Magneto Resistive RAM Market to Grow as Need for Data Storage Increases
The overarching need for data storage across multiple industries has played an integral role in the growth of the global magneto resistive RAM market. The advent of big data, and other similar technologies, has necessitates the presence of high-end hardware technologies for data storage. Random access memory (RAM) of different forms and configuration is used across multiple platforms. The supremacy of magneto resistive RAM over other types of storage platforms is a key consideration while gauging market growth.
Several scientists assert that the utility of magneto resistive RAM has largely been underestimated. As the technology gains recognition, it is projected to supplant the popularity of all other modes of data storage in the years to come. Furthermore, proponents of this technology also argue that magneto resistive RAM could become a universal memory storage platform in the years to come. Henceforth, it is safe to believe that the corresponding market would gather fresh revenues in the years to follow.
The supremacy of magneto resistive RAM over electrical RAM has transcended as a key driver of demand within the global market. Furthermore, the non-volatile nature of magneto resistive RAM has also given a thrust to market demand. The fading popularity of electrical memory, and the need for large-scale integrated circuits for memory storage, has brought magneto resistive RAM under the spotlight of attention.
Transparency Market Research (TMR) predicts that the global magneto resistive RAM market would expand at a commendable CAGR of 44.10% over the forecast period between 2016 and 2024. Furthermore, the total value of the magneto resistive RAM market is expected to touch a value of US$869.7 mn by 2024. Low-power consumption requirements for magneto resistive RAM, as against electrical RAM, has driven market demand.
Application of Magneto Resistive RAM in Multiple Industries
The demand within the global magneto resistive RAM market is rising at the back of advancements in the consumer electronics industry. Several popular electronic devices, including laptops and smart phones, could be using magnetic-field-based memory. Furthermore, the need to eliminate the cons of excessive electricity consumption has also compelled manufacturers to replace electrical RAM with magneto resistive RAM.
The growth of robotic and automation technologies has created increased demand for data storage. Furthermore, multiple industries have expressed the need for securing their data across resilient platforms and storage devices. This factor has also emerged as a key driver of demand within the global magneto resistive RAM market in recent times. As new industries become driven towards use of data analytics, the market shall experience sparks of growth in the years to come.
Aerospace and Defense Sector as a Prominent End User
The use of magneto resistive RAM in the defense and aerospace industry has become a key prospect for market growth. The expansive size of this industry has created lucrative opportunities for market vendors. Moreover, enterprise storage is another area that necessitates the use of workable data storage platforms. Hence, the global magneto resistive RAM is projected to become a worthy domain for investment.
The leading players in the global magneto resistive RAM market are aiming at collaborating with electronic manufacturers. Furthermore, these vendors are slated to foster innovation via investments in research and development. Some of the prominent players operating in this market are Hewlett-Packard Enterprise, Everspin Technologies Inc. Avalanche Technology Inc., Spin Transfer Technologies, and Honeywell International Inc.
The review is based on TMR’s report titled, “Magneto Resistive RAM (MRAM) Market (Product Type - Toggle MRAM and Second Generation MRAM (STT-MRAM); Application - Consumer Electronics, Robotics, Automotive, Enterprise Storage, and Aerospace and Defense) - Global Industry Analysis, Trend, Size, Share, and Forecast 2016 – 2024.”
The global magneto resistive RAM is segmented on the basis of:
- Toggle MRAM
- Second Generation MRAM (STT-MRAM)
- Consumer Electronics
- Enterprise storage
- Aerospace and Defense
- North America
- Asia Pacific
- Middle-East and Africa (MEA)
- Latin America
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