Next-Generation Memory Market Size, Share, Opportunities, And Trends By Storage Type (Mass Storage, Embedded Storage), By End-User (BFSI, Automotive, Consumer Electronics, IT, Others), And By Geography - Forecasts From 2023 To 2028

The memory that is compatible with nearly all end-user industry criteria is known as next-generation memory. In comparison to the current memory technologies, next-generation memory has several advantages, including using less power and operating very quickly. The increasing use of internet of things devices, as well as the adoption of sensor technology in wearable and AI-enabled devices, has increased demand for quick data transfers and high storage density, providing a significant opportunity for memory growth. The market for next-generation memory has also grown as a result of the increasing demand for solutions that are more effective, quicker, and less expensive. It is anticipated that the next-generation memory will significantly outperform software-hardware systems which will grow the market during the forecasted period.

The rising demand for consumer electronics will boost the market growth

Consumer electronics contribute significantly to the market growth of next-generation memory as the memory is widely used for data storage purposes. The new memory technologies have raised the potential of next-generation memory by allowing more data to be stored for less money than the expensive silicon chips found in popular consumer electronics such as mobile phones and tablets. The use of mobile and tablet are growing every day, helping the global standalone memory market to grow at a rapid pace. According to World Bank data, there have been 6.3 billion smartphone subscriptions by the end of 2021, accounting for approximately 77% of all mobile phone subscriptions, and by 2027, this figure is projected to rise to 7.8 billion, accounting for 87% of all mobile users. As this intelligent interface grows and the use of consumer electronics increases the need for next-generation memory for better functionality and improvement of consumer electronics products, which increases the growth of the next-generation memory market.

Increasing demand in the IT industry will boost the market growth

Many businesses in the IT industry have embraced the use of enterprise storage solutions as a result of the expansion in the size of businesses. The demand for next-generation memory storage to support the organizations' computing capacity has been driven by the adoption of enterprise storage solutions as compared to current memory technologies. The next-generation memory has several advantages, including using less power and operating at a much faster speed. Significant media investments are being made heavily in this industry as a result of rapid data development which is driving the market to grow rapidly. For instance, in July 2019, the startup Fadu Technology was dedicated to improving flash storage technology and to meet the demands put on Enterprise and Hyperscale datacentres to usher in a new period of SSD storage, Fadu Technology unveiled a new architecture for Solid State Drive (SSD) controllers at the Memory Summit 2019. In December 2022, Samsung Electronics Co. released its new generation of memory chips, promising to double speeds and give the highest capacity applicable in data centers and artificial intelligence organizations. The 512GB DDR5 (Double Data Rate 5) memory modules are constructed using a High-K Metal Gate (HKMG) fabrication method, which has typically been used in logic chips. These developments and new product launches in the IT sector will boost the next-generation memory market during the forecasted period.

During the forecast period, the North American region is anticipated to dominate the market

The IT industry has had a significant impact on the American economy. There is a growing need for processing systems that are more efficient due to the rapidly evolving technologies and high data generation across all sectors. These are a few of the elements influencing the North American region's desire for next-generation memory.  Additionally, the US government launched the Data Center Optimization Initiative (DCOI) in 2019, to consolidate numerous data centers across the nation and provide improved services to the general public while increasing taxpayer return on investment. Also, building hyperscale data centers and turning off failing ones are both steps in the consolidation process, and Over 3,215 data centers have been shut down and replaced by improved data centers by the government in the nation as of 2022. Additionally, North American memory manufacturing firms are looking for ways to increase output. For instance, in march 2021,  Intel started construction on the first stages of its new manufacturing facility in Arizona, which will produce next-generation memory and storage products. Out of the total cost of USD 7 billion for this project, the business invested USD 1 billion in the first phase. These factors all add to market growth in the North American region which will boost the next-generation memory market growth.

Market Key Developments.

• In May 2022, SK Hynix, a leading DRAM maker, launched the latest memory solutions for server applications, including DDR5 DIMM and next-generation memory technologies such as Processing in Memory (PiM) and Compute Express Link, at the Intel Vision conference. (CXL).

Segmentation

• By Storage Type
  • Mass Storage
  • Embedded Storage
• By End-User
  • BFSI
  • Automotive
  • Consumer electronics
  • IT
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others