Next-Generation Memory Market

Next-Generation Memory Companies - SAMSUNG (South Korea) and SK Hynix Inc (South Korea) are the Key Players

The next-generation memory market is projected to grow from USD 6.2 billion in 2023 and is projected to reach USD 17.7 billion by 2028; it is expected to grow at a CAGR of 23.2% from 2023 to 2028.

Next-Generation Memory companies include:

  • SAMSUNG (South Korea),
  • KIOXIA Holdings Corporation (Japan),
  • Micron Technology, Inc. (US),
  • Fujitsu (Japan),
  • SK Hynix Inc (South Korea),
  • Honeywell International, Inc. (US),
  • Winbond (Taiwan),
  • Microchip Technology Inc. (US),
  • Nanya Technology (Taiwan),
  • Everspin Technologies (US).

The growth of the next-generation memory market is driven by rising adoption of next-generation memory technologies for enterprise storage applications, and growing adoption of next-generation memory solutions in automotive sector to handle evolving data and computational needs.

Key strategies adopted by the players in the next-generation memory market ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches, collaborations, partnerships and acquisitions.

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For instance, in June 2023, Micron Technology, Inc. (US) announced plans to build a new assembly and test facility in Gujarat, India. Micron’s new facility will enable assembly and test manufacturing for both DRAM and NAND products and address demand from domestic and international markets. Phased construction of the new assembly and test facility in Gujarat is expected to begin in 2023. Phase 1, which will include 500,000 square feet of planned cleanroom space, will start to become operational in late 2024, and Micron will ramp capacity gradually over time in line with global demand trends. Micron expects Phase 2 of the project, which would include construction of a facility similar in scale to Phase 1, to start towards the second half of the decade.

In October 2022, Everspin Technologies Inc. (US) has signed a contract worth USD 2.8 million to provide MRAM solutions to QuickLogic Corporation (US) for its end-of-line manufacturing services.


SAMSUNG is multinational electronics and one of the world’s largest IT companies. The company, along with its subsidiaries, operates in four business divisions, namely, Device eXperience (DX) division, Device Solutions (DS), Samsung Display (SDC), and Harman. Under the CE division, it offers monitors, TVs, printers, refrigerators, and air conditioners. Its Information Technology & Mobile Communications (IM) division offers communications systems, cell phones, and computers. Under the display business, the company offers products such as OLED and LCD panels; It offers system LSI and memory under the semiconductor business.

SK Hynix Inc.:

SK Hynix offers consumer memory, graphics memory, mobile memory, NAND Flash, CMOS image sensor, and EOL products and is also a major manufacturer of DRAM, NAND, and System ICs. The company has a presence in the Americas, Europe, and Asia Pacific. SK Hynix is engaged in strategic partnerships and agreements on the cross-license for the mutual use of patents and supply of NAND Flash products. The acquisition of Intel’s NAND and SSD business by SK HYNIX Inc. in December 2021 is a major inorganic strategic initiative taken by the company. It will help strengthen its position in the memory market. The company has gained wide recognition in all business segments for its technical excellence while serving customers’ critical application needs. The company harnesses its world-renowned experience in the memory solution market to meet the demand for next-generation memory solutions.

Related Reports:

Next-Generation Memory Market by Technology (Non-Volatile Memory (MRAM (STT-MRAM, SOT-MRAM, Toggle Mode MRAM), FRAM, RERAM/CBRAM, 3D XPoint, NRAM), and Volatile Memory (HBM, and HMC)), Wafer Size (200 mm, and 300 mm) - Global Forecast to 2028

Mr. Aashish Mehra
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Next-Generation Memory Market Size,  Share & Growth Report
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