According to the latest report by IMARC Group, titled "Magneto Resistive RAM (MRAM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global magneto resistive RAM (MRAM) market reached a value of US$ 427.1 Million in 2022. Magneto resistive random-access memory (MRAM) refers to a non-volatile memory chip that is generally used for storing data and information in magnetic domains. It is fabricated with a combination of high speed and high density of dynamic random-access memory (DRAM) and static random-access memory (RAM) to offer a large volume storage solution. It is widely adopted as a preferred alternative for conventional memory devices as it does not require power to maintain and store data, offers excellent reading and writing speed and is energy-efficient in nature. The demand for MRAM is increasing across the globe due to the rising need for large enterprise storage systems.
Global Magneto Resistive RAM (MRAM) Market Trends:
The global market is primarily driven by the increasing manufacturing and selling of consumer electronics. Along with this, the rapid utilization of connected devices and computer systems across multiple industries is creating a positive market outlook. Moreover, continual technological advancements and the growing adoption of virtual reality (VR), augmented reality (AR) and the internet of things (IoT) are providing an impetus to the market growth. Additionally, several leading players are heavily investing in embedded and stand-alone memory chips, which is significantly supporting the growth of the MRAM market on the global level. Furthermore, the escalating demand for cloud services due to the rising adoption of the work-from-home models on account of the sudden outbreak of coronavirus disease (COVID-19) is impacting the market favorably. Other factors, including rapid digitization and industrialization, the rising product utilization in customized and miniaturized integrated circuits (ICs) and extensive research and development (R&D) activities conducted by key players in the development of next-generation read access memory, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4,525 Million by 2028, exhibiting a CAGR of 44.5% during 2023-2028.
- On the basis of the type, the market has been bifurcated into toggle MRAM and spin-transfer torque MRAM (STT-MRAM).
- Based on the offering, the market has been classified into stand-alone and embedded.
- On the basis of the application, the market has been segmented into consumer electronics, robotics, enterprise storage, automotive, aerospace and defense and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Avalanche Technology Inc., Crocus Nano Electronics LLC, Everspin Technologies Inc., Honeywell International Inc., Infineon Technologies AG, Intel Corporation, NVE Corporation, Qualcomm Incorporated, Samsung Electronics Co. Ltd., Spin Memory Inc., Toshiba Corporation and Tower Semiconductor Ltd.
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