NOR Flash Memory Market: By Type (Serial NOR Flash, Parallel NOR Flash), By Industry Vertical (Telecommunication, Consumer Electronics, Automotive & Transportation, Manufacturing, Energy & Power, Others) and Geography

NOR Flash Memory Market size is expected to be valued at USD 2,347.8 million in 2022 and is poised to grow at a CAGR of 15.4% from 2023-2029. Flash memory is an electronic non-volatile computer storing memory that can be electrically reprogrammed and deleted. The two key kinds of flash memory are called the logic gates of NOR and NAND. Interpretation from NOR flash is similar to understanding from random-access memory if the correct mapping of the data bus and address is achieved. For this, most microprocessors use NOR flash memory as an implement instead of (XIP) memory. It indicates that programs stored in NOR flash can be performed directly from the NOR flash instead of first being copied to RAM. The necessity for high-speed, highly scalable, and low-power-consuming memory devices can lead to the NOR flash memory market growth. Moreover, the growing demand for non-volatile memory in connected devices and wearable and improved deliveries of embedded NOR flash in wireless, automotive, industrial, and medical applications are some primary factors that can boost the global NOR flash memory market. Apart from these, Technological advancements such as advanced driver assistance systems (ADAS), internet of things (IoT) connectivity, and automatic cruise controllers are constructed into automotive processors and controllers such as microcontrollers or CPUs on motherboards which can also accelerate the market in the future. The increasing demand for NOR flash memories which are utilized for code storage in the controllers can also drive the global market further. However, some factors such as the expansion of high technology NAND flash such as 3D NAND flash and the rise in acceptance of NAND flash can restrain the growth of the market.