Next Generation Non Volatile Memory Market Size - By Product Type, By Wafer Size, By Industry Vertical - Global Forecast, 2025 - 2034

Next Generation Non Volatile Memory Market Size

The global next generation non volatile memory market size was valued at USD 8.2 billion in 2024 with 1,357 million units and is estimated to grow at CAGR of 14.4% from 2025 to 2034. The next-generation non-volatile memory (NVM) market is by the rising need for high-speed, and low-power consuming memory solutions in artificial intelligence (AI) and machine learning (ML) applications.
 

As workloads for AI continue to grow in complexity, conventional memory structures fall short and create an immediate need for sophisticated NVMs such as MRAM and ReRAM that provide faster access to data and lower energy use. According to Statista, the global artificial intelligence (AI) market is expected to grow at CAGR of 26.6% from year 2025 to 2031.
 

The automotive industry is fueling the demand for next-generation Non-Volatile Memory (NVM) as cars increasingly depend on sophisticated electronics systems. ADAS (Advanced Driver-Assistance Systems) and EV (Electric Vehicle) control units need low latency to handle real-time data effectively. The next-generation NVMs provide low power consumption along with quicker data access, and high endurance, which are suitable for automotive use.
 

The demand for embedded non-volatile memory (NVM) is rising due to high usage of edge computing and internet of things (IoT) in the connected environment. NVM has features such as low power consumption, and low latency, making them suitable for wearables and industrial IoT solutions. As real-time processing of data becomes essential at the edge, NVMs ensure secure and energy-efficient storage in remote and low-power use cases. The growth of smart homes, medical monitoring devices, and industrial automation further fuels adoption. With growing 5G and AI-enabled IoT ecosystems, the demand for power-efficient embedded NVMs keeps increasing.
 

The rise in number of data centers and cloud computing is driving demand for next generation non volatile memory market. The cloud infrastructure in current times needs memory that is high speed, low latency, and power efficient to support large data storage and real-time processing. NVM products such as STT-MRAM, and ReRAM are in demand due to their high performance with low power consumption. As hyperscale cloud service providers install more and more data centers for their processing purposes, the demand for sophisticated NVMs rises for providing quicker access speed and better storage efficiency.
 

The players in the next generation non volatile memory market should invest in AI and ML solutions as NVMs are used in them for providing high speed with low power consumption. Expansion of NVMs supporting automotive-grade products for ADAS and EV ECUs can introduce new revenue, particularly with self-driving cars seeing increased adoption. The players should focus on deepening their relationship with cloud and datacenter players. This will lead to wider adoption of STT-MRAM and ReRAM for enterprise-class computing applications. They should invest in low-power embedded NVMs for edge computing and IoT devices to capitalize on increasing smart sensors and wearables adoption. Attention to sustainable and energy-efficient memory solutions will benefit global environmental ambitions.
 

Next Generation Non Volatile Memory Market Trends

• Next-generation non-volatile memory (NVM) market is expanding due to the growing adoption of MRAM in high-performance computing (HPC) systems. MRAM provides rapid read/write capabilities, low power, and persistence of data, which makes it suitable for sophisticated applications. Market leaders such as Samsung are actively integrating MRAM into their new chip designs to enhance computational efficiency. Integration enhances processing speeds without compromising on memory stability.
   
• Development of neuromorphic computing structures is on rise. With integration of ReRAM, it mimics the synapse in AI models for improved neural network training and inference. There is also increasing memory vendor and cloud provider collaborations as hyperscalers such as AWS and Google aim for higher-performance storage to better improve data center operation.
   
• There is increasing investment in resistive RAM (ReRAM) by Chinese semiconductor companies to decrease reliance on Western technologies. Companies such as Weebit Nano are expanding its global sales infrastructure to support growing demand for its resistive random-access memory (ReRAM or RRAM) technology from foundries, integrated device manufacturers (IDMs), and product companies.
   
• Players in the market are creating hybrid memory architecture, where traditional DRAM and non-volatile memory (such as MRAM, ReRAM) are blended to maximize performance, power savings, and affordability. This combines the virtues of both approaches, DRAM for active processing to maintain speed and NVM persistence to retain data.
   

Next Generation Non Volatile Memory Market Analysis

Based on product type, the market is divided into MRAM, ReRAM, PCM, FeRAM/F-RAM, and others.
 

• The market for MRAM was valued at USD 3.8 billion in 2024. The MRAM market is growing due to its near-DRAM speed and high endurance, serving perfectly for frequent read/write applications such as cache memory in AI chips and automotive MCUs. Industry leaders such as Everspin and Samsung are scaling up MRAM production to accommodate increasing demand from data centers and autonomous vehicles.
   
• The ReRAM market is projected to grow at a CAGR of over 14.7% by 2034. ReRAM is emerging as a strong contender for storage-class memory, with high density and low power consumption. Its potential to serve as an artificial synapse for neuromorphic computing is sparking interest from researchers working on AI, with Panasonic taking the lead in development.
   

Based on wafer size, the next generation non volatile memory market is divided into 200 mm, and 300 mm.
 

• The market for 200 mm wafer was valued at USD 3.5 billion in 2024. 200mm wafers remain the favored choice for the manufacturing of embedded NVMs in automotive and industrial segments, where cost-effectiveness is more important than state-of-the-art performance. GlobalFoundries and STMicroelectronics are prominent users of 200mm fabs for manufacturing MRAM and FeRAM.
   
• The 300 mm wafer market is projected to grow at a CAGR of over 15% in the forecast period. 300mm wafers are being increasingly preferred for high-performance NVMs like those in data centers due to their higher yield and economies of scale. Samsung is front runners in 300mm NVM production, especially for advanced-node MRAM and ReRAM solutions.
   

Based on industry vertical, the next generation non volatile memory market is divided into BFSI, IT & cloud computing, automotive, aerospace & defense, healthcare & medical devices, consumer goods, and others.
 

• The market for IT & cloud computing was valued at USD 3 billion in 2024. IT & cloud computing is the biggest user of next-generation NVMs, using MRAM and ReRAM to provide persistent memory solutions that boost server performance and minimize latency. Hyperscalers such as Microsoft and Amazon are heavily investing in these technologies.
   
• The automotive market is projected to grow at a CAGR of over 15.1% in the forecast period. Automotive represents high-growth as MRAM is being integrated into ADAS and infotainment systems for its reliability in extreme conditions. Companies like Bosch are driving adoption through collaborations with memory suppliers.
   

• The U.S. next generation non volatile memory market is projected to reach USD 8 billion by 2034. U.S. is leading the market due to high research and development investments and data center installations. The companies in U.S. such as Intel, Micron Technology, and Everspin lead the MRAM and ReRam development with the help of subsidies for local semiconductor manufacturers from the CHIPS Act. The region experiences swift uptake of storage-class memory in hyperscale data centers (AWS, Google, Microsoft) to optimize AI workloads. Automotive applications are increasing as Tesla and conventional automakers adopt MRAM into infotainment and ADAS systems. Defense and aerospace applications use radiation-hardened NVMs.
   
• The next generation non volatile memory market in Germany is expected to grow at a CAGR of 11.9% in the forecast period. Germany is a key market in Europe, fueled by its robust automotive and manufacturing industries. Companies such as Infineon are incorporating MRAM and FeRAM into sophisticated driver-assistance systems (ADAS) and IoT devices. Its emphasis on Industry 4.0 and intelligent manufacturing is driving demand for low-power, and dependable memory solutions. Research centers such as Fraunhofer are leading the way in ReRAM technologies for neuromorphic computing and AI applications. The strong semiconductor ecosystem in Germany makes it a focal point for next-generation memory innovation in Europe.
   
• The next generation non volatile memory market in was valued at USD 448 million in 2024. The UK future NVM market is gaining traction via robust academic research and niche semiconductor applications. British new companies such as Graphcore are investigating MRAM and ReRAM for AI accelerators and edge computing devices. The nation's emphasis on quantum computing and photonics is fueling experimental memory technologies such as resistive RAM for new architectures. Government-supported initiatives, such as the UK Semiconductor Strategy, are intended to support indigenous memory chip design capabilities. Automotive and aerospace industries are using FeRAM and radiation-hardened MRAM for mission-critical systems.
   
• The next generation non volatile memory market in China is projected to reach USD 6.2 billion by 2034. China's market is driven by huge government investment in semiconductor self-reliance. Domestic company named SMIC are working aggressively to eliminate foreign dependence. The rise in the data centers infrastructure for AI industry are driving the next generation memory solutions. The memory manufacturers are working alongside large technology providers to develop customised NVM chips. The Chinese national program called “Big Fund” had focus on chips manufacturing as a strategic technology area.
   
• The next generation non volatile memory market in India is expected to grow at a CAGR of 16% in the forecast period. Indian economy is becoming an important design and R&D center, backed by government programs such as the Semiconductor Mission. Indian and international companies are looking to MRAM and ReRAM solutions for IoT, automotive, and consumer electronics application. Increasing AI/ML ecosystem and data center growth in the country are fueling interest in next-gen memory technologies. Collaborations between academia (IITs) and foreign semiconductor companies are driving indigenous NVM innovation.
   
• The next generation non volatile memory market in South Korea is expected to grow at a CAGR of 14.5% in the forecast period. South Korea dominates the market with technology leaders such as Samsung and SK Hynix, who lead in MRAM and ReRAM innovation. The advanced semiconductor ecosystem of South Korea is primarily centered on AI memory solutions and high-performance applications. Government-supportive R&D programs and well-established foundry capabilities make South Korea a global hotspot for non volatile memory production.
   

Next Generation Non Volatile Memory Market Share

The market is highly competitive, with leading players such as SAMSUNG, Micron Technology, Inc., Intel Corporation, GlobalFoundries, and SK HYNIX INC. together holding 62.3% of the market share. Industry leaders are heavily investing in R&D to develop MRAM, ReRAM, and FeRAM technologies for high-speed, low-power solutions in AI, data centers, and automotive. To strengthen their market position, companies are creating strategic alliances such as Samsung's partnerships with automakers to work on next-generation computing architectures.
 

Sustainability and energy efficiency are becoming key differentiators, with manufacturers developing ultra-low-power NVMs to meet global carbon neutrality goals and stricter regulations. Companies are leveraging smart memory solutions with embedded AI capabilities, enabling self-optimizing storage systems for IoT and edge devices. Customization is rising, as hyperscalers and automotive clients demand tailored NVM designs for specific workloads, such as neuromorphic computing or autonomous driving.
 

To expand their reach, memory giants are pursuing mergers (e.g., SK Hynix's acquisition of Intel's NAND business) and government-backed initiatives like the U.S. CHIPS Act and South Korea's semiconductor subsidies. Automation and EUV lithography are being deployed to ramp up production of cutting-edge nodes (sub-10nm) while reducing costs. Startups like Crossbar and Weebit Nano are disrupting the space with niche innovations, pushing established players to accelerate their roadmaps.
 

Samsung leads next generation non volatile memory innovation, with its MRAM technology extensively used in AI accelerators and automotive applications. The company is heavily investing in 300mm wafer manufacturing to address increasing demand for high-performance memory solutions. Samsung's partnership with leading cloud providers and automakers reflects its dominance in the next generation non volatile memory market.
 

Intel is shifting its focus toward MRAM for data center applications. The company is utilizing its expertise in persistent memory to create solutions that bridge the performance gap between DRAM and traditional storage. These efforts aim to meet the growing demands of hyperscalers and enterprise clients by enhancing memory efficiency and reliability in large-scale computing environments.
 

Next Generation Non Volatile Memory Market Companies

Some of the prominent market participants operating in the next generation non volatile memory industry include:

• SAMSUNG
• Micron Technology, Inc.
• Intel Corporation
• GlobalFoundries
• SK HYNIX INC.
   

Next Generation Non Volatile Memory Industry News

• In Nov 2024, GlobalFoundries obtained USD 1.5 billion of CHIPS Act funding from the U.S. Department of Commerce to grow domestic semiconductor manufacturing with a focus on critical chips for automotive, IoT, and defense. The funding will be used to build new facilities in Vermont and New York, adding 1,500+ jobs and improving U.S. supply chain resiliency. The partnership encompasses a 10-year supply commitment to critical industries such as aerospace and smart devices.
   
• In 2022, Fujitsu Launched 12Mbit ReRAM, which features high memory density in ReRAM family. This product is a non-volatile memory having a large memory density of 12Mbit in a very small package size of approximately 2mm x 3mm. It has an low level of read current of 0.15mA on average during read operations. Therefore, battery consumption can be minimized in battery-operated devices with frequent data-read operations.
   

The next generation non volatile memory market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue (USD Million) and volume (Million Units) from 2021 to 2034, for the following segments:

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Market, By Product Type

• MRAM
• ReRAM
• PCM
• FeRAM/F-RAM
• Others

Market, By Wafer Size

• 200 mm
• 300 mm

Market, By Industry Vertical

• BFSI
• IT & cloud computing
• Automotive
• Aerospace & defense
• Healthcare & medical devices
• Consumer goods
• Others

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands 
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE