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Memory Devices Market Size, Share & COVID-19 Impact Analysis, By Type (SRAM, MRAM, DRAM, Flash ROM), By End-user Industry (Consumer Electronics, IT & Telecommunication, Automotive, Aerospace & Defense, Healthcare, Others), and Regional Forecast, 2022-2029

Last Updated: April 08, 2024 | Format: PDF | Report ID: FBI106922



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The global memory devices market size was valued at USD 124.78 billion in 2021 and is projected to grow from USD 136.32 billion in 2022 to USD 360.22 billion by 2029, exhibiting a CAGR of 14.9% during the forecast period. Asia Pacific dominated the global market with a share of 53.89% in 2021.

Based on our analysis, the global market exhibited a growth of 7.4% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with memory devices experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Semiconductor memory is a main memory device, which is used in a microcomputer-based system instead of volatile memory. These devices are used to store both data and programs. PROM, ROM, EPROM, SRAM, EEPROM, and DRAM are some types of semiconductor memory devices. Main memory elements in the memory devices are semiconductor devices that store code and information permanently, Semiconductor memory can be directly accessed by the microprocessor and is generally considered to be more reliable and efficient than other types.

Semiconductor memories are typically made up of two categories of memory cells, primary and secondary cells. This industry is majorly boosted by the growing use of semiconductor material inside the device due to integration of Internet of Things (IoT) and automation in various industrial sectors such as IT & telecom, consumer electronics, automotive, and manufacturing. Various memory chip sets providers are competing to provide universal products. This is useful in replacing existing memory storage technology with new ones. High-end personal computers and laptops are using solid-state drives rather than bulky mechanical Hard Disk Drives (HDDs). The increasing use of high-end data processing units and utilization of solid state drives in personal computers are also responsible for the global memory devices market growth.


Shortage of Raw Material Due to Restriction on Logistics has Impacted Market Progress

The pandemic of COVID-19 spread rapidly and the impact was felt in the form of supply chain disruptions. This had a negative impact on economic activity across the globe. The surge in COVID-19 cases in various countries has affected the market growth. The imposition of sudden lockdown restrictions has caused various manufacturing plants to stop. Further, the supply chain of raw materials, such as silicon, has been disrupted in several countries.

The manufacturers of memory storage devices and semiconductors heavily rely on Chinese companies as a majority of the materials come from China. The country was initially affected by the pandemic and imposed restrictions on the local market, leading to disruptions in the supply chain of semiconductors.

However, the increasing usage of artificial intelligence and automation in developing countries has led to surge in the use of high-end memory storage for rapid processing and transfer of data in commercial as well as personal devices. These include smart phones, tablets, PC, and industrial devices such as high performance computers and data centers. China, South Korea, the U.S., Saudi Arabia, India, Germany, Taiwan, and others are experiencing improvements in the use of artificial intelligence and industrial automation. In addition, many government authorities and key players are formulating policies and strategies to tackle the COVID-19 impact, which propel the market expansion during the forecast period.


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Emergence of Memory chipsets in the Automotive Sector is Driving the Market

The future business outlook for mobility and smart vehicle solutions is primarily supported by advanced automotive technologies such as In-vehicle Infotainment (IVI), Advanced Driver Assistance Systems (ADAS), self-driving cars, and multi-camera vision. These applications require a high degree of computer processing. Modern cars are expected to be more connected, autonomous, shared, and electrical than older cars. The transformation is primarily defined by various parameters such as efficient and complex connections and more integrated internal and external vehicle systems. As a result, the need for high-capacity automotive memory has significantly increased, especially for NAND and DRAM solutions in the advanced semiconductor memory market. This factor will create lucrative opportunities for industry expansion over the forecast period.


Industry Growth to be Favored by the Implementation of Internet of Things and Automation in Developing Economies

Most emerging economies are putting their emphasis toward digital awareness and digitization. As part of the agenda, many countries are actively adopting the Internet of Things (IoT) technology on a large scale. Smart and connected device systems is one of the major parts of implementing IoT projects as it promotes automation in regular life. The solutions need semiconductor memory on a large scale to store information and input and output data. In addition, it needs DRAM and SRAM for processing various commands and inputs. Automation plays an important role in the intelligent and digital transformation of modern buildings and cities. The surging adoption of these technologies in emerging economies will increase the demand for semiconductor, driving the global market.


High Initial Investment and Fluctuating Manufacturing Costs Hinder the Market Growth

The semiconductor memory devices are becoming popular rapidly. However, the starting cost required to setup any memory device manufacturing plant is too high. Various components, such as wafers, MOSFET, transistors, and cooling system, which use in these devices are very expensive. This is directly impacting the retail cost of the final product. Moreover, the replacement of current storage solutions and installation of the new device is not affordable for non-commercial customers. Moreover, the installation of manufacturing units of this memory devices is time consuming and it needs to satisfy various government compliances in the market globally.


By Type Analysis

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SRAM Segment Generated Highest Revenue in 2021 due to High Speed and Long-term Durability

By type, the global market is segmented into SRAM, DRAM, MRAM, and Flash ROM.

Due to growing adoption rate of memory storage systems, the SRAM segment had the highest revenue in 2021 and will record substantial growth during the study period. The product demand is being propelled by the growing use of consumer electronics solutions such as smart phones and wearables. The DRAM segment is showing significant growth opportunities and this trend will be followed by the MRAM memory during the estimated period.

Flash ROM memory is growing moderately due to increasing use of flash memory for domestic purpose in the form of flash cards and flash drives.

By End-user Industry Analysis

IT & Telecommunication Segment Generated Highest Revenue in 2021 Due to Higher Adoption of RAM

According to the end-user industry, the market is segmented into consumer electronics, IT & telecommunication, automotive, aerospace & defense, healthcare, others (manufacturing, energy and utility, oil & gas).

The IT & telecommunication segment recorded the highest part in the market in 2021. The demand for SRAM and DRAM device systems has been increasing, owing to their high technical benefits. It is rapidly being used in high performance data processing units and data centers. SRAM is also increasingly used in smart phones and other communication devices, propelling the memory devices demand in the IT & telecom sector.

However, healthcare is recorded as the highest growing segment with the highest CAGR over the forecast period. The increasing use of digital technology in the healthcare sector will boost the adoption of wireless smart lighting systems in the forecast period. 


Asia Pacific Memory Devices Market Size, 2021 (USD billion)

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In 2021, Asia Pacific market size was valued at USD 67.24 billion and is expected to rise as a leading region in the market globally during the forecast period. The growing use of Artificial Intelligence (AI) and Internet of Things in smart cities drives the market in the region. Furthermore, key players have been implementing numerous business approaches, which is helping to push the market in the region.

China is the leading country in terms of revenue generating. According to the study, it is set to become the highest-growing country during the forecast period. China has advanced production facility in the world and it is quickly adopting emerging technologies, such as IoT and automation, in the industrial and residential operations, which will boost market penetration in the country.

Some prominent players have been accepting various business approaches such as acquisition, business expansion, and partnership to enhance the market in the country. China is the global center for manufacturing of semiconductors and memory devices, which is set to fuel the market growth in China.

Furthermore, increasing number of small scale and medium scaled-system manufacturers in the developing countries such as Japan and India are helping in the market growth in the region. Also, some government organizations have been taking initiatives such as “Make in India” campaign in India, which is expected to drive the market expansion in the region.

In North America, the market in the U.S. is projected to grow considerably during the study period due to the implementation of advanced technology in personal computing and in the industrial sector.

In Europe, the U.K. has emerged as the dominating country in 2021, and it is expected to record substantial growth during the forecast period. Furthermore, Germany is projected to register the maximum CAGR in the estimated period due to increasing government initiatives to establish memory devices manufacturing facilities in the country.

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The growth of the market in the Middle East & Africa and South America is moderate. This is due to the low acceptance of advanced technology and lack of skilled labor, which is required for operating manufacturing plants.


Micron Technology and Samsung Semiconductors Focus on Increasing their Regional Presence 

Among the key players, Samsung Semiconductors holds the highest memory devices market share globally. This is due to the fact that Samsung Semiconductors is the primary manufacturer of chips and wafers, which are the primary components of the memory devices. Also, this company provides raw material to other various players in the market. Furthermore, Broadcom Inc, Cypress Semiconductor Corporation, IBM Corporation, Intel Corporation, Macronix International Co., Ltd., and others have set-up their production facilities in various countries, where the labor and production costs are less. Moreover, most players have been focusing on product launches, acquisitions, and partnerships with various small size and medium-sized businesses to develop their regional footprints.                      



  • September 2020 - Micron Technology, a global provider of semiconductors and memory chips, partnered with Alliance Memory. By this partnership, Alliance Memory would become a global reseller of micron products.

  • November 2021 - Silicon Catalyst, a global provider of semiconductors, partnered with Sony Semiconductors. This partnership allowed both companies to innovate technologies or high-end memory chips and provide better solutions to customers.

  • July 2021- Intel Corporation, which is a global provider of high-end processing units and memory storage system, partnered with MediaTek, a provider of processors for smart phones. By this partnership, both companies will be able to share foundry for manufacturing of semiconductors and memory storage devices. 

  • 2020- ADATA Technology is a leading manufacturer of storage devices. It introduced a wide range of external storage devices, from external hard drives and SSDs to SD cards and UFDs. ADATA's SE800 External SSD is poised to conquer the rugged areas of the external SSD market. With various security features and support for fast read/write speeds of 1000MB/s, the external SSD SE800 guarantees improved performance with a USB 3.2 Gen2 interface that accelerates data transfer.


An Infographic Representation of Memory Devices Market

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The report provides a detailed analysis of the global market and focuses on key aspects such as leading companies, product/service types, and major end-use industries. Besides this, the report offers insights into the market trends and highlights the key industry developments. In addition to the factors mentioned above, the report encompasses several factors contributing to the market growth in recent years.




Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)


By Type

  • SRAM

  • MRAM

  • DRAM

  • Flash ROM

By End-user Industry

  • Consumer Electronics

  • IT & Telecommunication

  • Automotive

  • Aerospace & Defense

  • Healthcare

  • Others (Manufacturing, Energy and Utility, Oil & Gas)

By Region

  • North America (By Type, By End-User Industry and By Country)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)

  • Europe (By Type, By End-User Industry and By Country)

    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Russia (By Type)

    • Benelux (By Type)

    • Nordics (By Type)

    • Rest of Europe (By Type)

  • Asia Pacific (By Type, By End-User Industry and By Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • South Korea (By Type)

    • ASEAN (By Type)

    • Oceania (By Type)

    • Rest of Asia Pacific (By Type)

  • Middle East & Africa (By Type, By End-User Industry and By Country)

    • Turkey (By Type)

    • Israel (By Type)

    • GCC (By Type)

    • North Africa (By Type)

    •  South Africa (By Type)

    • Rest of Middle East and Africa (By Type)

  • South America (By Type, By End-User Industry and By Country)

    • Brazil (By Type)

    • Argentina (By Type)

    • Rest of South America (By Type)

Frequently Asked Questions

Fortune Business Insights says that the market stood at USD 124.78 billion in 2021.

In 2029, the global market is expected to be valued at USD 360.22 billion.

The market is set to exhibit a CAGR of 14.9% during the forecast period (2022-2029).

Asia Pacific stood at USD 67.24 billion in 2021 and is anticipated to be the dominant region over the study period

In the end-user industry segment, the healthcare sub-segment is expected to witness the highest CAGR during the forecast period.

One of the key trends in the global market is the adoption of advanced technologies such as Internet of Things and high-performance computing.

The emergence of Internet of Things and industrial automation in developing economies is driving the market growth.

Bradcom Inc, IBM, Cypress Semiconductor, Western Digital Corporation, Intel Corporation, and Macronix International Co., Ltd. are the top players in the market.

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