The Next Generation Memory Technologies Market is estimated to be valued at USD 6.79 billion in 2024 and is expected to reach USD 38.92 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 28.3% from 2024 to 2031.
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The next generation memory technologies market growth can be attributed to rising demand for universal memory technologies among various end-use verticals. Memories with higher storage capacity, lower power consumption, and near zero latency will continue gaining traction. Significant investments in R&D of new opportunities such as redox-based memory and phase change memory are estimated to disrupt the status quo. Further, the growing adoption of autonomous vehicles, high-performance computing, and internet of things are anticipated to boost the next generation memory technologies market growth during the forecast period.
Rising Demand for High Bandwidth Memories
The ever-growing demand for high-performance computing applications is driving the need for memory technologies that can provide vastly higher data bandwidth and lower latency compared to existing solutions. Applications in rapidly developing areas such as artificial intelligence, machine learning, autonomous vehicles, and augmented and virtual reality require memory subsystems that can deliver massive amounts of data to GPUs and other data-intensive processors at unprecedented speeds.
For instance, in August 2023, SK Hynix Inc. a semiconductor company, intensified the semiconductor technology competition with its latest next-generation high-bandwidth memory (HBM). The company successfully developed the 5th generation DRAM product, HBM3E, designed for high-performance artificial intelligence (AI) applications. This advanced HBM chip enhances data processing speeds by vertically integrating multiple DRAMs, surpassing conventional DRAM capabilities.
Growing Adoption in Data Centers and Cloud Infrastructure
Next-generation memory solutions like 3D XPoint, STT-MRAM, and ReRAM are being actively evaluated by leading cloud providers for deployment in memory/storage hierarchy as they promise significantly higher densities, lower latencies, and better endurance than NAND alone. Big data centers are adopting tiered storage architectures leveraging non-volatile memories to optimize for factors like performance, cost-effectiveness, and power-efficiency across different access granularities and use cases. Top cloud operators have already started deploying 3D X.
As investments in data centers continue to rise, North America is expected to remain a prime destination for next-generation memory providers. For example, in March 2022, Vantage Data Centers, a leading provider of hyperscale data center campuses, announced an additional investment of USD 721.1 million (CAD 900 million) to expand its Canadian operations. This investment includes the construction of a third campus in Montreal and the expansion of two existing campuses in Quebec City and Montreal.
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