ID: MRFR/SEM/3534-HCR | February 2021 | Region: Global | 100 pages
Non-Volatile Memory (NVM) is a type of computer memory that can save and store data. The volatile memory requires periodic refreshing tasks. However, the non-volatile memory can store digital media for long term usage. It is also known as the secondary memory that acts as data backup. The user can store data, erase and make changes in this memory. Some of the well-known examples of non-volatile memory are hard disk, flash memory and magnetic tape.
The applications of nonvolatile memory are wide. It is used to enhance data speed in the consumer electronics field and data centres. The massive requirement of the low power based memory technology is driving the demand for the Non-Volatile Memory Industry. As per the Market Forecast, the market will witness a moderate growth rate. The Non-Volatile Memory Market Size will grow by 11%. Also, the overall market value will increase by 90 billion in 2023.
Covid 19 has caused plenty of disruptions in the market. Due to the ongoing pandemic, the non-volatile memory market is facing few challenges. The consumer electronics sector is facing massive losses during this period. It is affecting the non-volatile memory market immensely. Also, the production of non-volatile technology is less.
Several non-volatile memory plants have come to a halt. The lack of an adequate workforce is another challenge to the market. All these factors are causing a declining effect in the market. The slight decline will be temporary according to the Market Analysis. Post covid 19, the production rate seems to increase rapidly. Further, product variation and development will also take place post covid 19.
Consumer electronics is crucial end users of the nvm market. The use of nonvolatile memory in connected devices is growing at an exponential pace. The consumer electronics sector requires solutions for power processing and memory density. Also, the non-volatile memory technology exceptionally meets the memory storage requirements in the consumer electronics sector. Also, non-volatile memory is a sophisticated technology. It can interact with AI, data analytics and IoT. All these provide high data storage possibilities with non-volatile memory.
The increasing requirement for efficient data storage technology is surging the nonvolatile memory market. The consumer electronics that require non-volatile memory storage are mobile phones, gaming devices, camera, tablets and laptops. The high production rate of electronics fuel the demand for non-volatile memory. Further, the adoption of high-end memory storage solutions is high. Today, plenty of companies adapt to these storage solutions for convenience and ease of use. Also, these factors act as crucial drovers for the overall non-volatile memory market demand.
The emergence of the 3D NAND memories propels the growth opportunities of the non-volatile memory. The 3D NAND is a miniaturized data storage solution. The use of 3D NAND will enhance the storage efficiency as well as the cost. Also, the rapid adoption of non-volatile memory will offer plenty of growth prospects for the non-volatile memory market.
The performance of flash memories is beneficial in many sectors. Also, the storage density is high with this miniaturized memory solution. This new age flash memory is made with layers of silicone that can store a massive amount of data. The adoption of this single-chip memory can boost Non-Volatile Memory Market Growth. Also, the deployment of non-volatile memory in unique sectors will further offer growth opportunities. The requirement for non-volatile memory in the finical sector is increasing in the upcoming years. It will benefit the overall growth rate of the non-volatile memory market.
The non-volatile memory comes with exceptional features. Excellent performance, high data storage and convenient backup are the significant features of the technology. However, the low endurance of the nonvolatile memory is the major restraint in the market. The low endurance is known as the low writing speed of memory technology. Due to this limitation, the overall time to transfer data is affected.
The top companies require a storage solution that is efficient and comes with high data writing speed. However, the low endurance of the non-volatile memory fails to meet this requirement. These restraints can have a declining effect on the market. The adoption rate of non-volatile memory in the financial and consumer electronics sector may decrease due to this limitation. Also, the possibilities of choosing the alternatives if non-volatile memory can pose a threat to the market demand.
There are plenty of technical challenges in non-volatile memory. The non-volatile memory is known for its high-density features. However, there are plenty of other alternatives that offer more storage density. It is a significant challenge that affects the overall market growth. These factors restrict the key end-users from adapting to this technology. In the long run, these factors can affect the revenue and demand of the market. However, with technological advancements, the key players are trying to fix these issues.
The non-volatile memory market is witnessing a steady growth rate in the forecast period. There is several market driving factors that fuel the market growth. The immense demand from the consumer electronics sector provides exceptional revenue for the market. Further, the use of non-volatile memory in giant companies is another driving factor. However, few restraints can hamper the overall market growth. The low endurance of the technology and other technical difficulties can slow down the demand. Many end-users will not prefer a product that can use inefficiency. However, the key players of the market are taking steps to fix the issues in the market. Overall the market growth remains positive during the forecast period.
The Asia Pacific is leading the non-volatile market in the forecast period. It holds the maximum Non-Volatile Memory Market Share. The high population in the Asia Pacific region is the key factor for the high demand for consumer appliances. The consumer electronics market is booming in the Asia Pacific region. Due to this, the n market has immense demand. The high number of data centres is another reason for massive growth in this region. Further, the non-volatile memory has versatile end-users in Asia pacific. The demand from automotive and other electrical sectors continuously raise the market demand. Due to all these factors, the non-volatile memory market will receive high revenue in 2023.
Global Non-Volatile Memory Market
Source: MRFR Analysis
By non-volatile memory type
The market is fragmented into three main regions that are North America, Asia Pacific and Europe. The Asia Pacific region is well known for its booming consumer electronics market. The key end-users for the non-volatile memory market is consumer electronics. The rise in consumer electronics ultimately increases the demand for the market.
The next biggest market is located in North America. North America is well known for its massive memory chip production market. The production rate in non volatile memory companies is massive in the region. Further, investment and consumer spending are immense in North America. All these factors drive more demand and profitability for the market. Europe is a region with significant growth in the non-volatile memory market. The research and development investment in non-volatile memory is immense in this region. Further, the prevalence of gaming devices, mobile phones and other electronics is fuelling the market growth.
The completion in the non-volatile memory market is massive. The entry of new key players will further intensify the completion. Further, all the key players are making new strategies to develop the market. The market acquisitions, expansion and new partnership deals are part of the development process. Also, the key payers are taking steps to top fix the challenges in the market.
The key players of the non-volatile memory market are
Frequently Asked Questions (FAQ) :
The non-volatile memory market is predicted to grow at an 11% CAGR between 2016- 2023.
The non-volatile memory market is predicted to reach USD 90 billion by 2023.
North America will lead the non-volatile memory market.
Increasing use in financial services & banking and burgeoning demand in wearable devices are driving the non-volatile memory market growth.
Key players profiled in the non-volatile memory market include Open-silicon (U.S.), 4DS (Australia), Spin Transfer Technologies (U.S.), Texas Instruments (U.S.), Rambus (U.S.), NXP Semiconductor (Netherlands), Cypress Semiconductor Corporation (U.S.), Avalanche (U.S.), Kilopass Technology Inc. (U.S.), Viking Technology (U.S.), Everspin Technologies (U.S.), Adesto Technologies (U.S.), Synopsys Inc. (UK), Crossbar Inc. (U.S.), Nantero (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Fujitsu Ltd (U.S.), Western Digital Corporation (U.S.), SK Hynix, Inc. (South Korea), Micron Technology, Inc. (U.S.), Toshiba Corporation (Japan), and Samsung Electronics Co., Ltd. (South Korea).
Types of non-volatile memory are hard disk, flash memory and magnetic tape.