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Global NAND Flash Memory Market Report 2018-2023
November 29, 2018 | Business WireEstimated reading time: 1 minute
The NAND Flash Memory market is expected to register a CAGR of 9.1%, during the forecast period (2018-2023).
The scope of the report includes different end-user industries, such as consumer electronics, automotive, industrial, and various others. Regions considered in the scope of the report include North America, Europe, etc.
Increasing Demand for Low-cost Storage
Applications of NAND flash memory are expected to increase, over the forecast period, due to the technical capability to fully use fabrication substrates. There has also been an emphasis on the evolution of new technology and products, as existing solutions cannot effectively scale to the capacity needed to meet the increasing demand for data.
NAND flash memory not only offers larger storage space but also operates faster at a slightly reduced cost. Therefore, implementation of the NAND flash memory technology is being adopted by major companies to achieve the desired output at high performance and reliability, thus, driving the demand of the market.
Smartphone Sector to Augment Growth
With smartphones becoming indispensable, the competition in the consumer electronics industry is increasing. Thus, companies have been rapidly adopting next-generation technologies to retain their position in the market, which in turn, will increase the demand for ample storage space.
As NAND flash memory delivers a cost-effective solution for applications demanding solid-state storage and high density, major manufacturing companies, in the consumer electronics product segment, are adopting this memory device to fulfill the need for large storage space. This is anticipated to drive the market growth, over the forecast period.
Asia-Pacific to Register the Largest Share
Asia-Pacific is set to occupy the largest share in the NAND flash memory market, over the forecast period, due to the high technological adoption of memory devices in the consumer electronics and enterprise storage sectors in the region.
Due to industrially developing economies, such as China, South Korea, and India, this region is driving the demand for NAND flash memory devices. Also, memory devices manufacturers, globally, are now adopting various strategies, such as joint ventures, to increase their businesses and market shares in the NAND flash memory market.
Market Developments
Micron and Intel entered into a partnership to produce the first 4bits/cell 3D NAND technology. These companies also announced the progress of development for the third-generation 96-tier 3D NAND structure, which provides a 50% increase in layers.
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