Selbyville, Delaware, Jan. 09, 2019 (GLOBE NEWSWIRE) --

The semiconductor memory market is predicted to grow from USD 110 billion in 2017 to over USD 730 billion by 2024, according to a latest Global Market Insights, Inc. report. Rapidly increasing implementation of IoT technologies across all industry verticals is a major factor supporting the development of the market. The technical innovations pose a high demand for components such as sensors, microcontrollers, stroage, and connectivity solutions. As a result, the storage capabilities are evolving to address the high requirements of IoT-based products.

The incorporation of IoT technology into industrial, consumer, automotive, communications, etc., is a key reason responsible for the increased sales of semiconductor companies. The manufacturing companies in the semiconductor memory market are focusing on developing highly efficient products to provide high-quality solutions to OEMs.

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The rapid increase in data center establishments across the globe due to high storage requirements in various application industries such as growth of telecom & IT sector is adding up to the consumption of storage devices. The several countries in Europe and North America are experiencing a high adoption of hyperscale data and colocation data centers owing to the increasing demand for mega facilities for storage, access, and management of the massive business data. These establishments have huge amounts of storage requirements, which is resulting in growing semiconductor memory market size.

The industry suppliers and manufacturers based in North American and European countries incur high manufacturing & production costs as compared to their Asian counterparts. These companies face cost-based challenges due to high labor wages and employment costs in the U.S. and the EU. These factors along with the unavailability of human labor to perform the production & assembly operations manually is a major issue for the manufacturers across North America in the market. The labor cost issues in the semiconductor memory market can be overcome by deploying efficient automated machines and facilities that reduce the human involvement and provide better operational results compared to the workers. These automated machines offer several benefits to the companies as they produce high-quality & faultless products, saving time and enhancing the production process.

Browse key industry insights spread across 233 pages with 312 market data tables & 27 figures & charts from the report, “Semiconductor Memory Market Size, By Type (RAM [SRAM, SDRAM, MRAM, DRAM], ROM [EEPROM, EPROM, Flash Memory, PROM]), By Application (Aerospace & Defense, Automotive, Consumer Electronics, Industrial, Medical, Telecommunications), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Benelux, Russia, China, India, Japan, South Korea, Taiwan Brazil, Mexico, Argentina, South Africa, GCC), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/semiconductor-memory-market

The evolution of industrial IoT technologies and Industry 4.0 strategies adopted in various industrial processes is further fueling the semiconductor memory market demand. These technologies include automated and smart systems that perform manufacturing, assembly, and management operations at high speeds as compared to humans. In order to maintain these output levels and provide cost benefits to industries, the system manufacturers deploy efficient components, which include high-quality chips. These factors coupled with other industrial innovations such as intelligent control is contributing towards the high demand of the market in the industrial applications.

The U.S. semiconductor memory market is witnessing a high popularity for SSDs due to a gradual increase in the consumption of electronic products in the country. A rise in the consumer disposable income and the utilization of digital technologies across all industry verticals are the major factors responsible for high storage solutions requirements. Declining chip prices in the Asian market are enforcing customers in North America to import such products from companies based in the Asian countries. Moreover, the growing need for high-capacity storage & memory devices and their deployment in mobile devices and huge data centers is supporting high requirements for NAND Flash memory solutions.

The semiconductor memory market is highly competitive owing to the presence of leading manufacturers including Samsung Electronics, SK Hynix, Micron Technology, Inc., etc. The manufacturers are focused on product innovations & development areas by investing in R&D activities & engineering capabilities to cater to the needs from mobile industry customers. To stabilize the pricing of these components over the forecast years, companies are developing several strategies that will maintain the average prices of RAM & ROM products.

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