Next-Generation Memory Market Size - Growth, Share by 2031
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.
Next-Generation Memory Market Analysis
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 Market Overview
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.
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Next-Generation Memory Market: Strategic Insights
Market Size Value in US$ 2.28 Billion in 2017 Market Size Value by US$ 26.57 Billion by 2027 Growth rate CAGR of 29.4% from 2019-2027 Forecast Period 2018-2027 Base Year 2018
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Next-Generation Memory Market: Strategic Insights
| Market Size Value in | US$ 2.28 Billion in 2017 |
| Market Size Value by | US$ 26.57 Billion by 2027 |
| Growth rate | CAGR of 29.4% from 2019-2027 |
| Forecast Period | 2018-2027 |
| Base Year | 2018 |
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Next-Generation Memory Market Drivers and Opportunities
Increasing Need for Memory Devices that Allow Fast Access While Consuming Minimum Power to Favor Market
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 Use of Next-Generation Memory Technology in Embedded Systems and IoT Devices.
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.
Next-Generation Memory Market Report Segmentation Analysis
Key segments that contributed to the derivation of the next-generation memory market analysis are type and application.
- Based on type, the next-generation memory market is divided into non-volatile memory and volatile memory.
- By application, the market is segmented into consumer electronics, industrial, automotive & transportation, enterprise storage, military & aerospace, healthcare, it & telecom, and others.
Next-Generation Memory Market Share Analysis by Geography
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.
Next-Generation Memory Market Report Scope
Next-Generation Memory Market News and Recent Developments
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:
- In August 2023, SK Hynix Inc. triggered competition in the semiconductor technology race with its next-generation high-bandwidth memory (HBM). SK Hynix has successfully developed the fifth-generation DRAM product, HBM3E, which is specifically built for high-performance artificial intelligence (AI) applications. HBM is a useful and high-performance device that accelerates data processing by vertically integrating many DRAMs, outperforming traditional DRAMs.
(Source: SK Hynix Inc, Company Website, 2023)
- In October 2023, Samsung unveiled its next-generation memory solutions at Memory Tech Day, with the goal of playing a vital role in providing sophisticated artificial intelligence models for hyperscale applications. The company has presented a range of cutting-edge memory solutions, including the latest Shinebolt HBM3e memory, the LPDDR5X CAMM2 solutions based on LPDDR package modules, and the detachable AutoSSD.
(Source: Samsung, Company Website, 2021)
Next-Generation Memory Market Report Coverage and Deliverables
The "Next-Generation Memory Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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