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Key Trends Driving NAND Flash Memory Market in India

by businesswireindia.com

Business Wire India

The proliferation of smartphones and easy availability of high-speed internet has resulted in an exponential increase in data consumption in India. The latest report by Assocham-PwC states that the data usage will to grow at 73% CAGR by 2022 in the country. Such a massive data generation and consumption require a robust storage, which is reliable, compact and cost-effective. As a result, NAND storage technology is rapidly emerging and taking over other conventional storage technologies.

According to the forecast of Mordorintelligence, the global NAND flash memory market is expected to generate revenue of USD 75.4 million by 2023 at a CAGR of 6.50 per cent during the forecast period.

The study states that increased smart devices usage is driving demand for NAND flash memory devices. The technologies such as Artificial Intelligence, Machine Learning and Cloud Computing are also fueling the growth of the NAND flash memory devices business. Here are the key trends that are driving the NAND Flash Memory Market in India. 

Need for Solid-State Drives 
One of the key factor for increase in demand for NAND, is the requirement of Solid-State Drives (SSDs). NAND flash memory technology provides users ease to store data permanently even in the case of power failure at a reduced cost. Hence, 3D NAND and NVM (Non-Volatile Memory) are witnessing a rapid adoption, which offers speed and durability at a low cost. 

Smart Devices and Automation 
The proliferation of smart devices and the increasing demand for smart data storage for personal and commercial usage is fueling the growth of NAND flash memory market in India. The Government’s emphasis on e-governance and digitization has led consumers towards the digital means to access and utilize information and resources. This has triggered a huge demand for storage of massive data. Similarly, increasing automation across the industry verticals is also driving the growth of the NAND flash memory devices.  

Smart City/ Safe City Projects 
The technology will play a critical role in Government-backed projects such as smart city and a safe city. Similarly, various e-governance and welfare projects require a robust mechanism of data storage, where NAND plays a major role. 

The advent of 3D NAND and NVM 
Along with NAND, technologies such as 3D NAND and NVM (Non-Volatile Memory) are also witnessing rapid adoption in the market. 3D NAND offers large storage space while operating faster at a reduced cost. Hence, it is being rapidly adopted across the industry segments. On the other hand, NVM (Non-Volatile Memory) technologies, offers increased speed and durability compared with NAND and are predicted to take over the market share of NAND in the coming years.
Source: Businesswire