According to the recent research report titled ‘Global Non-volatile Memory Market Size study, By Type (Traditional Non-volatile Memory, Next-generation Non-volatile Memory), By End-User (Consumer Electronics, Retail, IT and Telecom, Healthcare, Other End-user Industries), and Regional Forecasts 2022-2028’ available with MarketStudyReport, global non-volatile memory market had reached a valuation of USD 59.19 billion in 2021 and is predicted to amass USD 108.20 billion during the forecast period, progressing at 9% CAGR through 2022-2028.

Global non-volatile memory market growth is primarily driven by the increasing demand for the technology in wearable and connected devices, increased digitization, soaring demand for faster and low-power memory devices.

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The other factors such as the rising usage of high-end computing, servers, and data centers, as well as the growing substitute of traditional memory with new non-volatile memory will work as a catalyst for the market growth.

Non-volatile memory (NVM) is a data storage device that reminisces its overall data even when the power is disconnected. Different types of read-only memory were among the earliest non-volatile memory (ROM).

NVM uses user-configurable technologies that do not require routine memory refreshes. The NVM contains magnetic tape, flash memory, and a hard disc, which is widely utilized for consumer devices and data centers to boost the data transfer speed and evade the risks of data loss.

Worldwide non-volatile memory marketplace is segmented into type, end-user, and regional overview. Based on type segment the market is split into traditional non-volatile memory and next-generation non-volatile memory. In terms of end-user landscape, this industry vertical is divided into retail, consumer electronics, IT and telecom, healthcare, and other industries.

The regional terrain of the global non-volatile memory market sphere spans Asia Pacific, North America, Europe, Latin America, and rest of the world. Asia Pacific market is expected to record significant growth during the forecast period owing to increasing R&D activities, alongside the rapid growth of the countries such as South Korea, Japan, India, and China.

The leading companies defining the competitive arena of global non-volatile memory industry are Micron Technology Inc., Intel Corporation, SanDisk Corporation, Toshiba Corporation, Samsung Electronics Co. Ltd., Sidense Corporation, Adesto Technologies Corporation, Viking Technology, Kilopass Technology Inc., and Crossbar Inc.