Wednesday, June 19, 2024

The Memory & Storage Segment is Expected to Grow Significantly Until and Beyond 2030!

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Memory Market Analysis

The Memory Market size is estimated at USD 148.95 billion in 2024, and is expected to reach USD 215.13 billion by 2029, growing at a CAGR of 7.63% during the forecast period (2024-2029). The memory market is currently witnessing rapid growth, with semiconductors emerging as the basic building blocks of most modern technologies. The innovations and advancements in this market are resulting in a direct impact on all downstream technologies.

The National Cable and Telecommunications Association projected that the number of connected devices in 2020 will be around 50.1 billion. Every IoT or IIoTdevice contains sophisticated semiconductor memory chips that permit devices to achieve remote connectivity. Moreover, as the IoT is poised to grow significantly, it is expected to impact the growth of the memory market as well.

By 2025, the market is set to experience significant benefits from the ongoing development and innovation in the automotive industry, connectivity, communications, and data centers. The rise in the consumption of electronic components used in the navigation of safety, infotainment, and automobiles further contributes to the market’s growth.

Semiconductor memory products are used extensively across electronic devices, such as smartphones, flat-screen monitors, LED TVs, and civil aerospace and military systems. The memory industry is also likely to benefit from progress in biometrics capabilities. The growing demand for smartphones and technologically advanced products, such as wearable gadgets, etc., is also accelerating the growth of the market studied. The NCN Magazine took insights of some leading memory solution providers as listed below.

The Latest Technologies & Trends in the Memory Solution Space!

The number and variety of devices such as data centers, smartphones, PCs, smart TVs, gaming devices, etc needing memory has increased enormously during the last 10 years. Artificial intelligence (AI), big data, and the internet of things (IoT) set to drive the demand to new levels.

Mr. Ravvi Dhyani, Product Manager at Acro Engineering Company, “As of now, the latest technology & trends in memory solution space are fields of artificial intelligence (AI), big data, and the internet of things (IoT) has been driving the growth of data at astronomical rates. The global memory devices market size currently valued at approx USD 120 billion. The memory market is expected to grow at a CAGR of 28% during the forecast period 2024-2031.”

Mr. Rajesh Khurana, Country Manager – Consumer Business at BIWIN Storage Technology Co., Ltd, “As per industry estimates, the DRAM (Dynamic Random Access Memory) market size worldwide is estimated to be approx. 61 Billion USD in 2024 and is estimated to cross 170 billion USD by 2029. Global SSD market size was estimated to be approx. 12 billion USD in 2023. This is expected to cross 31 billion USD by 2032. Following trends are driving this growth:

Fast adoption of 5G: In India, 5G adoption is estimated to reach 50% by the end of 2024. This is expected to bring a dramatic increase in speeds, low latencies, and an unforeseen level of network capabilities. This will set the stage for even more advanced and novel applications enabling everything to be more connected, in real time, 24X7. From the data centre to the edge, 5G and high-speed flash storage are enabling emerging IoT use-cases from CDNs, connected and autonomous vehicles, video surveillance, cloud-based gaming, and telemedicine.

AI/ML: The ability of flash to handle small, random data accesses or IO operations fits the needs of AI/ML and analytics. SSDs have, as a result of their enormous IOPs [IO operations per second] advantages, taken over all workloads that involve small and/or random transfers. AI/ML training and analytics involve randomness in their I/O workloads, and IoT is dominated by extremely small transfers, making both early success stories for all-flash storage systems. Hence, higher prevalence of AI/ML requires higher flash-based storage.”

Mr. Fissal Oubida, General Manager, Middle East, Africa, CIS & Indian Subcontinent, Lexar Co. Ltd, “The memory solution space is currently experiencing significant advancements with the introduction of new technologies designed to meet the demands of faster speeds and energy-efficiency high-capacity memory solutions. Next-generation memory technologies, such as MRAM, a universal memory that can be applied to any use, from system computing to storage to ensure the durability of the data. Additionally, 3D NAND-based memory offers higher capacity and lower power consumption, which are important for mobile devices and data centers, thereby offering advances over traditional NAND technologies. The market is also seeing the integration of PCIe 5.0 technology in SSDs, optimizing performance for servers and storage applications. These trends reflect a broader shift towards technologies that support AI, AR, hyperscale computing, and 5G communication, which are going to be the key growth factors in the coming years.”

Mr. Sameer Bhatia, Director of Asia Pacific Consumer Business Group and Country Manager for India & SAARC at Seagate, “We are witnessing a surge in adoption of AI applications, which is driving demand for storage architectures optimized for AI inference. This presents challenges to the enterprises in the worldwide in finding sustainable ways to manage the expanding digital footprint while keeping operational cost and carbon footprint under control. Areal density innovation, measured by capacity per disk, provides a compelling solution to these challenges and Seagate leads the way with Mozaic 3+ which is a hard drive platform that incorporates Seagate’s unique implementation of HAMR, plus a collection of other breakthrough nanoscale technologies. It heralds unparalleled areal densities of 3TB+ per platter to deliver mass-capacity storage, and enables businesses to double storage capacity in the same footprint. It dramatically improves storage TCO with lower acquisition and operational costs and contributes to achieving sustainability goals. There are several scenarios that could benefit significantly from the areal density advancement. One such example is smart city infrastructure. AI and ML serve as pivotal tools in the advancement of smart cities by facilitating the efficient analysis of vast datasets. This enables urban planners to make informed decisions regarding resource allocation, infrastructure development and public services optimization. Mozaic 3+ can further amplify the synergy of these technologies, ensuring the seamless storage, retrieval and analysis of the massive datasets essential for smart city operations. Mozaic 3+ drives are currently undergoing qualification for large data centres. Soon, enterprise customers will benefit from the ability to store more data in less space within private or hybrid data centres. Looking ahead, Mozaic 3+ storage technology will also support various applications, spanning enterprise, edge, NAS and VIA markets.”

Brand Positioning in the Memory Market

Different brands focus differently their memory solutions. The main target segments remain data centers, consumer devices (such as smartphones, PCs, gaming devices), industries, etc.

Mr. Rajesh Gupta, Director – India/SAARC Sales, Micron Technology,  “Micron has complete end to end control on our SSDs right from NAND manufacturing to the end product. Every step of the process is handled in-house, from creating flash media out of silicon wafers to building printed circuit boards to assembling the finished products. The State-of-the-art 232L 3D NAND inherently helps us reduce latency, increase performance, higher capacity (with industry leading die size) and reduce TCO of our SSDs. Micron became the first Tier 1 vendor to bring the Gen 5 NVMe SSD – T700 to the market with most efficient premium heatsinks for maximum heat dissipation without noisy fans or liquid cooling blocks. T700 provides the industry’s highest performance of 12.4Gbps which is at least 20% higher than competing Gen 5 SSDs and 70%higher than Gen 4 SSDs. With years of experience working with ecosystem players, Crucial provides compatibility with Intel, AMD & Microsoft DirectStorage. For users who would like to use the Motherboard provided heat sink for example, T700 offers a non-heatsink option as well.”

Mr. Charles Wei, Sales Head, ADATA,  “As you know we have two brands, one is ADATA and the other is XPG. Adata has a wide range of memory products including USB cables, external hard-drives and external SSDs, memory cards, pen drives and more.  The focus of XPG is on providing gaming-related products and memory. We have a well set supply channel which is assisted and guided by our sales and marketing people operating in different parts of India. ADATA is No. 2 globally and No. 2 in the Indian market for memory products. As for DRAM in India, ADATA and XPG are ranking No. 2; for SSD ADATA No. 3 and XPG No. 2 in India. Our aim is to become No. 1 provider of memory solutions in India. We are expecting a great increase in demand for our SSDs in India in the coming years. We have a regional sales manager in India who takes care of India sales and marketing operations.”

Mr. KhalinWani, Sr Director, Western Digital, “Western Digital has a wide range of gaming storage solutions for the most popular gaming platforms, designed for professional and casual gamers and their unique needs and devices. Our WD_BLACK SN850X NVMe SSD is designed for a gamer who wants to invest in a premium gaming rig. The WD_BLACK SN770 NVMe SSD featuring a PCIe Gen4 interface and delivering read speeds of up to 5,150MB/s (1TB and 2TB models) is for a gamer who wants a powerful mid-range gaming rig. Our WD_BLACK SN850P NVMe SSD is officially licensed for the PlayStation 5 console; with up to 4TB of storage capacity it allows gamers to store more titles with worry-free installation.”

Mr. Ravvi Dhyani of Acro Engineering, “As of now, we are aiming to give premium quality without spending a fortune on the memory section and we are a mid-range brand with pocket-friendly prices for D2C segment which offer SATA, PCIe in Gen 3.0 & Gen 4.0.”

Mr. Rajesh Khurana of BIWIN, “B2C (consumer segment): Coupled with world’s leading manufacturing facilities and brand recognition  of world renowned household names like Lenovo, HP, Acer and Predator along with the established IT distributors like Fortune Marketing and  KBC Computech, we are expecting very good demand in the coming months in the B2C segment. We expect to continue to leverage the channel strength and experience of our distributors to expand our reach and availability to new and evolving channel segments.

B2B (commercial segment): Biwin also  provides  various manufacturers of mobile phones, education devices, tablets, gaming machines, smart wearables, UAV, action cameras, in-vehicle, DVR/NVRs, servers, OTT boxes, routers, etc with a full range of embedded flash-based storage solutions from consumer grade to industrial grade (eMMC, UFS, LPDDR, eMCP, ePOP, uMCP, BGA SSD and DDR).”

Mr. Fissal Oubida of Lexar, “Lexar positions itself as a trusted leading global brand of memory solutions, aiming at individuals and professionals who capture, store, and transfer digital content. Our brand pillars emphasize reliability, commitment, approachability, experience, and spirited innovation, to deliver high performance, exceptional quality, and outstanding service. We ensure consumers are getting zero data loss protection, no counterfeit but genuine storage solutions with blazing speeds and massive capacities, and the best customer service with no limitations in India. Lexar’s target market segments include both professional and budding photographers, videographers, gamers, and content creators, particularly in the Indian market where we are expanding our distribution channels to meet the growing demand for flash memory products. This strategic focus is supported by our dedication to innovation, customer service, and understanding of the photography, video, storage, and mobile markets, which motivates us to create tailored solutions that fit the evolving needs of our customers. Therefore, we can say that our approach to brand positioning and market segmentation reflects our ambition to remain at the forefront of the memory solutions industry, fueled by a passion for what we do and a commitment to the customers we serve.”

The types of memory solutions each brand focuses on

The memory solutions differ by application and the size of usage. The popular memory solutions remain DRAMs, SSDs (NVMe /SATA/M2), etc. SSDs are rapidly replacing HDDs even in consumer PCs. Nowadays, most of the new desktops and laptops are coming with SSDs, during the speed which they offer. Next, SSDs are getting cheaper by the day.

Ravvi Dhyani, Product Manager at Acro Engineering Company, “We are focusing on DDR3 & DDR4 followed by DDR5 as each generation of RAM increases speed and frequency while decreasing power consumption. Our latest memory product offerings are DDR5 Desktop Memory & Gen 4.0 SSDs.”

Mr. Rajesh Khurana of Biwin, “Biwin offers following flash storage solutions (from 128GB to 4TB): for Acer brand: DRAMs, SSDs (NVMe /SATA/M2), USB and camera cards; for Predator brand: Gaming DRAMs/ Gaming SSDs; for HP brand: SSDs (NVMe/SATA/M2); and for Lenovo: SSDs (NVMe /SATA).”

Mr. Fissal Oubida of Lexar, “Lexar specializes in high-performance memory solutions designed for professional photographers and videographers seeking to capture and store high-resolution images and 8K videos. Our comprehensive portfolio includes cutting-edge products designed to seamlessly integrate with various professional cameras, camcorders, and drones. The DIAMOND series CFexpress Type B card stands out as the world’s fastest, boasting read and write speeds of 1900 MB/s and 1700 MB/s respectively, enhancing productivity and streamlining post-production workflows. For Type-A users, our GOLD series CFexpress Type A card offers exceptional performance with minimum write speeds of 700 MB/s and 800 MB/s, and read speeds of up to 900 MB/s, ensuring smooth recording of high-quality data and cinematic 8K videos. Additionally, our SILVER PRO SDXC UHS-II card sets a new benchmark in V60 class performance with read speeds of up to 280 MB/s and write speeds of up to 160 MB/s, available in capacities ranging from 64GB to 1TB. All Lexar products are renowned for their durability, weather-sealed construction, and shock-proof design, ensuring data safety even in harsh conditions. With national distributors like Redington Ltd, New Color India Films, and Creative NewTech Ltd, our products are readily available to customers in India. Experience the power and reliability of Lexar’s memory solutions, designed to meet the demanding requirements of professional imaging enthusiasts.”

The growth Trends in the SSD Market!

Nowadays, most of the new desktops and laptops are coming with SSDs, due to the speed they offer. Next, SSDs are getting cheaper by the day. This trend is expected to grow and continue.

Ravvi Dhyani, Product Manager at Acro Engineering Company, “The global solid state drive (SSD) market size was exhibited at USD 33.07 billion in 2022 and is projected to attain around USD 180 billion by 2032. The growing rate of CAGR is approx 28% during the forecast period.”

Mr. Rajesh Khurana of BWIN, “As per industry estimates the SSD market is growing at a CAGR of 16% approx.”

Mr. Fissal Oubida of Lexar, “In India, the Solid State Drive (SSD) market has been growing at an accelerated rate. In 2023, the consumer internal SSD market recorded a year-over-year (YoY) growth of 61%, with SATA SSDs leading the charge at 63% YoY growth in shipments. NVMe SSD market shipments also saw a substantial increase, with a 55% YoY growth. The external SSD segment showed an impressive 121% YoY growth as well. The growth is mainly supported by the higher adoption of consumer technology solutions, and cloud computing amongst others. Post-COVID-19, there has been a surge in digitalization across various industries, further fueling the demand for SSDs. Major players are investing in advanced solutions, with collaborations aimed at developing open-source applications for new memory and storage technologies. Therefore, looking ahead, the overall SSD market in India is projected to grow by 35% YoY by the end of 2024. This forecasted growth is driven by the expanding digital economy and the increasing adoption of multimedia applications that require faster and more reliable storage solutions. Lexar as a global leader is looking to fuel the demand for high-quality and reliable SSDs in the market.”

The Importance of Environmental Protection and Sustainability

Today, organizations want to find ways to reduce environmental footprints, lower emissions, lower power consumption and meet the sustainability targets while managing the data explosion and optimize the TCO using environment-friendly memory solutions. Memory solutions providers are also trying their best to provide environment-friendly solutions.

Mr. Sameer Bhatia, Director of Asia Pacific Consumer Business Group and Country Manager for India & SAARC at Seagate, “Sustainability remains a top priority for organisations and stakeholders, especially for large-scale data centres. Data centre operators are finding ways to align with national and corporate goal to reduce environmental footprints, lower emissions and meet the sustainability targets while managing the data explosion. The key to more sustainable storage solutions is to optimise the TCO. By improving storage TCO, organisations can reduce acquisition and operation costs, thereby lower power consumption, preserve natural resources and meet sustainability targets. Seagate Mozaic 3+ platform’s unprecedented areal density advancement allows for more storage within the same slot or data centre, setting a higher threshold for data capacity, consuming less power and helping achieve sustainability goals. For an example, upgrading from 16TB conventional PMR fleet of drives to 30TB Mozaic-technology drives, you get close to twice the storage capacity within the same floor space, 40% lower per terabyte power consumption and 55% reduction in embodied carbon per terabyte. This addresses the greatest challenges of scale, TCO and sustainability. Seagate’s Circular Drive Initiative (CDI) launched in FY2022-23 is a global collaboration aimed at promoting sustainability in data storage by reducing e-waste and enabling the secure reuse of storage hardware. The CDI is guided by the principles of the circular economy, which seeks to eliminate waste and extend the use of resources. In FY2023, we have extended the life of 1.19 million hard drives and solid state drives (SSD) through the circularity program. By refurbishing and redeploying these drives, we have prevented more than 553 metric tons of e-waste from entering landfills. Circular economy offers a holistic approach to sustainable development, fostering economic prosperity, environmental responsibility and social welfare. By embracing circular principles, businesses are also presented with strategic advantages such as sustainability, reduced costs, innovation and meeting customer expectations. We believe that companies doing well in the world to do better.”

The Role of AI in the Memory Segment

AI relies heavily on data for analysis, machine learning algorithms and decision making. The larger and higher quality of the dataset, the more effectively an AI model can be designed, yielding clearer insights and more business benefits. The AI deployments use enormous amounts of data and this makes high capacity memory solutions indispensable.

Mr. Sameer Bhatia of Seagate, “Data has long been the catalyst for innovation and with the advancement of AI, it has made data more valuable than ever before. Serving as the cornerstone for AI deployment, data is playing a crucial role in fuelling machine learning processes and enabling accurate forecasts. As businesses embrace AI, vast amounts of data are required for AI applications to function effectively, particularly in the initial stages. AI heavily relies on data for analysis, machine learning algorithms and decision making. The larger and higher quality of the dataset, the more effectively an AI model can be designed, yielding clearer insights and more business benefits. IDC estimates that 291 ZB of data will be generated in 2027, with AI expected to account for 10% of all data generated in the next two years, a significant increase from less than 1% today. This exponential data surge underscores the urgent need for innovative storage solutions and calls for mass storage deployment at scale. Businesses need to find ways to efficiently scale their data storage infrastructure to accommodate as much data as possible, thereby unlocking the value of data. The best AI deployments are useless without data. AI without data is similar to an electric car without a charged battery – it lacks the essential resource necessary for operations and effectiveness. As AI applications become more sophisticated, there will be more data generated over time. Therefore, a robust mass-capacity storage is indispensable for seamless and continuous AI model training, fuelling innovation and driving business success.”

The Outlook of Make in India Initiative in the Memory Segment

Government of India is offering several benefits for those who want to manufacture in India. Memory solutions being highly technology-intensive, unlike in other segments, making in India can take a little longer before it actually takes off.

Mr. Charles Wei of ADATA, “We have already started manufacturing in India and we will expand the operations further in the coming years. We want to use the India-based manufacturing system to export to Middle East and other countries. We are investing a lot in R&D and manufacturing in India. India offers a great opportunity for our products firstly because India is a big country with huge population and next the proportion of youth is very high in India which is main market for memory solutions. Also, India is expected to become the 3rd largest economy in four years time, and this leads to higher disposable incomes of people which in turn results in the increasing demand for memory and other IT-related products.”

Mr. Ravvi Dhyani of Acro Engineering Company, “We are identifying areas where local production can be enhanced, investing in infrastructure and technology, and creating a conducive business environment. Our plans to manufacture in India are afoot.”

Mr. Rajesh Khurana of Biwin, “It’s a great move by the Indian government and Biwn is also taking advantage of the same. We have plans to make memory solutions in the coming years.”

The Future Trends in the Memory Space and the Strategies of the Brands

The future is bright from memory solutions, and to make the best use of the opportunity the brands are following their own innovative ways to leverage the technologies to meet the demand.

Mr. Ravvi Dhyani of Acro Engineering, “In the memory space, several tech and market trends are shaping the landscape as currently every tech gadget like, TV, Fridge, Washing Machine, industrial robotics, mobile phones, synthesizers, video games, scientific instrumentation, use some type of memory which indicates the rise of huge memory demand in future.”

Mr. Rajesh Khurana of Biwin, “Biwin foresees that to keep pace with the evolving market needs following trends are seen in the Memory space: 1. Manufacturers need to upgrade to accommodate more and more dense flash storage. Biwin being a world leader in IC packaging boasts of 32-layer die-stacking technology. 2. DDR5 (latest type of DRAMs estimated to become mainstream memory in near future. 3. The adoption of Gen 5 SSDs set to increase much faster.”

Mr. Fissal Oubida of Lexar, “Market trends in India indicate a robust growth trajectory, with the global memory market size estimated to reach USD 215.13 billion by 2029, growing at a CAGR of 7.63% from 2024. This growth is driven by the increasing demand for sophisticated memory solutions across various applications, including consumer electronics, photography, data centers, and automotive industries. The integration of next-generation memory technologies in smartphones and smart wearables is also on the rise, catering to the need for faster access and minimal power consumption. Additionally, we anticipate the adoption of high-bandwidth memory (HBM) in data centers for memory-intensive applications is emerging as a key trend. With the rise of IoT devices, the memory market is poised for further expansion, as every connected device requires sophisticated semiconductor memory chips for remote connectivity. Overall, the memory space is evolving rapidly, with technological advancements and market demands shaping its future trajectory.”

The Service Policies of Memory Brands

Everything being same, the brand that offers better warranty and service support in an honest way will lead the race.

Mr. Ravvi Dhyani of Acro Engineering, “We provide 3-year replacement warranty for our memory products.”

Mr. Rajesh Khurana of BIWIN, “Our distributers, viz. Fortune Marketing and KBC Computers have a wide network of partners. We enable our distributers to provide seamless after-sales-service to the resellers/consumers. In addition, since we always use A grade flash ingredients, our quality is excellent. Hence the return rates very low (<1%).”

To Sum Up

The Memory Market size is estimated at USD 148.95 billion in 2024, and is expected to reach USD 215.13 billion by 2029, growing at a CAGR of 7.63% during the forecast period (2024-2029). This shows the high growth rate and volume of the memory solutions in the coming years. The number of connected devices in 2020 will be around 50.1 billion. Increasing usage of mobile phones, education devices, tablets, gaming machines, smart wearables, UAV, action cameras, in-vehicle, DVR/NVRs, servers, OTT boxes, routers, etc and growing deployment of data centers, all are expected to contribute to the growth of memory market. The SSDs are set to replace HDDs in PCs. To it is appropriate to say, memory space is going to be one of the fastest growing segments in the IT sector. 

Covered By: NCN MAGAZINE / Memory Market

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