Market Size of Global Standalone Memory Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Standalone Memory Market Analysis
The Global Standalone Memory Market is expected to register at a CAGR of 7.8% over the forecast period (2022-2027). Despite the downturn, demand for internet service providers (ISPs), IT infrastructure providers, and data centers has increased, owing to the move toward home and remote working. Several trends in enterprise data centers have increased because of the COVID-19 pandemic, which is driving market growth.
- The increasing use of internet of things devices and adoption of sensor technology such as wearable and AI-enabled devices have boosted demand for fast data transfers and high storage density, providing a tremendous chance or possibility for the growth of the standalone memory market globally. According to Applied Materials, the exponential volumes of data generated via IoT and edge devices and by internet users act as a catalyst to drive the commercialization of such memory. Artificial intelligence and data analytics applications are largely driving the demand for this data.
- The exponential growth of data generated shows no indications of abating. During the COVID-19 pandemic, the work-from-home trend resulted in a massive data increase through applications such as video conferencing. New applications, such as AI and AR/VR, are projected to become commonplace in the forecast period, resulting in a further data boom. As a result of the increase in data, memory technology is being pushed to new standards. To fulfill these demands, DRAM and NAND have scaled up.
- Additional memory technologies, on the other side, must be developed to keep up with the data growth. In September 2021, SK Hynix, a South Korean firm, stated that three new technologies, STT-MRAM, Ferroelectric Memory, and ReRAM, could play a role in processing larger quantities of data.
- The rising need to handle the proliferation of data due to the adoption of IoT further drives the market. The adoption of IoT devices is taking place at a rapid pace. Various government initiatives worldwide, like smart cities, are supporting the deployment of these devices at a much faster pace.
