Non-volatile memory encompasses an array of storage devices to be used individuals and corporations. The huge generation of data and increasing consumption rate by customers can create a large market. The global non-volatile memory market report by Market Research Future (MRFR) emphasized trends, factors, and challenges for the industry for the forecast period (2020-2027). The COVID-19 pandemic and its effects are explored in the market.
The global non-volatile memory market is likely to display 11% CAGR from 2017 to 2023. Development of new protocols for faster data transfer and manufacture of robust storage devices such as SSDs can drive the market growth.
The use of scalable memory devices and demand for non-volatile memory in connected and wearables can drive the market demand. Non-Volatile Memory Express (NVMe) is a protocol developed by Western Digital Corporation for solid state drives and other external storage devices. Huge demand for external HDDs for gaming and IoT can bolster the market demand. Change in industry standards and improvement in scaling of enterprise workloads will pave the way for future NVM developments.
Investments in improving reliability of NVM framework while reducing latency and reading time is likely to benefit manufacturers in the market. For instance, the pseudo-differential sensing framework has increased reliability and performance in storage devices while improving resilience at a system level. New system-level techniques developed for lowering energy consumption and increasing instruction cycles can favor the market. The 3D NAND flash memory storage solution can improve the efficiency and costs of storage devices.
But the low writing speed of NVM can limit market growth.
The COVID-19 pandemic has negatively impacted the non-volatile memory market owing to production being halted of major end-users such retail, BFSI, and manufacturing. Lockdown restrictions due to efforts to curb the proliferation of the coronavirus has affected the demand of NVM from 2020.
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Traditional Type to Continue Dominance
The traditional segment is expected to dominate the market owing to demand for embedded NVM storage in connected and wearable devices.
Consumer Electronics Sector to Contribute to Market Revenue
The consumer electronics sector is likely to contribute to overall market revenue owing to increased performance expectations by customers. The decreasing size of chips and improved computing power and storage can drive its demand in the sector. Sales of portable devices such as smartphones, laptops, and digital tablets can drive the demand for non-volatile memory in the segment.
North America to Lead in Global Market Standing
North America is expected to take the lead in the non-volatile memory market owing to rapid implementations of latest storage protocols and a robust infrastructure for accepting technological updates. Adoption of cloud-based CRM modules can influence the regional market demand.
Intel Corporation, NXP Semiconductor, Western Digital Corporation, Nantero, Spin Transfer Technologies, IBM Corporation, Everspin Technologies, SK Hynix, Inc., Viking Technology, Synopsys Inc., Crossbar Inc., Adesto Technologies, 4DS, Open-silicon, Fujitsu Ltd, Samsung Electronics Co., Ltd., Toshiba Corporation, Texas Instruments, Rambus, Avalanche, Kilopass Technology Inc., Micron Technology, Inc., and Cypress Semiconductor Corporation are key players in the global non-volatile memory market. Acquisitions and new product launches are prime strategies of players looking to expand their footprint globally.
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