Next-generation memory market projected to reach $17.7 billion by 2028, driven by rising demand and advancements

From GlobeNewswire: 2024-08-11 21:30:00

The next-generation memory market was valued at USD 6.2 billion in 2023 and is projected to reach USD 17.7 billion by 2028, growing at a CAGR of 23.2%. This growth is attributed to the rising demand for memory devices with fast access, low power consumption, and adoption in smartphones and wearables.

Key players in the market include SAMSUNG, KIOXIA, Micron Technology, and SK Hynix. These companies are driving the market expansion by offering high-speed, low-power, and non-volatile memory solutions for various applications like data centers, consumer electronics, and automotive sectors.

The non-volatile memory segment is expected to dominate the market during the forecast period, due to the increasing demand for efficient and cost-effective memory solutions. Memory technologies like ReRAM and STT-MRAM offer high performance and storage capacity, meeting the needs of wearable electronics, high-performance computing, and data storage in data centers.

Volatile memory technologies such as HMC and HBM are fueling market growth by providing high-speed data access and processing capabilities essential for AI, machine learning, and edge computing. The enterprise storage segment holds the largest market share, driven by the growing demand for NGM technologies for data storage in cloud platforms and data centers.

The 300 mm wafer size segment is expected to exhibit the highest growth in the market, with key players designing most memory technologies on 300 mm wafers. Lastly, the Asia Pacific region is projected to experience the fastest growth in the next-generation memory market, fueled by increasing consumer demand and technological advancements in major economies like China, Japan, South Korea, and India.



Read more at GlobeNewswire: Next-Generation Memory Market Forecast: Industry Analysis