Portland, OR -- (SBWire) -- 09/28/2017 --NVM is linking gap between memory and storage by enabling permanent storage and backup facility to the crucial data. Moreover, it offers several benefits such as lower power consumption, reduced system complexity, and minimized system maintenance. Electrically addressed memory represents almost 40-42% of the total NVM market owing to its resilience and greater efficiency. In addition, substantial growth in data centers, customer shift towards advanced electronic applications to get better efficiency would promote its demand across consumer electronics, healthcare application, enterprise storage, and industries. The emerging memories such as 3D XPoint, MRAM, SONOS is expected to exhibit robust growth in years to come.
Non-Volatile Memory Market (NMV) is expected to garner $82 billion by 2022 , registering a CAGR of 10% during the forecast period 2016 - 2022. The Non-volatile memory (NVM) Market is a type of secondary memory that is used in computer systems to facilitate permanent storage and backup facility to the crucial information.
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NVM is electrically programmable and erasable to store changes in a particular location within the storage device and able to retain that change even after power outage. Additionally, NVM utilizes user-configurable technology, which does not require periodic refreshment of the memory unlike the volatile memory. Flash memory, Hard disk, and magnetic tape are the most common examples of NVM. Presently, NVM find its wide application in data centers and consumer electronics, which enhance the data transfer speed and prevent data loss.
Increasing demand for faster access and low power consumption memory devices has led to a higher adoption of NVM mainly in consumer electronics, automotive and healthcare industries. Therefore, the world NVM market is expected to grow moderately in the near future owing to high-speed data access and optimized power consumption. However, low write endurance rate and limited storage capacity restrain the market growth. Irrespective of the challenges, increase in demand for NVM mainly in flexible electronics and emergence of advanced storage technologies such as 3D XPoint, MRAM, SONOS, and NRAM would provide enormous opportunity for the market.
Electrically addressed is the foremost memory type and widely used in consumer electronics. Presently, rise in demand for greater efficiency, faster memory access and low-power consumption are some of the major factors that are driving the market growth. Moreover, aggrandized use of NVM in flexible electronics is expected to provide huge opportunities to the market growth. Among various electrically addressed memory types, NVRAM is leading the segment and would continue this trend throughout the forecast period. However, emerging memory such as 3D XPoint, MRAM, and SONOS are expected to grow in the future owing to the faster data transfer and light weight design.
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Among several application, enterprise storage is the predominant application segment that account for 27% share of the overall NVM market in 2014. Increasing number of datacenter is the key driving factors for this segment as it does the significant contribution in overall segment revenue. However, consumer electronic application is anticipated to be most lucrative application and expected to exhibit to register the highest CAGR of 11.1% during the forecast period. The growth is mainly driven by increasing use of NVM in consumer electronics, mainly in smartphone and wearable devices to enable more storage and faster memory access. Moreover, Asia-Pacific is the major contributor in consumer electronics sector with a significant revenue contribution in 2014.
Telecom & IT industry vertical is projected to maintain its lead in the overall NVM market as huge amount of customers data is generated in telecom on a regular basis that further necessitates the efficient datacenter or storage requirement. The major demand for storage is driving from the developing economies such as Asia-pacific that has further boosted the market growth. Furthermore, automotive is anticipated to exhibit the highest growth, with a CAGR of 11.0% during the forecast period. This is owed to the advancements in technology and increased production.
Asia-Pacific accounted for the majority of revenue in 2014 and is expected to maintain its dominance throughout the forecast period. This is attributed to the rising number of datacenter and increasing enterprise storage requirement that in turn increases the demand for memory. Moreover, advancement in consumer electronic and introduction of flexible electronics would further boosts the NVM market worldwide primarily in Asian countries, such as Japan, Singapore, and India.
Asia-Pacific is projected to be the fastest growing region throughout the analysis period. Furthermore, increase in IT expenditures in several countries including Japan, India, and South Korea to satisfy the end-user storage needs have bolstered the market growth. Moreover, technological advancements to overcome low write endurance rate issue in NVM would offer lucrative opportunities for the market.
Non-Volatile Memory (NVM) Market Is Set to Boom by 2022
Non-Volatile Memory Market (NMV) Report, published by Allied Market Research, forecasts that the global market is expected to garner $82 billion by 2022, registering a CAGR of 10% during the forecast period 2016 - 2022. Asia-Pacific leads the world market and accounts for more than 40% share of the overall NVM market revenue followed by North America.