CHICAGO, Aug. 21, 2023 /PRNewswire/ -- The next-generation memory market is projected to grow from USD 6.2 billion in 2023 to reach USD 17.7 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 23.2% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of the next-generation memory market is driven by growing adoption of next-generation memory solutions in automotive sector to handle evolving data and computational needs, and suring adoption of next-generation memories in smartphones and smart wearables.
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Browse in-depth TOC on "Next-Generation Memory Market"
200 - Tables
67 - Figures
270 - Pages
Next-Generation Memory Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $6.2 billion |
Estimated Value by 2028 | $17.7 billion |
Growth Rate | Poised to grow at a CAGR of 23.2% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Technology, Wafer Size and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Higher design costs due to lack of standardized manufacturing processes |
Key Market Opportunities | Increasing adoption of next-generation memory technologies in embedded systems and IoT devices |
Key Market Drivers | Increasing demand for memory devices that provide fast access and consume minimal power |
By technology, the MRAM is projected to hold the largest share of the next-generation memory market during the forecast period.
The magento-resistive random-access memory (MRAM) segment held the larger market share in 2022. MRAM technology uses magnetic states for storing the data bits. This memory is well commercialized among next-generation non-volatile memory technologies. MRAM is one of the top and preferred memory technologies in smart gadgets. The data is stored by the intersection of two ferromagnetic wires, one of which is a permanent magnet and is placed at a particular polarity. The MRAM structure consists of a grid of magnetic tunneling junctions (MTJs). MTJs consist of two ferromagnetic plates, each of which can hold a magnetic field. Currently, this memory is used in niche applications, but industry experts believe that this technology is capable of replacing traditional memory technologies used in all applications.
Healthcare application segment is projected to grow at high CAGR of the next-generation memory market during the forecast period.
The healthcare application segment is expected to grow at a high CAGR in the next-generation memory industry during the forecast period. This can be attributed to promising applications of next-generation memories in the healthcare sector. Their unique properties, such as low power consumption, fast access times, and non-volatility, make them suitable for a wide range of healthcare-related applications, including medical devices, pacemakers, remote monitoring and telemedicine, medical imaging, electronic health records (EHR), medical wearables, biomedical research, and data logging, among others.
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Asia Pacific is expected to hold the largest share in the market by 2028.
The Asia Pacific region is expected to hold the largest share of the next-generation memory market during the forecast period. Asia Pacific is one of the key markets for next-generation memory technologies owing to the tremendous scope for these technologies in various applications. This can be mainly attributed to the high adoption of consumer electronics, especially smartphones, tablets, and laptops, in Asia Pacific, which makes it a high-potential market for consumer electronics. The increasing demand for memory in consumer electronics is driving the mass production of emerging memory technologies in Asia Pacific more than the other regions.
Key companies operating in the next-generation memory companies are SAMSUNG (South Korea), KIOXIA Holdings Corporation (Japan), Micron Technology, Inc. (US), Fujitsu (Japan), SK Hynix Inc (South Korea), Honeywell International, Inc. (US), Winbond (Taiwan), Microchip Technology Inc. (US), Nanya Technology (Taiwan), and Everspin Technologies (US).
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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