Next Generation Non Volatile Memory Market Report 2025

The next generation non volatile memory market size has grown rapidly in recent years. It will grow from $5.87 billion in 2024 to $6.87 billion in 2025 at a compound annual growth rate (CAGR) of 17.1%. The growth during the historic period can be credited to rising demand for data storage in consumer electronics, the expansion of the data center industry, growth in the gaming sector, increased adoption of solid-state drives, and higher investments in semiconductors.

The next generation non volatile memory market size is expected to see rapid growth in the next few years. It will grow to $12.74 billion in 2029 at a compound annual growth rate (CAGR) of 16.7%. The projected growth during the forecast period is driven by the increasing adoption of 5G-enabled mobile devices, the expansion of autonomous vehicles, the growing use of IoT devices, rapid growth in healthcare wearables, and a rising demand for energy-efficient storage solutions. Key trends expected include integration with AI and edge devices, wider adoption in IoT and wearable technologies, applications in flexible and neuromorphic computing, implementation in 5G and edge computing infrastructure, and the development of hybrid memory architectures.

The growing popularity of mobile devices is anticipated to drive the expansion of the next-generation non-volatile memory market in the future. Mobile devices, which include portable and wireless electronics such as smartphones, tablets, and handheld computers, allow users to access information, communicate, and perform various tasks while on the move. Their increasing popularity stems from the ability to provide continuous internet connectivity and access to digital services anytime and anywhere. Next-generation non-volatile memory in these devices supports faster data processing, lower power consumption, and higher storage density, enhancing overall performance and efficiency. For example, according to the GSM Association (GSMA), a UK-based trade organization, smartphone penetration in sub-Saharan Africa is expected to grow significantly, reaching 87% by 2030, up from 51% in 2022. Consequently, the rising use of mobile devices is boosting the growth of the next-generation non-volatile memory market.

Leading companies in the next-generation non-volatile memory market are concentrating on advancing technologies such as circuit design to enable miniaturization and the integration of complex electronic functions into compact and cost-efficient designs. Circuit technologies involve the methods and arrangements of electronic components to manage the flow of electrical signals and perform specific tasks. For instance, in February 2024, Renesas Electronics Corporation, a semiconductor manufacturer based in Japan, introduced the Embedded MRAM Macro. This chip features a 10.8-megabit embedded MRAM memory cell array that provides a space-saving and highly dependable form of non-volatile storage. The memory array supports random read operations at speeds over 200 MHz, ensuring fast data access, and offers a write throughput of 10.4 MB/s for smooth and high-speed data processing in demanding uses.

In February 2025, Everspin Technologies Inc., a US-based firm specializing in magnetoresistive random access memory (MRAM) technologies, formed a partnership with Lattice Semiconductor Corporation to promote the adoption of next-generation MRAM solutions in FPGA platforms. This collaboration aims to expand the use of Everspin’s advanced non-volatile MRAM technology by facilitating its integration with Lattice’s field-programmable gate array platforms via the Radiant software suite. This will provide designers with a more reliable and high-performance memory solution suitable for industrial and automotive applications. Lattice Semiconductor Corporation, also based in the US, specializes in low-power programmable logic devices and software tools for embedded systems.

Major players in the next generation non volatile memory market are Samsung Electronics Co. Ltd., Sony Corporation, Taiwan Semiconductor Manufacturing Co., Intel Corporation, International Business Machines Corporation (IBM), SK hynix Inc., Fujitsu Limited, Micron Technology Inc., Western Digital Corporation, Infineon Technologies AG, NXP Semiconductors N.V., Seagate Technology Holdings plc, Renesas Electronics Corporation, Kioxia Holdings Corporation, GLOBALFOUNDRIES Inc., Microchip Technology Incorporated, Everspin Technologies Inc., Avalanche Technology Inc., Symetrix Corporation, and Weebit Nano Ltd.

Asia-Pacific was the largest region in the next generation non volatile memory market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in next generation non volatile memory report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the next generation non volatile memory market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid rise in U.S. tariffs and the subsequent trade frictions in spring 2025 are having a major impact on the electrical and electronics sector, with semiconductors, display panels, and rare-earth metals (essential for batteries and motors) subject to steep duties. Consumer electronics brands face profit erosion, as competitive markets limit their ability to pass costs to buyers. Industrial electronics manufacturers, meanwhile, grapple with delayed projects due to shortages of tariff-impacted components like printed circuit boards. Companies are responding by relocating assembly to tariff-exempt countries, increasing inventory buffers, and redesigning products to reduce dependency on restricted materials.

Next-generation non-volatile memory is an advanced memory technology designed to store data permanently without requiring continuous power. It aims to address the shortcomings of traditional memory by offering faster data access, greater endurance, and reduced energy consumption.

The primary types of next-generation non-volatile memory include hybrid memory cube (HMC) and high-bandwidth memory (HBM). Hybrid memory cube (HMC) is a high-performance memory design that vertically stacks multiple DRAM layers along with an integrated logic layer, delivering significantly higher bandwidth, lower power usage, and better scalability compared to conventional memory modules. It encompasses various product types such as magnetoresistive random-access memory (MRAM), resistive random-access memory (ReRAM), phase-change memory (PCM), ferroelectric random-access memory (FeRAM or F-RAM), among others, and comes in wafer sizes such as 200 mm, 300 mm, and 450 mm or larger. These memory types are applied in sectors including data centers and cloud computing, mobile and wearable devices, automotive advanced driver assistance systems (ADAS) and infotainment, industrial and automation systems, edge Internet of Things (IoT) devices, and enterprise storage systems. Key users include consumer electronics, information technology and telecommunications, banking, financial services, and insurance (BFSI), government and defense, manufacturing, healthcare, and more.

The next generation non volatile memory market research report is one of a series of new reports that provides next generation non volatile memory market statistics, including next generation non volatile memory industry global market size, regional shares, competitors with a next generation non volatile memory market share, detailed next generation non volatile memory market segments, market trends and opportunities, and any further data you may need to thrive in the next generation non volatile memory industry. This next generation non volatile memory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The next generation non volatile memory market consists of sales of embedded memory chips, storage-class memory devices, mobile device memory components, and memory controllers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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