PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1334610
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1334610
Global Memory Devices Market is valued at approximately USD 143.37 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 14.9% over the forecast period 2023-2030. Memory devices are electronic components used for storing and retrieving data in digital systems. These devices play a crucial role in computers, smartphones, gaming consoles, servers, and other electronic devices by providing a means to store and access information. The Memory Devices Market is expanding because of factors such as the surging demand for consumer electronics, expansion of cloud computing services and the growth of data centers, continuous advancements in-memory technologies, and increasing demand for high-speed connectivity.
In addition, the rapid proliferation of IoT applications is acting as a catalyzing factor for market growth across the globe. As per Statista, the Internet of Things (IoT) industry generated overall revenue in 2019 was USD 388 billion, which is projected to reach USD 1058.3 billion by 2030. The proliferation of IoT applications, including smart homes, connected vehicles, industrial automation, and healthcare devices, drives the demand for memory devices. These devices rely on memory components to store and manage data, enabling efficient communication and functionality in IoT ecosystems. The Indian Brand Equity Foundation stated that, the Indian appliances, and consumer electronics market accounted for USD 10.93 billion in 2019, and the amount is projected to increase and grow to USD 21.18 billion by 2025. Also, according to Statista, it is projected that the retail revenue from consumer electronics sales in the United States is accounted for USD 505 billion in 2022, which is an increase from USD 442 billion in 2020. Thus, these aforementioned factors are propelling the growth of the memory devices market during the estimated period. Moreover, the increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML), as well as the emergence of memory chipsets in the automotive sector present various lucrative opportunities over the forecasting years. However, the technological complexities and the security and data privacy concerns are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Memory Devices Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the increasing adoption of Artificial Intelligence (AI) and the Internet of Things in smart cities, as well as a growing number of small-scale and medium scaled-system manufacturers in developing countries such as Japan and India. Whereas, North America is expected to grow at a significant CAGR over the forecasting years. The rising implementation of advanced technology in personal computing and in the industrial sector, increasing integration of advanced technologies, along with the rising adoption of IoT applications are propelling the market demand across the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable