New York , Feb. 20, 2024 (GLOBE NEWSWIRE) -- The global next generation memory market size is slated to expand at 28% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 132 billion by the end of 2036, up from a revenue of USD 3 billion in the year 2023. The market growth is accredited to the worldwide preference for memory devices with high efficiency and space. The enhanced application of memory devices in consumer electronics in households for various needs is likely to strengthen the market growth in the coming years. In 2021, Russia sold over 70 million consumer electronics devices increasing by 5% from 2020.
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Moreover, the percentage rise in high technology device applications by the population across the globe is multiplying the market size. The growing usage of internet services for different activities daily is propelling the progression of the market. Over 5 billion population across the world use the internet as of 2023 growing at an annual rate of 2% in developing countries. A hike in the ratio of internet users and integration of internet for the advanced computing products is expected to have a positive impact on the market size.
Rising Implementation of Artificial Intelligence, Big Data, Cloud Computing, and Machine Learning is Escalating the Growth of the Next Generation Memory Market
The amplifying application of artificial intelligence, machine learning, cloud computing, and big data in various industries is propelling the market size. The rising necessity for high bandwidth, speed network, less power consumption, and high storage capacity is expected to hike the market growth in the coming years. Growth of the market is also attributed to the multiplying number of companies in the IT sector using cloud computing services. The soaring percentage of data present across the world requires large storage space which is accumulating the size of the market. The IT sector is estimated to raise the devices and infrastructure services in 2021 with a share of over 22% and emerging technology holds a share of 20%.
Next Generation Memory Industry: Regional Overview
The global next generation memory market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Integration of Next Generation Technologies and IT systems in Various Verticals is Driving the Market Growth in the North America Region
The North American next generation memory market region is reckoned to secure a market share of 35% during the forecast period owing to the flourishing ratio of next generation technologies. The growing IT industry in the region with changing technologies in cloud services and networks is estimated to propagate the market sector in the coming years. Rising government programs to promote digital infrastructure and to help investors are evaluated to boost market growth. The U.S. government invested USD 8.45 million in the Digital Invest program and increased the investment capital to USD 275 million in 2022 which is invested in 60 technological companies around 38 countries as per the data of the United States Agency for International Development.
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High Adoption of Consumer Electronics and Cloud Services is Proliferating the Market Expansion in the Asia Pacific Region
The Asia Pacific region is analyzed to register a next generation memory market share of 28% during the forecast period owing to the intensifying consumer electronics application among the people. The growing demand for smartphones, tablets, and laptops to meet digitalization needs is augmenting the market's growth. Expanding the application of the Internet of Things (IoT) for various industries is fueling the growth of the market in the coming years. The demand for smartphones in Southeast Asia grew by over 2.5% in the third quarter of 2023.
Next Generation Memory, Segmentation by Technology
- Non-Volatile Memory
- MRAM
- FRAM
- ReRAM
- 3D XPoint
- NRAM
- Volatile Memory
- Hybrid Memory Cube
- High-Bandwidth Memory
The non-volatile segment of next generation memory is envisaged to acquire a market share of 68% during the forecast period. The market segment growth is attributed to the building-up need for efficient, less expensive, and better memory storage solutions. The lack of scalability, stability, durability, and reliability of the present memory cards is aggregating the market segment trends. Also, the rising investment in sustainable and cost-efficient digital technologies is driving the market segment size. About 90% of business owners are involved in some form of digital investment and over 85% of the leading firms kept digitalization as a primary preference for investments as per the survey reports in 2023.
Next Generation Memory, Segmentation by Storage Type
- Mass
- Embedded
The mass segment of the next generation memory is outlined to attain a market share of 52% in the coming years on account of the high utilization of mass storage services in data centers, storage systems of companies, and consumer electronic devices is intensifying the market segment during the forecast period. The use of medical devices that retain high-capacity data and connect to multiple devices for reliability is anticipated to hike the market segment growth. More than 60% of low and mid-level hospitals across the world work with SSDs (solid state drives), tapes, and disks to store data related to healthcare such as insurance claims, radiological images, electronic medical records, and patient information as per the 2021 reports.
A few of the well-known market leaders in the global next generation memory market that are profiled by Research Nester are Intel Corporation, Honeywell International Inc., Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Everspin Technologies, Inc., Nanya Technology Corporation, Kingston Technology Corporation, Infineon Technologies AG, and Crossbar Inc.
Recent Development in the Next Generation Memory Market
- SK Hynix Inc., was the first to introduce a 12-layer HBM31 product with a 24 gigabyte 2 memory capacity. It also successfully developed a 24 GB package product that helped to increase 50% memory capacity and made mass production of the first HBM3 across the world in June 2022.
- Samsung declared the beginning of mass production of NAND (V-NAND) chips which is the company’s 8th-generation storage space expansion for the next generation server systems. The introduction of the new chips indicates the highest bit density and storage capacity of the company's production. The main aim of the firm was to facilitate the organizations to extend their storage capacity in the coming enterprise servers as well as protruding their application in the automobile sector.
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