The global non-volatile memory (NVM) market was valued at US$ 44.8 in 2023 and is projected to reach US$ 100.68 billion by 2032, growing at a CAGR of 5.6% during the forecast period from 2024 to 2032.
Non-volatile memory (NVM) or Non-volatile storage is a popular type of silicon-based semiconductor memory, allowing for the permanent storage and backup of important data. Furthermore, NVM devices can be programmed and erased electrically to save modifications in a specific area of the storage device and maintain those modifications even in the event of a power loss. Examples of NVM include hard disks, magnetic tape, and floppy disks, all of which make use of user-configurable technologies to allow users to retrieve stored data
Factors Influencing Market Growth
- The primary factors driving the NVM market are the rapid increase in data creation and the demand for effective storage solutions. Both businesses and individuals need memory with both high capacity and high performance for applications that use a lot of data.
- It also provides end-user data with the option for long-term storage and backup. Embedded Non-Volatile Memory is used in a wide range of industries like consumer electronics, manufacturing, and mobile computing, contributing to the growth of the market.
- However, low storage density and low write endurance rate can hinder the non-volatile memory (NVM) market growth.
COVID-19 Impact Analysis
The Non-Volatile Memory (NVM) products market, including NAND flash memory, NOR flash memory, and emerging technologies like MRAM, ReRAM, and PCM, experienced a varied effect from the COVID-19 pandemic. Additionally, the pandemic has caused a higher need for NVM-dependent devices like smartphones, laptops, and gaming consoles, as individuals have been spending more time engaging in remote work, education, and social activities from their residences.
The rise in demand has resulted in a growth in the overall NVM market. Yet, the global pandemic has caused disturbances in supply chains and manufacturing, resulting in shortages of raw materials and a sudden increase in prices of NVM products. Furthermore, the world market is still embracing the new normal, leading to a higher need for NVM products in the predicted timeframe.
Regional Analysis
The Asia Pacific region demonstrates the highest compound annual growth rate in the projected timeframe, thanks to the presence of state-of-the-art semiconductor production sites in nations like China, Japan, South Korea, and Taiwan. Moreover, key players in the region are introducing innovative non-volatile memory products to enhance their market presence. In November 2022, TSMC, a semiconductor manufacturing company from Taiwan, formed a partnership with Infineon Technology.


Moreover, the market is being significantly boosted by the North American region's contribution to its overall market share. Additionally, the presence of leading consumer electronic device manufacturers in the United States boosts the need for non-volatile memory. Moreover, the market growth is propelled by the rising utilization of advanced technology like connected devices in Canada and Mexico.
Leading Companies
- Renesas Electronics
- Western Digital Corporation
- Samsung Electronics Co Ltd
- Intel Corporation.
- STMicroelectronics N.V.
- Fujitsu Limited
- Viking Technology LLC
- SK HYNIX INC.
- KIOXIA Holdings Corporation
- Micron Technology Inc
- Others
Segmentation Outline
The global non-volatile memory (NVM) market outlook is segmented into Type, Industry Vertical, Application, and Region.
Segmentation Based on Type
- Electrically addressed
o ROM
o NVRAM
o Emerging Memory
- Mechanically Addressed
o Hard-Disk Drive
o Magnetic Tape
o Optical Disc Drive
o Millipede Memory
o Holographic Data Storage
- Others
o FRAM
o ZRAM
o Nanobridge
o Molecular
Segmentation based on Industrial Vertical
- Automotive
- Healthcare
- Telecom and IT
- Energy and Power
- Manufacturing Industries
- Others
Segmentation based on Application
- Consumer Electronics
- Healthcare Monitoring
- Automotive Application
- Enterprise Storage
- Industrial
- Others
Segmentation based on Region
- North America?
o The U.S.
o Canada
- Europe?
o UK
o Germany
o France
o Italy
o Spain
o Netherlands
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Singapore
o Rest Of Asia-Pacific
- LAMEA?
o Latin America
o Middle East
o Africa