Market Trends of Memory IC Industry
This section covers the major market trends shaping the Memory IC Market according to our research experts:
Rising Proliferation of Smartphones, Feature Phones, and Tablets
- Memory integrated circuits are used in mobile phones' circuits to provide storage for the phone's operating system and customizable features, such as the phone directory. They are used to enable the functions of amplifiers, oscillators, time-counter computer memory, microprocessors, etc.
- The integrated circuit market is anticipated to record robust growth, owing to the ongoing developments in the smartphone industry. Intense competition among mobile manufacturers is expected to drive the market's growth further studied over the forecast period. Samsung's recent offering includes a solution that allows phones to have one terabyte of storage with a single flash memory chip. This chip is expected to bring a notebook-like user experience to the next generation of mobile devices.
- The growth of the smartphone application market is attributed to the popularity of smartphones and the increasing demand for memory ICs in these gadgets. The market for smartphone applications is growing, and the industry that serves this market is prospering as cloud-based applications gain popularity and mobile data usage increases.
- According to Ericsson, Over 6.0 billion people subscribe to smartphones, and over the next few years, that number is expected to increase by several hundred million more. The nations with the most smartphone users are China, India, and the United States. Despite stagnant unit sales over the past few years, the global smartphone market's revenue increased because the average selling price of smartphones increased. Such a rise in smartphones will boost the demand for Memory IC in the future.
- Development in near-field communication (NFC), which leads to the production of dynamic solutions for mobile couponing, mobile ticketing, and access control, is further expected to drive revenue growth.
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Asia Pacific to Witness Significant Growth
- The Asia-Pacific region is home to more than 60% of the world's current population. The region's population and consumption of consumer electronics are growing at the highest rate today. The region is expected to record substantial growth in the memory ICs market over the forecast period.
- The growth is primarily attributed to the rise in demand for high-performance and low-power memory ICs from end users in the Asia Pacific region. The rising use of artificial intelligence (AI) and other cutting-edge technologies, which require large amounts of memory storage, as well as the rising popularity of smart devices, are contributing factors to the rising demand for high-performance and low-power memory ICs.
- Large populations in South Asia and the Pacific are driving up demand for consumer electronics. This region has a sizable IT and telecom sector, and cloud adoption is progressing well, enabling it to have the highest CAGR. Due to its high population, China has the highest percentage of smartphone users worldwide. It should be noted that China serves as a major manufacturing hub for a number of multinational corporations' electronic product lines.
- In addition to international vendors, there is a significant domestic vendor presence inside and outside China. These factors make China an extremely competitive market for memory-integrated circuits.
- India has also made a number of advancements in the areas of infrastructure, industrialization, and economic development, demonstrating the efficient use of electronic devices for these developmental objectives. The country's growing economy has given the middle class more purchasing power, which has increased the consumer electronics market.
- The presence of prominent semiconductor companies in the region is expected to boost the growth of the market. Besides, the increasing number of suppliers of semiconductor material required to manufacture ICs is boosting the production of memory ICs. Asia-Pacific is closely followed by North America owing to the development of the medical and automobile sector along with consumer electronics.
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