According to Verified Market Research, the Next-Generation Memory Market size was valued at USD 4.37 Billion in 2021 and is projected to reach USD 25.38 Billion by 2030, growing at a CAGR of 26.19% from 2022 to 2030.
Global Next-Generation Memory Market Overview
The demand for next-generation memory devices is driving the market. Most new memory technologies seek to become universal memories to replace one of the previous members of the same memory storage with improved technology. High-end laptops use solid-state drives (SSDs) instead of massive mechanical hard discs (HDDs), and the cloud is used for backup rather than tape drives.
Data centers are now required to analyze and store more information than ever, owing to emerging technologies such as artificial intelligence (AI), big data, and the internet of things (IoT). These data centers require a large amount of next-generation memory devices to perform at better speed with high efficiency to yield better results. To fulfill the demand of this data-driven digital world, the need for these kinds of memory devices has grown immensely. But the next-generation memory market is also vulnerable to a lack of stability quantum under extreme climatic circumstances. These characteristics significantly impact the memory devices’ dependability and durability.
- In November 2021, Samsung Electronics, the world leader in advanced memory technology, announced the development of the industry’s first Double Data Rate 5X (LPDDR5X) DRAM. It is a 14-nanometer (nm) based 16-gigabit (Gb) Low Power RAM designed to drive further growth across high-speed data service applications such as 5G, AI, and the metaverse.
- In May 2022, Western Digital unveiled a series of new products as it attempts to solidify its position as the industry leader in the increasingly important storage business. Western Digital has introduced two new products: 26TB hard drives and 15TB server SSDs. The Ultrastar DC HC670 drives feature shingled magnetic recording, or SMR, to increase the quantity of data stored.