A massive growth will be noted in the global next generation memory market over the forecast period of 2018 to 2028, owing to high demand for universal memory devices and enterprise storage applications. The stellar CAGR (Compound Annual Growth Rate) will generate opportunities of growth and very high market worth for market players to tap into.
As demand for faster, efficient and cost effective memory solutions increases, so does development and innovation activities increase in the market. Other factors leading to growth in the market include high endurance, power efficiency and a steady switching time.
Besides, use of next generation memory in a number of electronics and gadgets – consumer electronics, automotive, computers, industrial applications and so on - is further leading to growth in the market.
The landscape of Global Next Generation Memory Market is at the precipice of notable developments that are contributing to shaping its future and overall appearance. A glimpse is provided below.
In 2019, Intel, in its bid to accelerate data centric technology, using innovation in memory and storage, introduced Optane. It makes use of 3D XPoint technology and is basically a flash drive with a memory (non - volatile) so fast it can even function as RAM.
The global next generation memory market is highly fragmented. And, prominent players in the global next generation memory market are Samsung electronics, Crossbar Inc., Fujitsu Ltd, Micron technology, Inc., SK Hynix, Inc., Future electronics among others. It is not hard to guess that the competition is intense too.
Current focus for most companies to chart growth in the global next generation memory market is through improving product and market them better Thus, it does not come as a surprise that research and development is a critical focal point. In order to tap into growth opportunities, it is critical to focus on use of better technology. Besides, in order to stay ahead of the curve, players also resort to mergers and acquisitions. Strategic partnerships and collaborations also lead to exploration of synergies for growth in the future.
The global next generation memory market is being driven on to a high growth trajectory, owing to a number of factors. Some of the most potent ones are outlined below:
Enterprise storage is seeing rising demand. Besides, need for high bandwidth, highly scalable memory devices and low power consumption are also driving the market forward. Scalable memory devices are used to work with big data, artificial intelligence (AI) and Internet of Things (IoT). This demand if particularly high for non-volatile memory in connected devices, especially smartphones and these are witnessing increase in demand due to ring disposable incomes.
Need for a single memory device that is as efficient as Flash Memory, DRAM, and SRAM together is also driving the global next generation memory market.
North America will account for a large chunk of market share owing to its being an early adopter of futuristic technology as well as infrastructure to maintain the technology. It is worth mentioning here that the fact that IT drives US economy speaks volumes in this regard.
Also, a massive demand will be generated in the Asia Pacific (APAC) region owing to high consumption in South Korea, Japan, and China. The growth is attributable to increase in use of smartphones. And, it is an outcome of rise in disposable income, which in turn is an outcome of good economic growth.
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