A non-volatile storage technology that is used to store data using magnetic charges is called as magneto resistive RAM (MRAM). Low power consumption, operational efficiency, higher storage capacity, and compact design are some of the advantages of magneto resistive RAM (MRAM) over conventional memory storage technology.
Increasing adoption of embedded memory devices in various sectors such as consumer electronics, aerospace and defense, and enterprise storage is a key factor expected to drive growth of the global market. Major factors hampering growth of the global magneto resistive RAM (MRAM) market are high production cost and availability of substitutes.
The global magneto resistive RAM (MRAM) market is segmented on the basis of type, application, and region. On basis of type, the global market is segmented into toggle magneto resistive RAM and second-generation magneto resistive RAM (STT MRAM). Among which, the STT MRAM segment accounts for highest market share, owing to its higher efficiency and thermal stability, and is expected to maintain its dominance over the forecast period. Among application segments, the aerospace and defense segment is expected to witness significant growth over the next 10 years.
On the basis of region, the global magneto resistive RAM (MRAM) market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for significant revenue share in the target market. The market in Asia Pacific is expected to register highest CAGR over the forecast period. This growth in Asia Pacific magneto resistive RAM (MRAM) market can be attributed to rapid development in semi-conductor industry, owing to higher demand for memory technology from semiconductor industry. Moreover, presence of major consumer goods manufacturers in countries such as China, Japan, and South Korea is expected to further boosted demand for magneto resistive RAM technology.
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