The NAND Flash Memory Market is estimated to be valued at US$ 66.52 Bn or Billion in 2022 and is expected to exhibit a CAGR of 5.6% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
NAND flash memory is a type of non-volatile storage technology that does not require power to retain data. It is largely used in solid state drives (SSDs), USB flash drives, memory cards, and other devices that require high storage capacity in a small form factor. SSDs offering high data transfer speeds and reliability are increasingly replacing hard disk drives (HDDs) in computers, servers and other devices.

Market Dynamics:
The growing demand for SSDs across data centers, computers and mobile devices is expected to drive the NAND flash memory market growth. Growing adoption of IoT devices and artificial intelligence applications requiring large data storage are also fueling the market expansion. According to IDC, worldwide spending on AI systems is forecast to be more than $97.9 billion in 2023, significantly increasing the demand for NAND flash memory. Furthermore, rapid urbanization and rising disposable income in developing countries are supporting the adoption of consumer electronics incorporating NAND flash memory. Continuous technological advancements enabling higher density, lower costs and better performance of NAND flash chips are further supporting the industry growth over the forecast period.
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