Increaseng the demand for storage applications to boost the market growth
New York, USA, May 23, 2023 (GLOBE NEWSWIRE) — According to the recent study published by Market Research Future (MRFR), “Next-Generation Memory Market Information by Product, Application, and Region – Forecast till 2030”, Market could thrive at a rate of 31% between 2023 and 2030. The market size will be reaching around USD 15 Billion by the end of the year 2030
Next-Generation Memory Market Synopsis
Next-generation memory refers to a new class of memory technologies that are faster, more energy-efficient and have higher storage capacities compared to traditional memory solutions like Dynamic Random Access Memory (DRAM) or NAND flash. Next-generation memory includes technologies like Phase Change Memory (PCM), Resistive Random Access Memory (ReRAM), and Magnetoresistive Random Access Memory (MRAM). These memory solutions are being developed as a replacement for traditional memory solutions in various applications, including mobile devices, data centers, and artificial intelligence (AI) systems.
The use of next-generation memory technology is increasing in various applications due to its benefits, including faster data transfer rates, lower power consumption, and high endurance. Next-generation memory technology is being used in mobile devices to reduce power consumption and increase performance. It is also being used in data centers to increase storage capacity and reduce power consumption. Next-generation memory technology is also being used in AI systems, where fast and efficient memory solutions are essential for training and inference tasks.
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Next-Generation Memory Market Competitive Landscape:
The affluent companies in the Next-Generation Memory industry include
- Micron Technology Inc
- Toshiba Corporation
- Intel Corporation
- Samsung Electronics Co Ltd
- IBM Corporation
- Avalanche Technology
- Crossbar Inc.
- Fujitsu Limited
- Honeywell International Inc.
- Infineon Technologies
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 15 billion |
| Growth Rate | CAGR of 31.00 % from 2023 to 2030 |
| Base Year | 2022 |
| Study Period | 2023-2030 |
| Key Market Opportunities | This increasing demand is responsible for pushing next-generation storage services and devices on a great scale. |
| Key Market Drivers | The next-generation memory market industry has end-users like BFSI that are increasing their investment quantum in the Internet of Things (IoT) technology, as well as, reaping the financial rewards. |
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Latest Industry Updets (March 2021):
Samsung announced the development of the industry’s first High Bandwidth Memory (HBM) integrated with Artificial Intelligence (AI) processing power, called the HBM-PIM. This development enables high-performance computing (HPC) systems and AI-based systems to perform complex processing tasks more efficiently and faster.
Next-Generation Memory Market USP Covered:
Market Drivers:
The next-generation memory market is expected to see significant growth due to several market-driving factors. One of the main drivers is the increasing adoption of AI-based systems in various industries. AI-based systems require high-speed memory solutions to process vast amounts of data quickly, making next-generation memory solutions an essential requirement for these systems.
Another significant factor driving the market for next-generation memory solutions is the rise of 5G technology. The adoption of 5G technology is expected to result in an exponential increase in data traffic, requiring faster memory solutions to handle the high data transfer rates. With the development of 5G networks, there is also an increasing demand for next-generation memory solutions in mobile devices.
The demand for next-generation memory solutions is also increasing in the data center industry. Data centers require low-latency memory solutions to process large amounts of data quickly, and next-generation memory solutions can provide the necessary performance improvements. The growing use of big data and cloud computing has led to increasing demand for faster and more efficient memory solutions, driving the growth of the next-generation memory market.
Market Restraints:
The high cost of next-generation memory solutions and the lack of standardization in the industry are major market restraints. Next-generation memory solutions are still in the development phase and are more expensive than traditional memory solutions. The lack of standardization in the industry also limits the adoption of next-generation memory solutions.
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COVID 19 Analysis:
The COVID-19 pandemic has created several challenges for the next-generation memory market, including supply chain disruptions, workforce shortages, and economic uncertainty. These factors have resulted in a slowdown in the growth of the market, as businesses have been forced to delay their investments in new technologies. The pandemic has also impacted consumer demand for devices that require high-speed memory solutions, such as smartphones, tablets, and laptops. However, the market is expected to recover in the post-COVID-19 scenario, as the demand for next-generation memory solutions increases in various applications.
In the post-COVID-19 scenario, the next-generation memory market is expected to experience significant growth due to the increasing demand for high-speed memory solutions in various applications. The market is expected to recover quickly as supply chain disruptions are resolved and economic conditions stabilize. The increasing demand for data storage solutions, such as cloud computing and big data analytics, is also expected to drive the growth of the market. Additionally, the rise of smart cities and smart homes is expected to create new opportunities for the next-generation memory market as these applications require high-speed memory to function effectively.
Next-Generation Memory Market Segmentation:
- By Product – The Product in the market includes Nonvolatile Memories, Volatile Memories.
- By Application – The Application in the market includes Consumer Electronics, Manufacturing, IT and Telecommunication, Aerospace, and Defense.
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Regional Insights:
The Asia-Pacific region is expected to dominate the next-generation memory market due to the increasing demand for mobile devices and data centers in countries like China, Japan, and South Korea. North America and Europe are also expected to have significant market shares due to the presence of major players in the region and the increasing adoption of AI-based systems.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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