The global non-volatile memory market is expected to witness a CAGR of 9.2% during the forecast period. Non-volatile storage (NVM) is a type of secondary storage used in computer systems to manage long-term storage and take backup of business-critical information. NVM technology is electrically programmable that can erase and retain changes in the occurrence of a power outage. In addition, NVM uses user-configurable technology and, unlike volatile memory, does not require regular memory updates. The surging demand for improved data transfer speed and optimizing power consumption will stimulate the development of the non-volatile memory market.

Furthermore, the market will gain momentum owing to the rising demand for memory in wearable and connected devices and the rising demand for consumer electronics devices like optical disks, flash drives, and computers. Thus, non-volatile memory offers various advantages like less power consumption, excellent speed, and high scalability. Nevertheless, novel product development like RAM, 3D XPoint, and NRAM will provide profitable opportunities for growth in the global non-volatile memory market.

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In November 2021, Fujitsu Semiconductor Memory Solution Limited has introduced a novel 8Mbit FRAM MB85R8M2TA with a parallel interface, which is the first product in Fujitsu’s FRAM product line that guarantees 100 trillion read/write cycle times.

The COVID-19 outbreak has resulted in an economic slowdown and the non-volatile memory markets is also facing challenges. There were a complete lockdown and travel restrictions in some countries which had an impact on the manufacturing and service industries including the consumer electronics sector and enterprise sector, resulting in an adverse impact on the non-volatile memory market.

The consumer electronics segment is anticipated to dominate the market owing to the increased demand for high processing power and memory density and keeping the product cost less persistent. These non-volatile memory technologies are equipped with developed technologies like AI, IoT, and big data analytics that meets the requirement of the consumer electronics sector. The non-volatile memory technology is extensively adopted in consumer electronics like wearable devices, set-top boxes, digital cameras, tablets, handheld personal communication systems, desktop PCs, and laptops.

Asia-Pacific is anticipated to be the fastest-growing region owing to the increasing population base having high disposable income, increasing demand in consumer electronics, rising number of data centers, and presence of key industry players that will fuel the growth in the region.

Some of the major players in the global Non-Volatile Memory market include SAMSUNG, Intel Corporation, TOSHIBA CORPORATION, Western Digital Corporation, FUJITSU, Adesto Technologies Corporation, Micron Technology, Inc., Viking Technology, Yangtze Memory Technologies Co., Ltd., and CrossBar, Inc.