Global NOR flash market is expected to witness a significant growth over the forecast period owing to increasing usage of consumer electronics. The technological advancements and smartphone proliferation coupled with growing popularity of smart devices fuel the market growth. Furthermore, rapidly emerging solid state drives (SSD) and rising mobile computing market is also expected to propel the growth of global NOR flash market. NOR flash memory is a non-volatile storage technology. Machine instructions can run directly from the chips and can be retrieved using this memory. It consists of numerous address pins that offers access to every byte of information accessible in the chip. NOR flash memory is faster than NAND flash but is more expensive. Also unlike NAND flash, NOR flash memory can perform, without the need for any external power source.
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The growing demand for the embedded NOR applications and reading efficiency of NOR flash is also presumed to drive the market growth. However, the transition from NOR to NAND flash could be the major challenge in this industry due to the decrease in average selling price of NAND Flash and also due to other advantages of NAND such as small size. The key emerging trend in the market is the convergence of NOR flash and NAND flash. Due to the integration of these two technologies, the end-users are able to get the benefits from both the technologies. This emerging trend is expected to boost the growth of this industry. NOR flash memory is highly used in cellphones applications.
The market is segmented on the basis of types of devices into low density SPI NOR (serial peripheral interface) and high density parallel NOR. SPI NOR is more popular than parallel NOR due to the benefits associated with SPI NOR. It includes cost-effectiveness, small size, comparable performance with low pin count, and efficient memory usage. Hence, gaining more market share than parallel NOR flash. SPI NOR is moving towards the low-end handsets which are extremely cost effective and are looking to reduce their bill-of-materials cost. On the basis of applications, the market is classified into consumer electronics, communication and IT sector, automotive industry and healthcare industry. Among these applications, the consumer electronics sector is presumed to hold the largest market share. The rising disposable income level will the increase the demand for advanced consumer electronic goods such as gaming console, mobile phones, TV, wearable technologies, digital cameras, and recorders. Hence, resulting in the growth of NOR flash memory market.
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