Non-volatile memory (NVM) market is projected to grow to USD 124.1 billion by 2027 from USD 74.6 billion in 2022; growing at a CAGR of 10.7% from 2022 to 2027.

The market is driven by the increasing demand for high-speed, low-power, and reliable memory solutions. Non-volatile memory is a type of computer memory that can retain data even when the power is turned off, unlike volatile memory such as RAM. These memories are widely used in various applications such as smartphones, tablets, laptops, and data centers. The growing demand for data storage and processing capabilities, as well as the increasing adoption of emerging technologies such as artificial intelligence (AI) and the Internet of Things (IoT), are some of the key drivers of the non-volatile memory market.

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Opportunity: Advent of innovative technologies for IoT applications

The increasing replacement of traditional memories with emerging non-volatile memories offers a significant opportunity for market players. Traditional memory technologies, such as DRAM and flash, have captured a major share of the memory technology market. The Non-Volatile Memory Industry is currently experiencing a significant shift as emerging technologies are increasingly replacing traditional memories like DRAM and flash. Traditional flash memories have limitations, such as slow switching rate, high latency, and low scalability. They face limitations of scalability below 90 nm while using floating gate technology and consume more power than other emerging memory technologies.

Currently, flash memories are being used in smartphones, tablets, and PDAs. The major alternatives to flash memories are 3D NAND, ReRAM, NRAM, and MRAM, which are superior to flash memories in terms of latency, switching time, endurance, write cycle, and data retention. AI and IoT integrated solutions are major users of such technologies. A NVM that supports fast writes and can be shut down fully but quickly restarted. MRAM is a good fit for the IoT and AI use cases since it has better capacity, density, power requirements, quick writing performance, and extremely low read latency. While ReRam is suited for in-memory computing. A second-generation ReRAM device is being developed in collaboration between Fujitsu and Panasonic. Additionally, SMIC (China) is developing a 40 nm ReRAM technology that Crossbar Inc. is sampling.

Challenge: Optimization of storage densities and capacities

Memory storage density stores the information bits on a computer storage medium. Higher-density memory is more in demand as it allows greater volumes of data to be stored in the same physical space. Thus, storage density directly correlates with a given medium’s storage capacity. Storage density also has a fairly direct effect on performance and price.

High-density memories such as RRAM, NAND flash, and NVDIMM face numerous challenges related to poor scalability. Scalability refers to the ability of a product to function well even when there is a change in its size and capacity. These memories cannot adhere to the required endurance, noise margin, and reliability levels. There are also issues related to scalability in flash memory, which have been difficult to overcome. In addition, there is limited capacity for electron storage in high-density non-volatile memories. The impact of this challenge is high at present, but it is expected to reduce in the near future.