July 19, 2024
Ict

Growing adoption of IoT and Big Data to drive the growth of Next Generation Memory Technologies Market

Next generation memory technologies refer to emerging data storage technologies that aim to either replace or supplement the current implementations of Flash memory & Hard Disk Drives (HDD) in terms of performance, density, and non-volatility. The key products include resistive RAM (ReRAM), magnetoresistive RAM (MRAM), and spin-transfer torque MRAM (STT-MRAM) that deliver faster speed, data endurance, and enhanced functionality compared to NAND Flash memory. Growing digitization across industries has increased the need for better and scalable memory solutions for handling large amounts of data generated through Internet of Things (IoT) devices and various big data applications. This rising demand for advanced memory technologies is fuelling the next generation memory technologies market growth.

The global Next Generation Memory Technologies Market is estimated to be valued at US$ 4298.1 Mn in 2023 and is expected to exhibit a CAGR of 56% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing adoption of IoT, artificial intelligence, and big data analytics across various industries is propelling the next generation memory technologies market growth. For efficient processing of large datasets, faster and highly scalable memory solutions beyond traditional NAND Flash memory are required. Various next generation technologies such as ReRAM, MRAM, and STT-MRAM offer low-latency, high-density, and non-volatility suitable for growing data volumes. Furthermore, expanding cloud computing infrastructure and rising need for high bandwidth memory (HBM) for data centers and server farms are also contributing to the market growth. Major manufacturers are investing in R&D activities to overcome scaling challenges of NAND Flash memory and commercialize next generation memory technologies at a mass level.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in this industry as setting up next generation memory technologies requires huge R&D investments and manufacturing infrastructure.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are various technology providers however customers have high switching costs if they change technologies.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are many raw material suppliers and technologies can be sourced from different players as well.

Threat of new substitutes: The threat of new substitutes is high as new and advanced memory technologies are regularly emerging which can replace existing technologies.

Competitive rivalry: The competitive rivalry is high in this industry as key players compete on performance, pricing and new product innovations.

Key players operating in the Next Generation Memory Technologies market are Micron Technology, Inc., Fujitsu Ltd., Everspin Technologies, Inc., Winbond Electronics Corporation, SK Hynix Inc., Cypress Semiconductor Corporation, Avalanche Technology, Inc., Adesto Technologies Corporation Inc., and Samsung Electronics Co. Ltd. Major players are focusing on new product launches to strengthen their market position.

Key Takeaways

The global Next Generation Memory Technologies market is expected to witness high growth, exhibiting CAGR of 56.% over the forecast period, due to increasing demand for universal memory technologies across various industries.

The Next Generation Memory Technologies market size for 2023 is US$ 4298.1 Mn. The market is expected to grow substantially driven by the need for technologies providing faster storage capabilities at lower power consumption. The integration of new memory technologies in autonomous cars, IoT devices and AI is expected to spur the demand.

Regional analysis indicates that Asia Pacific is expected to dominate the global Next Generation Memory Technologies market during the forecast period. This is attributed to presence of leading technology companies and growing semiconductor industry in countries like China, Taiwan and South Korea. The Next Generation Memory Technologies market in North America is also expected grow significantly owing to focus on R&D activities by US based technology giants.

 *Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it