Next Generation Non Volatile Memory Market - By Product (FeRAM, PCM, MRAM, ReRAM), By Application (Consumer Electronics, Healthcare, Automotive & Transportation, Industrial, Enterprises) & Forecast, 2024 – 2032

Next Generation Non Volatile Memory Market Size

Next Generation Non Volatile Memory Market was valued at USD 980.3 million in 2023 and is anticipated to grow at a CAGR of 8% between 2024 and 2032. The demand for higher storage solutions has risen significantly with the growing adoption of IoT devices and smartphones. Non-volatile memory technologies are seamlessly integrated to provide quick access to apps, photos, and videos, while keeping the power consumption lower.
 

Additionally, the IoT ecosystem, comprising various connected devices, such as smart home appliances, wearables, and industrial sensors, are heavily relying on non-volatile memory for data storage as well retrieval of the data. The non-volatile memory industry experiences sustained growth, driven by the need for efficient, compact, and dependable storage solutions to support the expanding digital landscape.
 

For instance, in November 2021, Macronix International Co., Ltd., a leading integrated device manufacturer in the Non-volatile Memory (NVM) market, announced the industry's first Serial NOR flash memory manufacturer to bring 1.2V devices to mass production. The Ultra-Low-Power (ULP) & high-speed 120MHz MX25S Serial NOR Flash memories are poised to grow in a new generation of products targeted at applications that include Internet of Things (IoT), wireless communication technologies – including 5G, Wi-Fi and narrowband IoT systems, and consumer applications.
 

The demand for cloud services is expanding, leading to a rise in the demand for memory and storage solutions. Cloud-based platforms are utilizing non-volatile memory to support real-time applications and Artificial Intelligence (AI). For complex data and computing tasks, there is a need for non-volatile memory technologies which can help support real-time applications, with the usage of AI. Data centers benefit from the flexibility of non-volatile memory, allowing the adaptation of the changing workloads and dynamic resource allocation. Continuous innovations driven by cloud computing and data centers are driving R&D in non-volatile memory technologies, ensuring that these solutions cater to the evolving demands of the digital landscape.
 

Scaling up production and achieving high yields of next-generation NVM devices pose complex manufacturing challenges, including process variability, defect density, and yield optimization. Semiconductor manufacturers need to address the present challenges to ensure consistent & reliable product quality, meet customer demand, and compete effectively in the market. Additionally, transitioning to new manufacturing nodes and equipment requires investments and expertise, further complicating the manufacturing process.
 

Next Generation Non Volatile Memory Market Trends

The rising trends in phase-change memory (PCM) technology include improving scalability, enhancing endurance and reliability, implementing multi-level and multi-bit cell technology, integrating with CMOS technology, exploring applications in in-memory and neuromorphic computing, heterogeneous integration with other memory technologies, and advancing cross-point architecture designs. These trends collectively contribute to the continued technological advancement and commercialization of PCM as a next-generation non-volatile memory solution. For instance, in March 2023, Intel and Micron announced the first production-ready phase-change memory (PCM) chip, which has the potential to challenge NAND dominance. 
 

The proliferation of connected cars and their relationship with technologies, such as infotainment systems, telematics, navigation systems, and advanced driver assistance systems (ADAS), propel robust memory solutions to store and process data efficiently. NVM plays a critical role in storing various data such as maps, multimedia content, software updates, and sensor data for these applications. The development of autonomous driving systems relies heavily on sophisticated sensor arrays, cameras, radar, LiDAR and other components that generate vast amounts of data. NVM is essential for storing and processing this data in real time, enabling autonomous vehicles to make informed decisions and navigate safely in diverse driving conditions.
 

Next Generation Non Volatile Memory Market Analysis

Based on product, the market is segmented into FeRAM, PCM, MRAM, and ReRAM. The MRAM segment is the fastest growing segment and is anticipated to expand at a CAGR of over 8.5% between 2024 and 2032.
 

• With the rising demand for versatile & reliable storing solutions, there is a rising traction in the next generation nonvolatile memory market. MRAM has been significantly used for storage of dynamic data. It leaves behind the idea of using current charges or electrical flows to implement magnetic storage elements. They consist of a pair of ferromagnetic disks spaced by an insulating layer. The data is interpreted as one of the discs is placed on a magnet in a fixed position, while the second disc moves to match the magnetic field of the first disc, changing from positive to negative. Interpretation is done with the logic of binary numbers. For instance, in January 2022, Samsung Electronics, a world leader in advanced semiconductor technology, announced its demonstration of the world’s first in-memory computing based on Magnetoresistive Random Access Memory (MRAM). Samsung’s research team subsequently tested the performance of this MRAM in-memory computing chip by running it to perform AI computing. The chip achieved an accuracy of 98% in classification of hand-written digits and a 93% accuracy in detecting faces from scenes.

Based on application, the market is divided into consumer electronics, healthcare, automotive & transportation, industrial, and enterprises. The consumer electronics segment dominated the market with a share of over 35% in 2023.
 

• Next-generation non-volatile memory is poised to revolutionize the consumer electronics sector by delivering high performance, greater storage capacities, providing improved efficiency, and enhanced user experiences across a wide range of devices and applications. As these technologies continue to evolve and mature, they are expected to play a crucial role in shaping the future of consumer electronics and driving innovation in the industry. These NVM technologies are expected to revolutionize the storage industry by offering enhanced performance, reliability, and energy efficiency.

The next generation non volatile memory market is undergoing rapid growth and transformation, propelled by several factors that underscore its increasing importance across diverse industries and applications. This expansion underscores the growing demand for advanced memory solutions in the Asia Pacific region that offer higher performance, reliability, and energy efficiency with a projected CAGR exceeding 9% from 2024 to 2032.
 

With the proliferation of smart cities, IoT devices, autonomous vehicles, and edge computing applications are creating new opportunities for next-generation NVM technologies. These solutions are essential for powering the data storage and processing requirements of interconnected devices, enabling real-time analytics, and supporting emerging technologies and services.
 

Next Generation Non Volatile Memory Market Share

Intel Corporation and Samsung Electronics Co., Ltd. held over 12% of the smart signage market share in 2023. Intel Corporation is a global leader in semiconductor manufacturing and technology innovation, renowned for its contributions to the development of next-generation non-volatile memory solutions. Founded in 1968 and headquartered in Santa Clara, California, Intel has established itself as a key player in the electronics industry, with a diverse portfolio of products and services spanning computing, data center, Internet of Things (IoT), and memory technologies.
 

Samsung Electronics Co., Ltd. is a global leader in the technology industry, renowned for its innovative products & solutions across various sectors. Samsung has been a key player in the next generation non-volatile memory market, driving advancements and pushing the boundaries of memory technology. With a robust R&D infrastructure and a strong focus on innovation, Samsung has been at the forefront of developing next-generation NVM technologies such as Magneto-Resistive Random Access Memory (MRAM), Phase-Change Memory (PCM), and 3D XPoint Memory.
 

Next Generation Non Volatile Memory Market Companies

Major players operating in the industry are:

• Intel Corporation
• Samsung Electronics Co., Ltd.
• Micron Technology, Inc.
• Fujitsu Ltd
• IBM Corporation
• Toshiba Corporation
• Everspin Technologies, Inc.
   

Next Generation Non Volatile Memory Industry News

• In October 2022, Everspin Technologies, Inc., the world’s leading developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) persistent memory solutions, signed a contract to provide MRAM technology, design, and back end of line manufacturing services with QuickLogic Corporation
   
• In June 2022, CrossBar Inc. announced new applications of its Resistive RAM (ReRAM) technology for use in secure storage and processing, where resistance to reverse engineering and physical attacks are essential requirements of the system. Compared to oxide-based ReRAM, CrossBar’s ReRAM utilizes stochastic electro-chemical ionic movement that is more difficult to analyze or useful for inferring the contents of the ReRAM.
   

The next generation non volatile memory market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2024 to 2032, for the following segments:

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Market, By Product

• FeRAM
• PCM
• MRAM
• ReRAM

Market, By Application

• Consumer electronics
• Healthcare
• Automotive & transportation
• Industrial
• Enterprises

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

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA