April 18, 2024

Next Generation Memory Technologies Market Driven by Increasing Requirements for High-speed, Large Storage, and Low Power Memories

 

Next generation memory technologies such as Magneto-resistive RAM (MRAM), Phase change memory (PCM), and Resistive RAM (ReRAM) are poised to revolutionize storage capabilities in the coming years. These newer generation memory technologies offer significant advantages over mainstream memory technologies like DRAM and NAND flash by providing higher storage density, longer retention times, unlimited endurance, and near instant read/write capabilities. With rapid growth in data volumes driven by IoT, big data analytics, AI/ML, autonomous driving, and other emerging applications, there is an increasing need for high-speed, large storage, and low power consuming memory solutions.

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: One of the prominent trends in the next generation memory technologies market has been the growing focus on R&D investments to develop more scalable and commercially viable technologies like STT-MRAM. STT-MRAM offers read/write endurance approaching unlimited along with high speed and retention without requiring constant power. Companies are investing heavily in STT-MRAM technology to cater to the ever-increasing storage requirements of data centers and the rapid growth of AI/IoT domains. For instance, in August 2022, Everspin Technologies received a USD7.35 Mn funding from the Department of Defense to accelerate the industrialization of its novel STT-MRAM technology called Resilient Memory for assured microcontroller and FPGA applications.

Porter’s Analysis
Threat of new entrants: The next generation memory technologies market requires huge investments in R&D which poses barriers for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives in the market.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are several suppliers in the global market.

Threat of new substitutes: New substitute technologies can pose threat to the established next generation memory technologies.

Competitive rivalry: The market is highly competitive due to presence of major players competing on performance improvements.

Key Takeaways

The global next generation memory technologies market is expected to witness high 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.

Regional analysis

The Asia Pacific region is expected to hold major share in the global market primarily due to presence of established semiconductor manufacturing companies and growing electronics industry. Countries like China, South Korea and Taiwan are major manufacturing hubs for memory technologies globally.

Key players

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. Micron Technology is a leading player providing DRAM and NAND flash memory solutions.

*Note:

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