Asia-Pacific is expected to depict the fastest growth in the global memory chip market during the forecast period. In addition, in 2016, China dominated the market in Asia-Pacific. Similarly, the U.S. dominates the market in North America, whereas the UK leads in the European region.

Portland, OR -- (SBWire) -- 05/21/2018 --The global memory chip market was valued at $76,767 million in 2016, and is projected to reach at $247,910 million by 2023, growing at a CAGR of 12.4% from 2017 to 2023.

Presently, North America dominates this market. In 2016, China registered the highest growth in Asia-Pacific. Similarly, the UK led the overall market in the European region. Presently, the U.S. is dominating the North American market.

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Rise in smartphone penetration has driven the demand for memory chips. Furthermore, high-density storage capability, quick read & write cycle, and availability of different shapes & sizes of memory chips fuel their adoption in the digital domain. However, easy corruption of memory chip hampers the growth of the market.

In 2016, the nonvolatile segment dominated the global memory chips market, in terms of revenue. However, based on application, laptop/PCs dominated the global market, followed by smartphone in 2016.

Memory chip is a device in which information, data, process code, and program instructions can be stored for retrieval. These chips are available in multiple shapes and sizes. Some can be connected directly, whereas some need special drives. They hold memory either temporarily through random access memory (RAM) or permanently through read only memory (ROM). Data stored in ROM are permanently stored, which a processor can read but cannot modify. By application, the market is segmented into Laptop/PCs, Smartphones, camera, and others. Based on type, it is classified into volatile and nonvolatile memory chips.

By type, nonvolatile memory chips was dominant segment in 2015, and is anticipated to continue its dominance during the forecasted period. By application, smartphone segment witnessed highest growth rate during forecasted period, followed by laptop/PC.

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Samsung Group, Sony Corporation, Toshiba, ADATA Technology, SK Hynix, Micron Technology, Intel, Kingston Technology, Transcend Information, and Fujitsu Microelectronics Inc. are key market players that occupy a garner revenue share in the memory chip market.