Memory IC Market Size

Memory IC Market Analysis

The Memory Integrated Circuit market is anticipated to witness a CAGR of 7.6% over the forecast period. Recent technological advancements in this field have been revealing new applications each day. The rising proliferation of smartphones, feature phones, and tablets, growing demand for low-power memory requirements in portable wireless devices, and increasing demand for Solid State Drives (SSD) in big data storage applications are some of the significant factors influencing the growth of the market for memory integrated circuit devices.

• Memory ICs are mainly applied in memory-based electronic devices such as mobile phones, computers, tablets, medical devices, smart cards, digital cameras, communication equipment, and other digital electronic devices.
• The application of memory IC is very predominant in smartphones, media players, and USB drives. The demand for sophisticated memory ICs is expected to grow at a high rate owing to increasing adoption and enhancements in smartphone devices. Tablets are one other device with a significant need for memory IC. With the increasing adoption of tablet PCs, the demand for memory ICs is expected to grow over the forecast period.
• Moreover, The global economy has been significantly impacted by COVID-19's effects on the manufacturing sector. But post-pandemic, OEM production has increased, and there is a rise in demand for mobile phones and other consumer electronics, which has boosted the growth of the memory IC market. Expanding various capital budgets and ongoing projects in numerous end-user industries will also help to strengthen the world economy.
• Additionally, the Healthcare industry is another key application area of memory ICs. The increasing need to provide secure access to emergency medical information creates a scope for memory ICs in the healthcare sector.
• Devices with memory ICs can help maintain patient records in various medical equipment like blood analysis devices, electrocardiographs, diagnostic imaging apparatus, medical PCs, and other electronic health record systems. According to the National Center for Health Statistics statistics, the market for electronic health record systems is expected to reach USD 40 billion by 2024.
• Over the past few years, the sharp rise in demand and supply for cloud computing services and solutions has compelled vendors to set up servers and data centers that are densely packed with computers and storage devices. This is fueling the advancement of memory-integrated circuits. The increasing use of smartphones is also contributing to the growth of the memory IC market.
• On the other hand, the high cost of manufacturing, increasing costs for new and existing fabrication facilities' construction and operation, and sizable capital investment could pose a problem for the global industry over the forecast years. Manufacturers of memory ICs are anticipated to carry out operational development programs for already-available memory products to address these challenges.