The global next generation non-volatile memory market is expected to reach $18,23-billion by 2030 – growing at a CAGR of 17,8% from 2024 to 2030 – according to a new study by Grand View Research which says the increasing need for fast and economical storage solutions across diverse applications will drive this growth.
Next generation non-volatile memory is used for various applications such as enterprise, industrial, and automotive to store and manage information, which is expected to augment market growth over the next six years. Increasing use of next generation non-volatile memory in mobile phones to enhance customer experience is expected to fuel market growth.
The increasing demand for wearable electronics and replacement of flash memory storage may provide new growth avenues to the next generation non-volatile memory industry. Low environment stability and high design cost may act as a restraint to market growth over the forecast period.
All common computing platforms – from handheld devices to supercomputers – use storage systems to store data permanently or temporarily. Smart cards store a few bytes of data and are expected to grow at a significant rate over the forecast period. Economical and efficient solution development is expected to be a critical success factor for industry players.
The Asia Pacific market is expected to grow at a considerable rate owing to increasing demand for smartphones and tablets. Additionally, presence of key market players in countries such as China, India, Japan and South Korea is also expected to positively impact the regional market over the forecast period.
Additional highlights from the report include:
* In 2023, the high-bandwidth memory (HBM) segment emerged as the market leader capturing the largest revenue share of 59,1% owing to the growing need for high-bandwith, low power consumption and adoption of emerging technologies like AI and big data analytics, as well as the rising trend of consumer electronic devices.
* BFSI accounted for the largest market revenue share of 23,1% in 2023. The BFSI sector extensively leverages IoT and AI technologies to achieve substantial benefits.
* The next generation non-volatile memory market in North America is projected to witness the fastest CAGR of 18,9% during the forecast period driven by factors such as the increasing construction of new infrastructures like data centres and the rapid growth of the digital economy in countries such as the US and Canada.
* In 2023, Asia Pacific’s next generation non-volatile memory market emerged as the leader in the market capturing a significant revenue share of 49,20%, driven by factors inherent in its dynamic business environment.