MRAM Market Size

Increasing consumption of electronic devices is driving market growth

The increasing demand for electronic devices and wearables drives the market compound annual growth rate (CAGR) for Magneto Resistive RAM (MRAM). The market is also anticipated to be driven by rising demand for standalone and embedded memory across consumer electronics products, wearable devices, and smart devices. Without power consumption, MRAM can keep the data stored inside safely and securely. It is also more affordable and doesn't need a big energy-guzzling pulse.

Since it is widely utilized in robotics, vehicles, consumer electronics, and business storage systems, the need for MRAM is expected to increase to cater to the rising demands for electronics.

Additionally, several product developments in electronic devices, like creating low-power MRAM variations for radiation-hardened microchips, are boosting market expansion. They can function in a variety of temperatures and are radiation-resistant and power-efficient. The market is also expanding due to the rising demand for Internet of Things (IoT)-enabled devices, Artificial intelligence (AI), machine learning, and the growing use of sophisticated sensors and intelligent robots.

Other factors are anticipated to propel the market towards growth, such as the rising product utilization in prototyped and customized integrated circuits (ICs), as well as MRAM-embedded medical sensors for diagnostic testing of disorders is also increasing MRAM demand.

COVID-19 affected supply chains that turned manufacturers into Tier-1 suppliers to reduce risks. Due to a lack of manufacturing capacity to keep up with demand, raw materials prices increased, labor shortage, and poor manufacturing efficiency. This led to increased use of electronic components in modern manufacturing; However, there is a surplus of raw materials, and manufacturers are unable to produce the components rapidly enough to meet the rising demand because of a shortfall in fabrication. Therefore, market participants invested heavily in research and development to meet the demand for electronics, subsequently leading to MRAM production.

For instance, one of the promising technologies for developing the next-generation, low-power AI semiconductor devices is in-memory computing. Samsung's planning to create next-generation artificial intelligence (AI) semiconductors with MRAM demonstrates its leadership in-memory technology and its efforts to combine memory and system semiconductors for next-generation AI chips to enhance the performance of its services and to meet the increasing demand for MRAM. Thus, driving the Magneto Resistive RAM (MRAM) market revenue.

The Global Magneto Resistive RAM (MRAM) Market Industry is poised for substantial growth, with projections indicating a market value of 0.55 USD Billion in 2024 and an anticipated increase to 2.9 USD Billion by 2035. This growth trajectory reflects the increasing adoption of MRAM across various sectors, driven by its unique advantages over traditional memory technologies. The expected compound annual growth rate (CAGR) of 16.32% from 2025 to 2035 underscores the market's potential as industries seek innovative solutions to meet their evolving memory needs.

In an era where data breaches and cyber threats are prevalent, the Global Magneto Resistive RAM (MRAM) Market Industry benefits from an increased focus on data security. MRAM's inherent characteristics, such as its resistance to data loss during power outages, position it as a reliable solution for secure data storage. Organizations across various sectors are prioritizing memory technologies that ensure data integrity and security. As regulatory frameworks around data protection tighten, the demand for secure memory solutions like MRAM is expected to rise, potentially driving market growth in the coming years.

The Global Magneto Resistive RAM (MRAM) Market Industry experiences a surge in demand for non-volatile memory solutions, driven by the need for faster data access and improved energy efficiency. As industries increasingly rely on data-intensive applications, MRAM offers a compelling alternative to traditional memory technologies. In 2024, the market is projected to reach 0.55 USD Billion, reflecting a growing recognition of MRAM's advantages in terms of speed and durability. This trend is likely to continue, as organizations seek to enhance their operational efficiency and reduce costs associated with data storage and retrieval.

Technological advancements in semiconductor manufacturing significantly influence the Global Magneto Resistive RAM (MRAM) Market Industry. Innovations in fabrication techniques and materials have led to the development of smaller, more efficient MRAM chips. These advancements not only enhance performance but also reduce production costs, making MRAM a more attractive option for manufacturers. As the industry evolves, the potential for integrating MRAM into various applications, such as mobile devices and IoT systems, becomes increasingly viable. This trend is expected to contribute to the market's growth, with projections indicating a rise to 2.9 USD Billion by 2035.

The automotive sector's growing adoption of advanced memory solutions propels the Global Magneto Resistive RAM (MRAM) Market Industry forward. With the rise of electric vehicles and autonomous driving technologies, the demand for reliable and high-performance memory systems is paramount. MRAM's ability to withstand extreme temperatures and its non-volatility make it particularly suited for automotive applications. As manufacturers prioritize safety and efficiency, the integration of MRAM into vehicle systems is likely to increase. This trend aligns with the broader shift towards smart vehicles, further solidifying MRAM's role in the automotive landscape.

The rise of artificial intelligence (AI) applications presents a new frontier for the Global Magneto Resistive RAM (MRAM) Market Industry. AI systems require high-speed memory solutions to process vast amounts of data efficiently. MRAM's fast read and write capabilities make it an ideal candidate for AI workloads, where performance is critical. As industries increasingly integrate AI into their operations, the demand for MRAM is likely to grow. This trend suggests a promising future for MRAM, particularly as the market anticipates a compound annual growth rate (CAGR) of 16.32% from 2025 to 2035.

Leading market players are investing heavily in innovations and improved quality of processes to attract consumers, which will help the Magneto Resistive RAM (MRAM) market to expand further. Market players are also undertaking strategic steps to strengthen their global footprint, with important market developments including a strategic alliance with other organizations, mergers and acquisitions of players established locally, and higher investments. To expand its presence in the hyper-competitive, Magneto Resistive RAM (MRAM) industry must offer cost-effective quality electronic devices.

High manufacturing costs and labor shortages led companies to produce MRAM locally to minimize costs in the global MRAM industry to benefit consumers and capture market share. In recent years, the Magneto Resistive RAM (MRAM) industry has offered some of the most significant advantages to medicine. 

Major players in the MRAM market, including Toshiba Corporation (Japan), NVE Corporation (US), Everspin Technologies Inc. (US), Avalanche Technology Inc. (US), Spin Memory, Inc. (US), Honeywell International Inc. (US), Samsung Electronics Co. Ltd (South Korea), Numem Inc. (US), and Taiwan Semiconductor Manufacturing Company Limited (Taiwan), are attempting to expand market demand by forming strategic alliances with the organization as well as spending on R&D to produce innovative devices.

Samsung, established in 1938, is one of the largest producers of electrical goods worldwide. System components, digital media players, semiconductors, and utilities are just a few of the consumer and business electronics that Samsung concentrates on developing. Samsung, being one of the most well-known profitable brands in technology today, Samsung accounts for close to one-fifth of all South Korean exports. In January 2022, the first MRAM-based in-memory computer system was displayed by Samsung Electronics.

The investigation carried out by the Samsung Advanced Institute of Technology (SAIT), Samsung hopes to use this technological innovation to merge storage and system semiconductors for artificial intelligence (AI) processors while increasing its market share.

Everspin Technologies, Inc., headquarters in Chandler, Arizona, is a global innovator in designing, producing, and commercial shipping of discrete and integrated MRAM and STT-MRAM. Everspin has established the largest and most rapidly expanding base of MRAM users in the world, with over 120 million MRAM and STT-MRAM products deployed in the data center, cloud storage, e, and transportation applications. In May 2022, Everspin announced the EMxxLX xSPI MRAM, a non-volatile memory technology for industrial IoT and integrated devices.

It aims to give customers an alternative to SPI NOR/NAND flash with concentrations ranging from 8MB to 64MB and noticeably faster R/W data speeds of up to 400MB/s.