Global Next Generation Memory Market was valued at US$2,935.1 million in 2022 and is expected to reach US$12,833.1 million by 2031, growing at a CAGR of 29.7% during the forecast period (2022-2031). Emerging non-volatile memory technologies such as MRAM, STT-RAM, FRAM, phase change memory (PCM), and ReRAM combine the speed of SRAM, the density of DRAM, and the non-volatility of flash memory.
So these are the possible additions of future storage technologies. In addition, the introduction of next-generation infotainment systems and ADAS would bring together DRAM memory technologies that would have much higher performance and lower power consumption.
- The demand for universal storage devices is driving the market. Most of the new storage technologies aim to become general-purpose storage in order to replace a member of the hierarchy with better technology. High-end laptops use solid-state flash chips instead of huge mechanical hard drives, and use the cloud for backups instead of tape drives. Intel recently announced Optane, which uses 3D XPoint technology, which comes close to universal memory.
- It is mainly a flash drive with Persistent storage fast enough to act as RAM. The growing demand for enterprise storage applications is driving the market. End-user industries like BFSI are investing heavily in IoT technologies and reaping huge financial benefits. For example, embedded MRAM is seen as a promising technology for applications like IoT. Plus, other next-generation storage like 3D Xpoint offers 1,000x faster transfer speeds than current SSDs. This will drive the market efficiently.
- The lack of stability under extreme environmental conditions limits the market. Extreme environmental conditions significantly affect the durability and reliability of storage devices. For example, the more thermal stress a storage device is subjected to, the greater the risk that it will become damaged, encouraging a market to grow.
Scope of the Report
Next-generation memory can be defined as a generic label applied to a major hardware upgrade or software product. The market for next-generation memory has grown in recent years due to increasing demand for faster, more efficient, and lower-cost products. Effective storage solutions. New applications of big data and artificial intelligence (AI), including machine learning, are driving innovation in many industries and this accompanies new storage technologies in various end users such as BFSI, consumer electronics, etc.
Key Market Trends
- As companies have grown in size, many companies in the IT sector have adopted the use of enterprise storage technologies. This adoption has resulted in increased demand for next-generation storage to handle enterprise computing power. Solid-state storage technologies are used by many client devices today, and hard disk drives (HDDs) are still used by hundreds of millions of people and in virtually every data center around the world.
- Heat-Assisted Magnetic Recording (HAMR) technology promises to significantly increase hard drive capacities in the years to come. Although HDD media continues to be the best-selling media in the storage industry, flash/SSD adoption has increased rapidly in recent years.
- Due to the rapid growth of data, there is significant media investment in this sector. With the gradually increasing adoption of SSD storage technologies, the need for cost-effective storage technologies is becoming intertwined with it. For example, Fadu Technology is a startup focused on advancing flash memory technology.
- By implementing a new architecture for Solid State Drive (SSD) controllers, Fadu Technology heralds a new era in SSD storage by addressing the needs of enterprise and hyperscale data centers at Flash Memory Summit 2019. The latter storage devices also offer better architecture compared to existing technologies.
- Technology like MRAM is expected to have a better architecture that will make data centers more efficient, which will drive market growth in the information technology segment.
The next-generation memory market is highly fragmented as the market is highly competitive and made up of several major players. Competitive rivalry in this industry depends primarily on sustained competitive advantage through innovation, level of market penetration, and competitive power. Strategy. Since the market is very capital-intensive, exit barriers are also high. Some of the major players in the market are Intel Corporation, Toshiba Corporation, Fujitsu Ltd, etc.