MRAM Market Size (2024 - 2029)

Magneto Resistive RAM (MRAM) Market Analysis

The MRAM Market size is estimated at USD 2.01 billion in 2024, and is expected to reach USD 22.58 billion by 2029, growing at a CAGR of 62.12% during the forecast period (2024-2029).

Increasing adoption of digitalization across the industry, technological advancement of computing technologies, Internet of Things (IoT) and rapid development of smart robots across the world, and rising investment in electronic devices such as smartphones, televisions, smart wearables, computers, and drones, may boost the market demand in the future.

• The need for low-cost, small-size, power-efficient random-access memory technology grew in the past decade in industrial, commercial, automotive, and defense systems due to the rapid implementation of computers. MRAMs can withstand high radiation, operate in extreme temperature conditions, and are tamper-resistant, making them fit for military and industrial applications.
• Growing investments in the research and development of next-generation read access memory may open provide opportunities to new product applications and fuel the market's growth.
• The global adoption of smartphones has encouraged manufacturers to develop advanced RAM that could reduce the boot-up time and enhance memory space to offer high performance. The number of key players in the market has grown, focusing on developing and mass-producing MRAM either in stand-alone or embedded design to gain a leading position in the market in the future.
• Despite the COVID-19 outbreak, which negatively impacted the smartphone industries but spurred demand for server and PC memory for stay-at-home activities, the year 2020-2021 was expected to see recovery. Driven by important megatrends such as cloud computing, AI, and the IoT, the memory market experienced extraordinary growth in the past decade.
• According to Intel, the increased need for virtualized desktop infrastructure and virtualized storage solutions is driving the demand for its storage and memory products in data centers. The need to enhance and accelerate storage and memory capabilities for the two application types grew due to the rising trend of work-from-home and the increased usage of digital resources during the COVID-19 pandemic.

Magneto Resistive RAM (MRAM) Industry Segmentation

Magneto resistive RAM (MRAM) is a non-volatile method of storing data bits in random-access memory using magnetic states instead of electrical charges, which is different from dynamic random-access memory (DRAM) and static random-access memory (SRAM), as they maintain data only until the power is applied.

The magneto resistive RAM (MRAM) market is segmented by type (toggle MRAM and spin-transfer torque MRAM), application (consumer electronics, robotics, automotive, enterprise storage, and aerospace and defense), and geography.