Next Generation Non Volatile Memory Market Size

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.

To get key market trends

  Download Free Sample

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.