Non-Volatile Memory (NVM) Market Recorded 9.4% Y-O-Y Growth Rate in 2023-2032

The non-volatile memory (NVM) market size was valued at $41 billion in 2022, and is estimated to reach $96.1 billion by 2032, growing at a CAGR of 9.4% from 2023 to 2032. The non-volatile memory (NVM) market growth is expected to exhibit moderate growth during the forecast period due to the increasing application of NVM in consumer electronic. Non-volatile memory is a type of secondary memory that stores the data permanently, even after a power outage. It employs user-configurable technology, which optimizes power consumption and enables faster access to the required data. In addition, NVM does not require periodic refreshment of the data as it is stored in a particular location. Non-volatile memory particularly creates a backup of the information and prevents data loss.

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It is electrically programmable and erasable, to store changes in a particular location within the storage device. The increase in the demand for advanced automated applications allows the end user to switch to embedded non-volatile memory from traditional memory. Moreover, the market growth is further supported by its unmatched benefits such as, enhanced storage space, higher security of data, and improved scalable memory through various addressing types, such as electrically addressed, mechanically addressed, and others. Presently, low endurance and lower storage density in NVM are observed as major restraints for growth. However, these restraints are expected to lose their impact soon, owing to the increase in acceptance of non-volatile memory in consumer electronics.

Among the types covered under the scope of the report, the electrically addressed Non-volatile memory type held the largest market share in 2022 and is expected to grow at a significant CAGR over the forecast period. Emerging memory such as 3D XPoint, MRAM, SONOS, NRAM swiftly gains popularity among enterprises as these offer high endurance and bigger storage density. It is expected to exhibit significant growth during the forecast period.

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Based on mechanically addressed type, hard-disk drive is presently the highest revenue generating segment, as it is increasingly being used among enterprises. The millipede memory segment is anticipated to be the most lucrative non-volatile memory (NVM) market share providers. It utilizes local probe techniques to read, write, backup and erase the data and offers ultrahigh average storage density of 1 Tbit/in 2. Among various applications, enterprise storage is the predominant segment in 2022. The growth of enterprise segment is primarily driven by the rapidly widening enterprise storage and server systems, which further necessitates the greater demand for non-volatile memory.

By industry vertical, non-volatile memory is segmented into telecom & IT, healthcare, transportation, energy & power, manufacturing industries, and others. Telecom and IT contributed the highest revenue in 2022, as it is used in data centers to store the data permanently. However, automotive is expected to attain the highest CAGR during the forecast period, owing to the increase in demand for advanced automotive applications.

The global Non-Volatile Memory (NVM) Market Analysis is analyzed on the basis of region across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific market is the predominant region and is expected to generate the largest share in 2022, due to an increase in advanced consumer electronic products and huge investment by companies in the automotive industry for automated applications. Asia-Pacific is estimated to be the fastest growing region the forecast period, owing to rapid demands in semiconductor industry and a demand for memories in countries such as China, Singapore, and Japan.

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The key non-volatile memory market leaders profiled in the report include Micron Technology Inc., Samsung Electronics Co Ltd, Intel Corporation, KIOXIA Holdings Corporation, Western Digital Corporation, Viking Technology, SK HYNIX INC., Renesas Electronics, STMicroelectronics N.V., and Fujitsu Limited. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase the Non-volatile memory market share during the forecast period.

KEY FINDINGS OF THE STUDY
• The non-volatile memory (NVM) industry is expected to continue growing in the coming years, driven by increasing demand for laminated products across various industries, technological advancements, and a growing trend towards sustainability.
• The growing non-volatile memory (NVM) market trends towards sustainability is driving the adoption of eco-friendly materials in the production of non-volatile memory products. Scanners that use sustainable materials and processes are in high demand, and manufacturers are investing in the development of environmentally friendly non-volatile memory.
• Asia Pacific is the largest market for non-volatile memory chip, driven by the increasing demand for non-volatile memory products in industries such as packaging, building materials, and automotive. The region is also home to some of the largest manufacturers of scanners.
• The non-volatile memory market is highly competitive, with several major players operating globally. To remain competitive, companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks

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