At 19.2% CAGR, the Middle East & Africa Embedded Non-Volatile Memory Market is Projected to be worth US$ 206.42 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa embedded non-volatile memory market was valued at US$ 50.60 million in 2022 and is expected to reach US$ 206.42 million by 2030, registering a CAGR of 19.2% from 2022 to 2030. Increase in adoption of consumer electronics and increasing demand in low-power IoT modules are among the critical factors attributed to the Middle East & Africa embedded non-volatile memory market expansion.

Embedded non-volatile memory plays a crucial role in the consumer electronics industry. Embedded non-volatile memory is placed in microcontrollers, which are used in embedded systems and further integrated into numerous consumer electronic devices such as cameras, smartphones, smartwatches, microwave ovens, washing machines, smart TVs, tablets, printers, gaming consoles, smart speakers, digital cameras, and home security systems. The embedded non-volatile memory supports data storage that is found in microcontrollers and other electronics. The user keeps this data for further processing, including data redundancy, trimming, programming, identification, and encryption. Embedded non-volatile memory allows users to store data in the absence of electric power, which increases the demand among consumers and drives the global embedded non-volatile memory market. Embedded non-volatile memory is used in memory cards and USB sticks that are integrated into a variety of consumer devices such as smartphones, smartwatches, and digital cameras for data storage. These devices use embedded MultiMediaCard (eMMC) memory chips to store controller code in storage drives and personal electronic devices. The growing adoption of consumer electronics devices among consumers is driving the embedded non-volatile memory market. According to Canalys, the demand for smartwatches has grown by 3%, and for basic watches, the demand increased by 21% in 2022. Consumers across the globe adopt smartwatches to track fitness and health data. Major players in the smartwatch industry are engaging in adding features to smartwatches to attract more customers. For instance, in July 2023, Apple Inc. developed a smartwatch capable of identifying Parkinson’s disease, diabetes, and Lyme disease, which is expected to be popular among the elderly population. The embedded non-volatile memory supports embedded systems to process the data generated by smartwatches to track users’ health and fitness. Moreover, new specifications are currently being developed by server, storage, and application vendors to improve product interaction with NVM. The constant generation of new mobile devices fuels the expansion of NVM products. In 2021, 30-nm node technologies were ramping up, 20-nm node technologies were transitioning to mass production, and a 10-nm node technology was developing to fulfill the demand. Furthermore, to serve a massive amount of data correspondence, the future market requires high-speed operation up to about 1,500 MB/s. These factors are fueling the production of consumer electronics, thereby boosting the demand for embedded non-volatile memory.

On the contrary, global shortage of semiconductor chips hurdles the growth of Middle East & Africa embedded non-volatile memory market. 

Based on product, the Middle East & Africa embedded non-volatile memory market is categorized into eFlash, eE2PROM, FRAM, and others. The eFlash segment held 41.0% market share in 2022, amassing US$ 20.77 million. It is projected to garner US$ 78.27 million by 2030 to expand at 18.0% CAGR during 2022–2030.

Based on application, the Middle East & Africa embedded non-volatile memory market is categorized into consumer electronics, automotive, robotics, and others. The others segment held 39.9% share of Middle East & Africa embedded non-volatile memory market in 2022, amassing US$ 20.18 million. It is projected to garner US$ 70.88 million by 2030 to expand at 17.0% CAGR during 2022–2030.

Based on country, the Middle East & Africa embedded non-volatile memory market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 39.2% share of Middle East & Africa embedded non-volatile memory market in 2022. It was assessed at US$ 19.82 million in 2022 and is likely to hit US$ 87.13 million by 2030, exhibiting a CAGR of 20.3% during 2022-2030.           

Key players operating in the Middle East & Africa embedded non-volatile memory market are Microchip Technology Inc, Tower Semiconductor, Texas Instruments Inc, Taiwan Semiconductor Manufacturing Co Ltd, and Synopsys Inc, among others.

• In Mar 2023, Texas Instruments expanded its broad analog and embedded processing semiconductor portfolio by introducing a scalable Arm Cortex-M0+ microcontroller (MCU) portfolio that features a wide range of computing, pinout, memory, and integrated analog options.
• In May 2023, NXP Semiconductors announced its collaboration with TSMC to deliver the industry's first automotive-embedded MRAM (Magnetic Random Access Memory) in 16 nm FinFET technology. As automakers transition to software-defined vehicles (SDVs), they need to support multiple generations of software upgrades on a single hardware platform.

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