Memory Integrated Circuits (IC) Market Overview (2022 to 2032)
The memory integrated circuits market revenue totaled US$ 2.5 Billion by the end of 2021. The memory integrated circuits market is expected to reach US$ 5.4 Billion by 2032, as it is estimated to grow at a CAGR of 7.3% from 2022 to 2032.
Attributes
Details
Estimated Year (2022) Market Value
US$ 2.6 Billion
Projected Year (2032) Market Value
US$ 5.4 Billion
CAGR% (2022 to 2032)
7.3%
Top 5 Vendor Market Share
Around 45%
Memory integrated circuits are the types of integrated circuits used in digital devices to store the data of a computer device or are implemented in storage devices due to their storage functions Memory integrated circuits are used for both volatile and non-volatile memory for computer devices. Other than computers and smartphones, they can also find applications in various digital and electronic devices.
The memory integrated circuits market consists of 25% of the global data storage market.
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2017 to 2021 Memory Integrated Circuits Market Demand Outlook Compared to 2022 to 2032 Forecast
The growth of memory integrated circuits market is estimated to be at the CAGR of 7.3% for the forecast period.
Over the past few years, cloud computing services and solutions have witnessed a stark growth in supply and demand, creating a need for vendors to set up servers and data centres that are densely populated with computers and storage devices. This is fuelling the growth of memory integrated circuits. The growing number of smartphone users is also adding to the memory IC market growth.
Storage Capability of Memory Integrated Circuits Serves as One of the Fundamental Building Blocks of Any Computing Device
Storage devices are a crucial building block of any computer, smartphone, calculator, etc. Most of these devices have both volatile and non-volatile memory on their motherboards, which are different types of memory integrated circuits serving different purposes for the storage of the users' and device's memory.
Storage of data and information is crucial for the operation of any application on a digital device as well as analog/mechanical devices are being developed to become digital, e.g., smart doorknobs and IoT-connected devices. These developments further increase the scope for memory-integrated circuits.
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Regional Analysis
North America was estimated to hold the largest market share for memory integrated circuits at 27.6% for 2021, and South Asia and the Pacific are estimated to grow at a CAGR of 9.7% for the forecast period.
North America has a large population with a large number of people having an income that they could spend on various electronic devices for their residential purposes. These devices often vary according to the age group, gender, user requirements, and spending power of the consumers.
South Asia and the Pacific have a huge populations, creating a huge demand for consumer electronic devices. This region has a large IT & Telecom industry and cloud implementation is occurring at a good rate, which allows this region to have the highest CAGR.
Country wise insights
Large Market for Consumer Electronics due to High Disposable Income Driving the Demand for Memory Integrated Circuits in the US
A certain trend among manufacturers and producers of consumer products can be noted that the cheaper version of any product can be analog or mechanical in nature, but as the prices go up, they can be automated or digital in nature, allowing the memory-integrated circuits market to grow. This, however, may not always be the case, for example, wristwatches and stoves, but can be applicable in the case of robotic vacuum cleaners, smart TVs, and electronic toothbrushes.
The general population in the US has a higher disposable income, allowing them to spend more money on consumer electronics. This country also has a wide-scale implementation of security cameras for public safety and the use of gaming consoles is much higher than in many other countries in this region. For these reasons, the US is a market leader for memory-integrated circuits.
Demand for Memory Integrated Circuits Driven by Large Population in China
China is the most populated country globally and also has the largest users of smartphones for the same reason. What also needs to be noted is that China is also the manufacturing hub for several electronic devices for several multinational companies.
Apart from multinational vendors, there is also a strong presence of domestic vendors both within the country and outside China. For these reasons, China is a formidable market for memory-integrated circuits.
Growing Population and Industrialization are Driving the Growth of Memory Integrated Circuits in India
India follows China and has the highest number of smartphone users, attributed to the fact that India is the second most populated country in the world. The country has made progress on various fronts in terms of infrastructure, industrialization, and the economy, suggesting that there was the right implementation of electronic devices for these developmental purposes, and now that the economy of the country has grown, it has also raised the spending ability of the Indian middle class, allowing the consumer electronic market to grow as well.
These factors contribute to the growth of the memory integrated circuits market in India, which is also estimated to be the fastest-growing country over the forecast period.
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Category wise Insights
Why Flash Memory Has the Largest Market Share for the Memory Integrated Circuits Market by Memory Type?
Flash memory chips have the largest market share because of the fact that several digital devices and computers like smartphones and computers have two types of memory, volatile memory, which is the RAM, and non-volatile memory, the ROM which contains the data necessary for the functioning and operation of the device and is basic to any device.
Flash memory is non-volatile by characteristic and is used for creating ROMs, hard disks, and solid-state drives, this allowed flash memory to hold the largest market share for the year 2021 of 32.5%.
Why do Mobile Phones have the Largest Market Share in the Memory Integrated Circuits Market?
Mobile phones have successfully penetrated into the consumer market and have become a necessity, smartphone is one such device that has become a necessary requirement for various purposes in today’s age, due to this reason, an individual may not have any other electronic device, but will most likely possess a smartphone. They are also affordable compared to numerous other electronic devices and can also act as a cheaper replacement for numerous other electronic devices such as music players, TVs, cameras, etc.
Due to this reason, mobile phones had the largest market share of 34.4% for the year 2021.
Competitive Landscape
The memory integrated circuit manufacturers are primarily companies that deal with electronic components. East Asian and North American companies tend to dominate the market in this domain however the market dominance can differ from company to company depending upon the memory type.
In September 2022, Alliance Memory announced the expansion of its CMOS DDR4 SDRAMS with new versions of the product. The new chips were smaller in size, consumed less power, and were faster.
In December 2021, Intel Corporation sold its NAND and SSD businesses to the South Korean company SK Hynix for US$7.6 billion. This deal was announced in October 2020. However, Intel will still continue to manufacture NAND wafers and hold IP rights to certain products and designs until March 2025, when the remaining assets will be handed over to SK Hynix.
Scope of report
Attribute
Details
Market value in 2021
US$ 2.5 Billion
Market CAGR 2022 to 2032
7.3%
Share of top 5 players
Around 45%
Forecast Period
2022 to 2032
Historical Data Available for
2017 to 2021
Market Analysis
USD Billion for Value
Key Regions Covered
North America, Latin America, Europe, South Asia & Pacific, East Asia, and the Middle East & Africa (MEA)
Key Countries Covered
USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa
