Non-Volatile Memory Market to Reach $96.1 Billion, Globally, by 2032 at 9.4% CAGR: Allied Market Research

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Jun 13, 2023, 11:08 ET

The global non-volatile memory market is driven by factors such as growing application of non-volatile memory and surge in preference for flexible electronics and innovative solution.

PORTLAND, Ore., June 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Non-Volatile Memory Market, By Type (Electrically Addressed [ROM, NVRAM, and Emerging Memory], Mechanically Addressed [Magnetic Tape, Hard-Disk Drive, Optical-Disc Drive, Millipede Memory, and Holographic Data Storage], and Others [FRAM, ZRAM, Nanobridge, and Molecular]), Application (Consumer Electronics, Healthcare Monitoring, Automotive Application, Enterprise Storage, Industrial, and Others), and Industry Vertical (Telecom & IT, Healthcare, Transportation, Energy & Power, Manufacturing Industries, and Others),: Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global non-volatile memory market generated $41 billion in 2022 and is estimated to reach $96.1 billion by 2032, growing at a CAGR of 9.4% from 2023 to 2032.

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Prime determinants of growth

The global non-volatile memory market is driven by factors such as surge in surge in the application of non-volatile memory and increasing acceptance in flexible electronics. However, the lower storage density may hamper market growth. Furthermore, the growing demand for data storage provides lucrative opportunities for market growth.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$41 billion
Market Size in 2032	$96.1 billion
CAGR	9.4 %
No. of Pages in Report	607
Segments covered	Type, Application, Industry Vertical, and Region.
Drivers	Surge in the application of non-volatile memory Increasing acceptance in flexible electronics
Opportunities	Growing demand for data storage
Restraints	Lower storage density

Covid-19 Scenario

The COVID-19 epidemic significantly changed the dynamics of the supply chain, raised demand for e-commerce packaging, and brought attention to health and safety precautions, all of which influence the non-volatile memory market.
Many businesses had to swiftly adjust to the growth in e-commerce by developing packaging that can endure the rigours of shipping and handling.
The pandemic had intensified the attention on sustainable non-volatile memory solutions as people looked for eco-friendly choices.

The electrically addressed segment to maintain its leadership status throughout the forecast period

Based on type, the electrically addressed segment held the highest market share in 2022, accounting for around two-fifths of the global non-volatile memory market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing demand for electrically addressed memory in consumer electronics. Presently many electronic applications are equipped with non-volatile memory to store the data and prevent data loss. Electrically addressed memory such as ROM or NVRAM is the most widely used memory for storing data. The others segment is projected to manifest the highest CAGR of 10.4% from 2023 to 2032, as other non-volatile memory offers low power consumption, faster speed, and high bandwidth.

The consumer electronics segment to maintain its leadership status throughout the forecast period

Based on application, the consumer electronics segment held the highest market share in 2022, accounting for around one-third of the global non-volatile memory market and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 10.31% from 2023 to 2032.Non-volatile memory devices with increased storage capacity and high-speed processors are being introduced by various key companies in the market, to cater to the increasing demand for efficient storage. NVM devices employed in consumer electronics are getting compact.

The telecom and IT segment to maintain its leadership status throughout the forecast period

Based on industry vertical, the telecom and IT segment held the highest market share in 2022, accounting for nearly one-third of the global non-volatile memory market and is estimated to maintain its leadership status throughout the forecast period. Growth of Non-volatile memories in telecommunication & IT is propelled by extensive research & development, and enhanced product launch by the key players in the market.

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Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global non-volatile memory market revenue and is likely to dominate the market during the forecast period. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 10.3% from 2023 to 2032, owing to increase in technological advancements and rise in security standards in developing countries such as India, China, and Indonesia. With the rise in electronic applications, organizations across verticals realize the importance of non-volatile memory to ensure low-power consumption and reduced size. High demand for lightweight memory design and high durability has enhanced the adoption of non-volatile memory in enterprise storage and automotive thereby creating an opportunity for market growth.

Leading Market Players: -

STMicroelectronics N.V.,
Intel Corporation.,
SK HYNIX INC.,
Viking Technology LLC,
KIOXIA Holdings Corporation,
Micron Technology Inc.,
Fujitsu Limited,
Samsung Electronics Co Ltd,
Renesas Electronics,
Western Digital Corporation

The report provides a detailed analysis of these key players in the global non-volatile memory market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders

This study comprises analytical depiction of the non-volatile memory market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall non-volatile memory market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

Non-Volatile Memory (NVM) Market Key Segments:

By Type

Electrically addressed

Electrically addressed

ROM
NVRAM
Emerging Memory

Mechanically Addressed

Mechanically Addressed

Hard-Disk Drive
Magnetic Tape
Optical Disc Drive
Millipede Memory
Holographic Data Storage

Others

Others

FRAM
ZRAM
Nanobridge
Molecular

By Industry Vertical

Automotive
Healthcare
Telecom and IT
Energy and Power
Manufacturing Industries
Others

By Application

Consumer Electronics
Healthcare Monitoring
Automotive Application
Enterprise Storage
Industrial
Others

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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