Northrook, IL -- (SBWIRE) -- 04/29/2020 -- The non-volatile memory market is expected to reach USD 82.03 billion by 2022, at a CAGR of 9.50% between 2017 and 2022. Major factors driving the market growth include the need for high-speed, low-power-consuming, and highly scalable memory devices as well as the growing demand for non-volatile memory in connected and wearable devices.

The traditional non-volatile memory market led the market in 2016

The traditional non-volatile memory refers to 2D NAND Flash, NOR Flash, NVSRAM, EEPROM, EPROM, and embedded non-volatile memory (eFlash, eEEPROM, embedded multi-time programmable memory (eMTP), embedded one-time programmable memory (eOTP), eFuse, and more. For the past four decades, the semiconductor memories have expanded largely and achieved higher densities, lower power, and lower costs. The embedded non-volatile memory has gained significant attention in the connected devices and IoT market because of its higher efficiency under ultra-low power. Basic memories such as ROM and EPROM are increasingly being used in toys and greeting cards to store a single permanent code for voice message. Therefore, traditional non-volatile memory held the largest market size in the NVM market owing to the inexpensive memory solutions as well as the increasing density and performance.

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The non-volatile memory market for the retail industry is expected to grow at the highest rate during the forecast period

The non-volatile memory market for the retail industry is mainly driven by the digital transformation in the retail industry. The new and systematic processes in retail are data intensive and supported with continuous computing. To stay competitive in the market, retailers are highly dependent on integrating technologies in their processes. The different point of sales, inventory tracking, and other devices in the retail industry drive the demand for the use of non-volatile memory.

In terms of geographic regions, APAC held the largest market size for non-volatile memory in 2016

The APAC region is expected to be one of the key markets for non-volatile memory in the future owing to the tremendous scope in various applications. This can be mainly attributed to the high population density in the APAC region, which makes it a high-potential market for consumer electronics products. The increasing demand of non-volatile memory in consumer electronics products is driving the mass production of non-volatile memory in APAC among the four major regions. Another major factor favoring the APAC market is the well-established hard disk drives and other consumer electronics manufacturing.

Key Market Players
Samsung Electronics Co., Ltd. (South Korea) is one of the leading companies in the non-volatile memory market, followed by Toshiba Corp. (Japan) and Micron Technology, Inc. (US). The companies are simultaneously developing and mass producing both planar and vertical NANDs, to address the declining average selling prices and customer demand in a timely manner.

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