Feb 12, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Non-Volatile Memory Market. 

It was estimated prior to this unanticipated outbreak Non-Volatile Memory Market will reach CAGR of 10.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.

Non-Volatile Memory Market Insights

Non-Volatile Memory Market is likely to witness an impressive CAGR of 10.5% during the forecast period. Growing demand for greater efficiency, lower power consumption, and faster memory access, and increase in the portable systems market attracting the semiconductor industry are some of the major factors driving the growth of the non-volatile memory marker during the forecast period.

 

Market Share Analysis

Non-Volatile Memory Market Share: By Type

Based on the type, the market is segmented as traditional non-volatile memory and next-generation non-volatile memory. The traditional non-volatile memory is further divided into flash memory, EEPROM, SRAM, EPROM, and others. The flash memory is estimated to account for the major share of the market owing to growing demand and penetration of consumer electronics during the forecast period. This memory type is used for various applications in laptops, digital cameras, GPS, cell phones, electronic musical instruments, etc., and is also being adopted by data center solution vendors owing to increasing adoption of cloud solutions, boosting the segment’s growth over the forecast period.

Non-Volatile Memory Market Share: By Region

In terms of regions, Asia-Pacific is estimated to account for the largest share of the market with China being the leading country owing to increase in infrastructure development including data centers, and growing demand for telecommuting, voice and video call services, and online entertainment during the forecast period. Rapidly developing digital economy is generating an increase in demand for building large data centers in the country, leading to an increase in the usage of non-volatile memory in such data centers, fueling the growth of the market over the forecast period. North America and Europe are also estimated to offer substantial growth opportunities during the forecast period.