The Non-volatile Memory Market size is estimated to reach US$83.6 billion by 2027, growing at a CAGR of 10.26% from 2022 to 2027. Technological advancements aimed at increasing computer data storage capacity are expected to influence the Non-volatile Memory Industry Outlook. These next-gen semiconductor memory chips such as phase-change memory have better functionality and enhanced performance. In March 2021, Samsung announced the enhancement of its MRAM's MTJ function to increase write speed and density. However, high manufacturing costs and low endurance rate would act as a major hindrance to the growth of the Non-volatile Memory industry.

Moreover, in the thriving consumer electronics industry, users expect their devices to become more powerful over time, to provide new functionality at lightning speed and to store more movies, pictures and music. In November 2021, Macronix International Co., Ltd. announced that it would be the industry's first Serial NOR Flash memory storage manufacturer to mass produce 1.2V devices, which in turn would increase the Non-volatile Memory Market size.

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North America generated approximately 21% of the global revenues in the Non-volatile Memory industry in 2021. Every industry in North America is being digitized, which necessitates the use of advanced computer data storage solutions. Furthermore, there is a strong presence of manufacturers which boost the production of Non-volatile Memories such as phase-change memory and others. In May 2021, Kingston Technology announced the launch of NV1, a non-volatile memory SSD. These developments would influence the Non-volatile Memory Industry outlook in the North American region.

Non-Volatile Memory Market Growth Driver:

Cloud and Data storage for enterprises across all industry verticals:

Cloud computing, IoT devices, big data, artificial intelligence, robotics and mobile communications - all require cutting-edge semiconductor memory chips to evolve in the ever-expanding digital era. This demand for high-performance computing services is incessantly driving the non-volatile memory market forward. As a result, the demand for quick access to data stored in public clouds and on-premises is growing, resulting in advanced Non-volatile Memory solutions such as flash memory storage, phase-change memory and the NVM Express protocol. In May 2022, Toshiba Electronic Devices & Storage Corporation and Japan Semiconductor Corporation collaborated to create an analog platform with an embedded non-volatile memory (eNVM) for automotive applications. These factors would positively influence the Non-volatile Memory Industry Outlook over the forecast period.

The Major Players in this Market

Major players in the Non-volatile Memory Market include Samsung Electronics, IBM, Fujitsu Ltd, Avalanche, Micron Technology and Maxim. In April 2022, Researchers at the Korean Advanced Institute of Science and Technology announced the creation of a new computer data storage system with a non-volatile semiconductor memory chip as its primary memory. According to the company, the new LightPC design allows for powering up and down during mid-execution without data loss.

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