The next-generation memory market size is projected to reach US$ 55.96 billion by 2031 from US$ 6.4 billion in 2023. The market is expected to register a CAGR of 31.1% in 2023–2031. The next-generation memory market is expanding due to growing demand for fast access and low power consumption, as well as growing adoption in enterprise storage and smartphones and smart wearables.
Emerging technologies such as machine learning (ML), artificial intelligence (AI), the Internet of Things (IoT), big data, and so on are driving demand for memory devices with high bandwidth, scalability, and low power consumption. This, together with the increased demand for business storage, is one of the primary factors driving the market's growth.
Next-generation memory is a type of cutting-edge computer memory technology currently in development. These advancements overcome the constraints of conventional memory types like DRAM and NAND Flash. The major goal is to significantly improve aspects crucial to business performance, such as speed, durability, energy efficiency, and storage capacity. These technologies frequently provide increased data density, allowing enterprises to store more information in a smaller physical footprint. Adopting these advanced technologies can help firms gain a competitive advantage by allowing for faster and more efficient data processing, which is critical in today's data-driven industry.
As businesses generate more data and use cloud storage, there is a growing demand for high-capacity, rapid-storage memory. Advancements in product performance are propelling the semiconductor sector forward. Emerging non-volatile memory technologies, including RRAM, MRAM, FeRAM, and NRAM, offer higher scalability, density, speed, and endurance than traditional technologies, meeting the demand for high speed, low power consumption, and scalability. Emerging memory technologies typically have a response time of 1-10 ns to meet command requirements. The switching time refers to the time it takes for memory to fulfill specified requirements after a command.
Increasing the adoption of next-generation memory technology in embedded systems. The rising replacement of traditional memories with next-generation memories provides a considerable opportunity for industry participants. MRAM and ReRAM have high read and low power consumption, write speeds, and non-volatility, making them ideal for embedded systems and IoT devices. These memories can improve instant-on capabilities, energy economy, and data retention in smart devices. These memories can withstand a high number of read-and-write cycles without deterioration. This capability is crucial for IoT and embedded devices that require regular data updates to maintain dependability and lifetime. Next-generation memory technologies, such as MRAM and ReRAM, provide low latency and high-speed access, enabling in-memory computation.
Key segments that contributed to the derivation of the next-generation memory market analysis are type and application.
The geographic scope of the next-generation memory market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. The North American region has been an early user of next-generation technology and infrastructure. The information technology industry contributes significantly to the US economy. Rapidly evolving technologies and increased data generation across businesses necessitate more efficient processing solutions. These variables drive regional demand for the next-generation memory market.
The regional trends and factors influencing the Next-Generation Memory Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Next-Generation Memory Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.4 billion |
| Market Size by 2031 | US$ 55.96 billion |
| Global CAGR (2023 - 2031) | 31.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Next-Generation Memory Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Next-Generation Memory Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The next-generation memory market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: SK Hynix Inc, Company Website, 2023)
(Source: Samsung, Company Website, 2021)
The "Next-Generation Memory Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global next-generation memory market was estimated to be US$ 6.4 billion in 2023 and is expected to grow at a CAGR of 31.1% during the forecast period 2023 - 2031.
The increasing need for memory devices that allow fast access while consuming minimum power is the major factors that propel the global next-generation memory market.
Information technology applications to play a significant role in the global next-generation memory market in the coming years.
The global next-generation memory market is expected to reach US$ 55.96 billion by 2031.
The key players holding the majority of shares in the global next-generation memory market are Samsung, Micron Technology, Inc., Fujitsu, SK HYNIX INC., and Honeywell International Inc.