Viking Technology, Everspin Technologies, Adesto Technologies, Synopsys Inc., Crossbar Inc., Nantero, IBM Corporation, Intel Corporation, Fujitsu Ltd, Western Digital Corporation, SK Hynix, Inc., Micron Technology, Inc, Toshiba Corporation, and Samsung Electronics Co., Ltd.
Increasing use in financial services & banking and burgeoning demand in wearable devices are driving the non-volatile memory market growth.
North America will lead the non-volatile memory market.
Types of non-volatile memory are hard disk, flash memory and magnetic tape.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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