Next-Generation Memory Market by Technology (Non-Volatile Memory (MRAM (STT-MRAM, SOT-MRAM, Toggle Mode MRAM), FRAM, RERAM/CBRAM, 3D XPoint, NRAM), and Volatile Memory (HBM, and HMC)), Wafer Size (200 mm, and 300 mm) - Global Forecast to 2028
The next-generation memory market was valued at USD 6.2 billion in 2023 and is estimated to reach USD 17.7 billion by 2028, registering a CAGR of 23.2% during the forecast period.
The growth of the next-generation memory market is driven by increasing demand for memory devices that provide fast access and consume minimal power, rising adoption of next-generation memory technologies for enterprise storage applications, and suring adoption of next-generation memories in smartphones and smart wearables.
Next-Generation Memory Market Forecast to 2028
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Market Dynamics:
Drivers: Increasing demand for memory devices that provide fast access and consume minimal power
With the increasing amount of data in businesses and the popularity of cloud storage solutions, there is a growing demand for high-capacity, fast storage memory. The performance of advanced products is continually improving, driving much of the semiconductor industry. To meet the requirement for memory devices with high speed, low power consumption, and high scalability, various emerging non-volatile memories such as RRAM, MRAM, FeRAM, and NRAM have been developed. Compared to traditional technologies, these technologies offer higher scalability, density, speed, and endurance. Most emerging memory technologies take between 1 and 10 ns for their output to meet the specified requirements after a command request. The switching time is the time taken by the memory to meet the specified requirements after a command request. The lower the switching time, the faster the read/write data operations of the memory.
Restraint: High manufacturing cost of next-generation memories
The production costs of high-density DRAM and SRAM are comparatively high, and the manufacturing costs of high-bit-density next-generation memories are also high at present. Next-generation memory technologies often involve more complex manufacturing processes than traditional memory technologies. These processes may require specialized equipment, materials, and expertise, leading to higher costs. In the early stages of development and production, next-generation memory technologies may experience lower production yields due to issues like defects, process variations, or materials challenges. Low yields result in a higher cost per functional chip. Some next-generation memory technologies may rely on advanced and expensive materials that contribute to the overall manufacturing costs. Also, the more complex manufacturing processes for next-generation memory technologies may lead to longer manufacturing cycles and slower throughput, increasing manufacturing costs.
Opportunities: Increasing adoption of next-generation memory technologies in embedded systems and IoT devices
The increasing replacement of traditional memories with next-generation memories offers a significant opportunity for market players. Next-generation memory like MRAM and ReRAM offer fast read and write speeds, low power consumption, and non-volatility, making them suitable for use in embedded systems and IoT devices. These memories can enable instant-on capabilities, improve energy efficiency, and enhance data retention in smart devices. These memories have high endurance, allowing them to endure a large number of read and write cycles without degradation. This feature is essential in applications where data is frequently updated, ensuring long-term reliability and longevity of IoT and embedded devices. The low-latency and high-speed access of next-generation memory like MRAM and ReRAM enable in-memory computing, where data can be processed directly in memory without the need for frequent data transfers to the processor. This can enhance the efficiency of certain IoT and embedded applications. The compact size of MRAM and ReRAM memory cells allows for high-density memory storage in a small footprint, making them suitable for space-constrained embedded systems. MRAM and ReRAM's fast write speeds make them ideal for data logging and edge analytics applications, where real-time data processing and storage are crucial. AI and IoT integrated solutions are major users of such technologies. A non-volatile memory that supports fast writes and can be shut down fully but quickly restarted. MRAM is a good fit for IoT and AI use cases since it has better capacity, density, low power requirements, quick writing performance, and extremely low read latency.
Challenge: Higher design costs due to lack of standardized manufacturing processes
The next-generation memory market includes advanced non-volatile memory technologies such as 3D XPoint, MRAM, FRAM, and ReRAM. Most of these memories are in the stage of development or early commercialization and are expected to be produced in bulk in the next few years. Thus, unless these non-volatile memories are produced using standard manufacturing processes, the cost of designing them would be much higher compared to that of existing memories. On the other hand, the cost of competing memories such as DRAM, SRAM, and Flash is declining year-on-year. This poses a challenge for the growth of the market to some extent. Hence, to overcome this, standardized processes and advanced system designs are required to streamline production and reduce cost.
Next-Generation Memory Ecosystem
Non-volatile memory segment to hold larger market share during the forecast period.
The non-volatile memory segment held a larger share of the market in 2022 and is expected to retain its dominant position throughout the forecast period. This can be attributed to the rising demand for faster, more effective, and cost-efficient memory solutions. Emerging memory technologies also overcome the limitations of traditional non-volatile memory devices pertaining to scalability, endurance, and other parameters. A huge amount of data is generated globally daily, creating the need for more effective storage solutions with large storage capacity. Non-volatile memory, such as ReRAM and STT-MRAM PCM, offers speed and performance comparable to volatile memory technologies such as DRAM and SRAM, along with higher storage densities. Additionally, the increasing demand for wearable electronics, high-performance computing, and replacement of Flash memory storage is also fueling the demand for emerging non-volatile memory technologies.
Enterprise storage segment account for the largest share of the next-generation memory market for during the forecast period
In 2022, the enterprise storage segment held the largest share of the market. The increasing need for data storage in data centers is creating demand for NGM technologies. In recent years, cloud storage has grown with the increasing use of cloud platforms containing some public as well as private data. To store such huge amounts of data, emerging memory technologies are mostly used. Data centers are considering the implementation of emerging memory technologies to keep pace with constant data growth and user productivity. Emerging memory technologies help improve performance and reduce the total cost of ownership (TCO).
300 mm wafer size segment to exhibit highest growth in terms of next-generation memory market during the forecast period
The 300 mm wafer size segment is expected to account for the highest growth of the market. Currently, the market share of 300 mm wafer size is greater than that of the 200 mm wafer size. This is because 300 mm wafers can hold twice as many dies per wafer as 200 mm wafers, resulting in a 2-4% lower IC cost per cm per year. Key players such as Micron Technology, Inc, SAMSUNG, and SK Hynix, Inc. are currently designing most of the memory technologies on 300 mm wafers.
Next-generation memory market in Asia Pacific estimated to grow at the fastest rate during the forecast period
The next-generation memory market, in Asia Pacific is expected to grow at high CAGR during the forecast period. The market growth is propelled by burgeoning consumer demand, dynamic technological landscape, and robust manufacturing ecosystem. With the presence of major economies such as China, Japan, South Korea, and India which are rapidly advancing their semiconductor capabilities the region is poised to leverage its extensive expertise and resources to lead the development and adoption of next-generation memory solutions.
Next-Generation Memory Market by Region
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Key Market Players
Major vendors in the next-generation memory companies include SAMSUNG (South Korea), KIOXIA Holdings Corporation (Japan), Micron Technology, Inc. (US), Fujitsu (Japan), SK Hynix Inc (South Korea), Honeywell International, Inc. (US), Winbond (Taiwan), Microchip Technology Inc. (US), Nanya Technology (Taiwan), and Everspin Technologies (US). Apart from this, Macronix International Co., Ltd. (Macronix), Kingston Technology (US), Infineon Technologies AG (Germany), ROHM CO., LTD. (Japan), Nantero, Inc. (US), Crossbar Inc. (US), Viking Technology (US), Avalanche Technology (US) are among a few emerging companies in the next-generation memory market.
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Report Metric |
Details |
Estimated Value |
USD 6.2 billion |
Expected Value |
USD 17.7 billion |
Growth Rate |
CAGR of 23.2% |
Market size available for years |
2019—2028 |
Base year |
2022 |
Forecast period |
2023—2028 |
Segments covered |
Technology, Wafer Size, Application and Region |
Geographic regions covered |
North America, Europe, Asia Pacific, and RoW |
Companies covered |
The major players include SAMSUNG (South Korea), KIOXIA Holdings Corporation (Japan), Micron Technology, Inc. (US), Fujitsu (Japan), SK Hynix Inc (South Korea), Honeywell International, Inc. (US), Winbond (Taiwan), Microchip Technology Inc. (US), Nanya Technology (Taiwan), Everspin Technologies (US) and Others- total 25 players have been covered. |
Next-Generation Memory Market Highlights
This research report categorizes the next-generation memory market based on technology, wafer size, application, and region.
Segment |
Subsegment |
By Technology: |
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By Wafer Size: |
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By Application: |
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By Region: |
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Recent Developments
- In April 2023, SK Hynix Inc. (South Korea) became the industry’s first to develop a 12-layer HBM31 product with a 24 gigabyte (GB)2 memory capacity, currently the largest in the industry. The company succeeded in developing the 24 GB package product that increased the memory capacity by 50% from the previous product, following the mass production of the world’s first HBM3 in June 2022
- In May 2022, Everspin Technologies Inc. (US) announced the launch of the STT-MRAM EMxxLX xSPI Family with densities ranging from 8 Mbit up to 64 Mbit.
- In March 2022, Fujitsu Semiconductor Memory Solution Limited (Japan) announced the launch of a 12Mbit ReRAM (Resistive Random Access Memory), MB85AS12MT, which is the largest density in Fujitsu’s ReRAM product family. The MB85AS12MT is a non-volatile memory with 12Mbit memory density and operates at a wide range of power supply voltage from 1.6V to 3.6V.
Frequently Asked Questions (FAQ):
What is the total CAGR expected to be recorded for the next-generation memory market during 2023-2028?
The global next-generation memory market is expected to record the CAGR of 23.2% from 2023-2028.
Which regions are expected to pose significant demand for next-generation memory market from 2023-2028?
North America, and Asia Pacific is expected to pose significant demand from 2023 to 2028. Major economies such as US, Canada, China, Japan, and South Korea are expected to have a high potential for the future growth of the market.
What are the major market opportunities in the next-generation memory market?
Increasing adoption of next-generation memory technologies in embedded systems and IoT devices, and rising adoption of high-bandwidth memory (HBM) in data centers for memory-intensive applications are projected to create lucrative opportunities for the players operating in the next-generation memory market during the forecast period.
Which are the significant players operating in next-generation memory market?
Key players operating in the next-generation memory market are SAMSUNG (South Korea), SK Hynix Inc (South Korea), Micron Technology, Inc. (US), KIOXIA Holdings Corporation (Japan), and Fujitsu (Japan).
What are the major applications of the next-generation memory market?
Consumer electronics, enterprise storage, automotive and transportation, telecommunications, industrial, automotive, military and aerospace, agriculture, retail, and healthcare are the major applications of the next-generation memory market.
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The study involved four major activities in estimating the size for next-generation memory market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, sources such as annual reports, press releases, investor presentations of companies, white papers, and articles by recognized authors were referred to. Secondary research was done to obtain key information about the market’s supply chain, the market's value chain, the pool of key market players, and market segmentation according to industry trends, region, and developments from both market and technology perspectives.
Primary Research
Extensive primary research has been conducted after understanding and analyzing the next-generation memory market scenario through secondary research. Several primary interviews have been conducted with key opinion leaders from both demand- and supply-side vendors across four major regions—North America, Europe, Asia Pacific, and RoW. Approximately 25% of primary interviews have been conducted with the demand side and 75% with the supply side. These primary data have been collected through telephonic interviews, questionnaires, and emails.
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Market Size Estimation
In the complete market engineering process, both top-down and bottom-up approaches, along with several data triangulation methods, have been used to perform the market size estimation and forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analyses have been performed on the complete market engineering process to list the key information/insights throughout the report.
The key players in the market have been identified through secondary research, and their market shares in the respective regions have been determined through primary and secondary research. This entire procedure includes the study of annual and financial reports of the top players as well as extensive interviews with industry experts (such as CEOs, VPs, directors, and marketing executives) for key insights (both quantitative and qualitative) on the next-generation memory market. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report.
Next-Generation Memory Market: Bottom-Up Approach
The bottom-up approach has been employed to arrive at the overall size of the next-generation memory market from the revenues of key players and their share in the market.
Next-Generation Memory Market: Top-Down Approach
In the top-down approach, the overall market size has been used to estimate the size of the individual markets (mentioned in the market segmentation) through percentage splits from secondary and primary research. For the calculation of specific market segments, the most appropriate immediate parent market size has been used to implement the top-down approach. The bottom-up approach has also been implemented for the data obtained from the secondary research to validate the market size of various segments. The market share of each company has been estimated to verify the revenue shares used earlier in the bottom-up approach. With the data triangulation procedure and validation of the data through primaries, the overall parent market size and each individual market size have been determined and confirmed in this study.
Data Triangulation
After arriving at the overall market size through the process explained above, the overall market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, market breakdown and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Definition
Next-generation memory technologies refer to the emerging memory solutions that have been introduced in the market or are currently under development and are expected to penetrate the market in the coming years. These technologies offer advanced features such as high power efficiency, faster switching time, high scalability, low power consumption, high endurance, operation and speed trade-off, low operating voltages, and high density.
Key Stakeholders
- Raw material suppliers
- Original equipment manufacturers (OEMs)
- OEM technology solution providers
- Technology, service, and solution providers
- Intellectual property (IP) core and licensing providers
- Suppliers and distributors
- Government and other regulatory bodies
- Forums, alliances, and associations
- Technology investors
- Research institutes and organizations
- Analysts and strategic business planners
- Market research and consulting firms
Report Objectives
- To define, describe, segment, and forecast the size of the global next-generation memory (NGM) market, by technology, wafer size, and application, in terms of value
- To forecast the market size for various segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW), in terms of value
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the next-generation memory market
- To provide an ecosystem analysis, case study analysis, patent analysis, technology analysis, pricing analysis, Porter’s Five Forces analysis, and regulations pertaining to the market
- To provide a detailed overview of the value chain of the next-generation memory ecosystem
- To strategically analyze micromarkets1 with regard to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities for stakeholders by identifying the high-growth segments of the market
- To strategically profile key players, comprehensively analyze their market positions in terms of ranking and core competencies2
- To analyze strategic approaches such as product launches, acquisitions, agreements, and partnerships in the next-generation memory market
- To study the impact of the recession on the next-generation memory (NGM) market
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to 7)
Growth opportunities and latent adjacency in Next-Generation Memory Market