Next-Generation Memory Market is Predicted to Grow at a Steady CAGR of Almost 67% Through 2021, Says Technavio

According to the latest market study released by Technavio, the global next-generation memory market is expected to reach USD 7,991.56 million by 2021, growing at a CAGR of nearly 67%.

This research report, ‘Global Next-generation Memory Market 2017-2021,’ provides an analysis of the market in terms of revenue and emerging market trends. The market estimates include nonvolatile next-generation memory technologies and excludes volatile memory technologies.

The demand for next-generation memory solutions is increasing with the rising demand for fast, economical, and high scalable memory solutions globally for different applications. Organizations are generating large amounts of data that need to be stored and managed for efficient usage. Consequently, the demand for next-generation memory such as FeRAM, MRAM, and PCM is increasing in different application segments such as enterprise storages.

Technavio’s analysts categorize the global next-generation memory market into five major segments by the application. They are:

Smartcards and enabled MCUs
Mass storages
Industrial and automotive
Enterprise storage
Cell phones

The top three application segments for the global next-generation memory market are:

Global next-generation memory market by cellphones
The growing adoption of smartphone and tablet is the major driver for the growth of the cellphone segment. With the increasing penetration of mobile networks such as 3G, 4G, and long-term evolution, smartphone users can access high-quality data in the form of music, videos, photos, and other interactive contents. PCM and MRAM are some of the next-generation memories used in smartphones and tablets.

According to Chetan Mohan, a lead embedded systems research analyst from Technavio, “Smartphone manufacturers are focusing on designing thinner and lightweight devices that offer seamless performance with less power consumption. High memory densities and optimum power consumptions of PCM and MRAM make them suitable for smartphones.”

Global next-generation memory market by enterprise storages
An enterprise storage is a centralized repository for business information that facilitates shared data management and protection through IoT. Business information requires seamless data transfer within interconnected devices, which, in turn, increases the demand for memory solutions that provide high-speed data transfer.
“With the growing focus on energy efficiency globally, the reduction in overall power consumption across different applications is one of the major areas of concern for organizations. In such a scenario, MRAM, PCM, and ReRAM will experience a high adoption rate for enterprise storage applications during the forecast period,” says Chetan.

Global next-generation memory market by industrial and automotive sectors
Globally, industries face challenges such as fluctuating raw material prices, stringent government regulations, and supply chain fragmentation along with the constant pressure to increase revenue. Operational efficiency is the key to sustenance in the highly competitive industrial environment. To achieve this, industries are focusing on technological automation.
Automation is achieved by the efficient deployment of robotic technologies within the plant to maximize productivity and minimize the scope of error in manufacturing. Industries in the major geographic regions, such as the US and Europe, are experiencing high investments in the development of industrial automation and robotics.

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