Market and Technology Trends

Emerging Non-Volatile Memory 2026

Jun 2026

Emerging NVM revenue is on track to reach $4.5B by 2031, driven by the adoption of embedded RRAM, MRAM, and PCM.

YINTR26570

SCOPE

Depth analysis

Device
Wafer

Technology

Memory
RRAM
PCM
MRAM
High-κ oxide FRAM
Other ENVM

MARKET

The embedded emerging NVM marketis expected to grow from ~$0.3B in2025 to >$4B by 2031. RRAM isprojected to become the largestrevenue contributor, supported byMCUs, analog / BCD ICs, display drivers,connectivity ICs and other low-powerASICs. MRAM and PCM continue togrow in more targeted applications,especially where reliability, endurance,density or qualification are key.

Device units
Value
Wafer (device)

PLAYERS

RRAM has the broadest ecosystem,spanning foundries, IDMs and IPproviders, including TSMC,GlobalFoundries, UMC, DB HiTek, onsemi,TI, SkyWater, SMIC and Weebit Nano.Infineon leads visible RRAM productadoption, Renesas and NXP advanceembedded MRAM MCUs, andSTMicroelectronics remains the key PCMdriver. China is moving from prototypingtoward early industrialization, especiallyin embedded RRAM for display driversand application-specific ICs.

Market shares
Ecosystem / Supply chain
Strategy / Financial analysis
Business news

TECHNOLOGY

RRAM is positioned as a versatile, cost-effective NVM solution, “good enough” fora wide range of embedded applicationsthanks to its scalability and BEOLintegration flexibility. MRAM targets low-power, high-performance and high-reliability use cases, while PCM remainswell suited to demanding MCU platformsthrough STMicroelectronics’ xMemoryroadmap. SCM-like concepts remain activeR&D areas, with broad commercializationstill unlikely before 2031.

Technology status
Technology Roadmap

WHAT'S NEW

Enhanced China coverage: the report expands tracking of Chinese companies and domestic supply-chainactivity, with new analysis of RRAM, MRAM, SCM-like memories and novel ferroelectric memories. Playerssuch as SMIC, Smart Memories, Hikstor, Truth Memory and Numemory illustrate China’s growing visibilityacross embedded RRAM, high-κ ferroelectrics, MRAM and SCM-like concepts.
New focus on advanced applications: the update strengthens the analysis of emerging NVM opportunities inanalog / BCD ICs, in-memory computing, near-memory architectures, HBM and chiplets, persistent memoryand high-reliability aerospace / defense applications
Updated market forecast through 2031: emerging NVM remains on track to surpass $4B within the next 5years, but the application mix is evolving, with stronger contribution from consumer / industrial MCUs, ASICs,display drivers, analog / BCD ICs and low-power custom ICs.
Expanded tracking of products using embedded emerging NVM: the report includes an updated list ofcommercial ICs integrating MRAM, RRAM and PCM, covering MCUs, automotive platforms, secure ICs, displaydrivers, connectivity / RF ICs and edge-AI devices.
Deeper analysis of embedded NVM scaling roadmaps: the 2026 edition further details the positioning ofMRAM, RRAM and PCM as alternatives to embedded flash at ≤28nm, including foundry / IDM roadmaps, nodemigration and technology trade-offs.
Broader coverage of prospective memories: the report includes updated insights on HfO₂-basedferroelectrics, SOT-MRAM, VCMA-MRAM, CeRAM, Mott-insulator memories and ULTRARAM, highlightingstrong R&D and investor interest while clarifying the long path to commercialization.

REPORT OBJECTIVES

Present an overview of the semiconductor memory market:
- Embedded (eFlash, SRAM) and stand-alone memory: main markets and trends.
- Technology status and revenue, by technology.
Provide an understanding of emerging non-volatile memory (NVM) applications:
- Market drivers and challenges, technology roadmap, players, and main trends are provided for 10 application fields: four for stand-alone and six for embedded. Main trends and opportunities for emerging NVM are also furnished.
Offer market forecasts for emerging NVM businesses:
- 2021 - 2031 market forecast in US$, Gb, number of dies, and equivalent 12’’ wafers.
- Price evolution, by both application and technology.
- Forecast for 10 applications and four technologies: MRAM, RRAM, PCM, and high-κ Oxide FRAM.
- Forecast for microcontrollers with embedded emerging NVM, by technology (eMRAM, ePCM, eRRAM) and end-market (automotive, industrial, consumer, secure ICs, and others).
Furnish a technology description of emerging NVM typologies:
- Working principles, manufacturing methods, advantages / limitations, development status, price, time-to-market.
- Roadmap with technological nodes and chip density evolution for leading players.
- Latest product development status for each key market player.
- Detailed list of “worth-watching” developments reported at major technical conferences (IEDM, VLSI, IMW, ISSCC).
Detail and analyze the competitive landscape:
- Recent acquisitions and funding.
- Detailed mapping of players active in the near- and in-memory computing market space.
- Latest company news.
- Key players, by technology and application.

Embedded emerging NVM is on track to exceed $4B by 2031, driven by MCUs, analog / BCD ICs and application-specific ASICs

Emerging NVM is entering a broader scale-up phase, with combined embedded and stand-alone revenue projected to reach approximately $4.5B by 2031, implying a ~49% CAGR. Growth will remain overwhelmingly embedded-led, with embedded RRAM, MRAM, and PCM together expected to exceed $4B by 2031, as adoption diversifies across MCUs, analog / BCD ICs, display drivers, connectivity ICs, and application-specific ASICs.

RRAM is set to become the largest embedded revenue contributor, surpassing $2.0B by 2031, supported by its balance of cost, scalability and integration flexibility. MRAM and PCM also show solid, but more selective, trajectories, reaching ~$1.1B and nearly ~$0.9B by 2031, respectively. Wafer demand reinforces the acceleration, rising from ~12 KWPM in 2025 to ~176 KWPM by 2031.

By contrast, stand-alone emerging NVM remains limited, growing from ~$0.1B in 2025 to ~$0.4B by 2031. In the current AI supercycle, capital and manufacturing capacity remain focused on HBM, advanced 3D NAND and future 3D DRAM, limiting near-term momentum for SCM-like architectures despite renewed R&D interest.

RRAM builds the broadest ecosystem, MRAM targets low-power and high-reliability use cases, while PCM remains largely ST-driven

Emerging NVM player dynamics are becoming clearer, with RRAM, MRAM and PCM each following distinct commercialization paths. Major foundries continue to extend embedded NVM roadmaps beyond planar CMOS into FinFET and specialty platforms, with TSMC remaining a key reference, Samsung Foundry advancing embedded MRAM at leading-edge nodes, and GlobalFoundries, UMC and VSMC strengthening activity across differentiated and regional platforms.

RRAM is gaining momentum through the broadest ecosystem, led primarily by major foundries and IDMs. TSMC remains the key industrial reference, while GlobalFoundries, UMC, SMIC, DB HiTek, SkyWater, onsemi and TI illustrate the widening foundry / IDM base. IP and technology providers such as Weebit Nano support ecosystem expansion, while Infineon remains one of the most visible product adopters. MRAM is more application-specific, but its positioning is strengthening in low-power, high-performance and high-reliability use cases, with Renesas, NXP, Everspin, Avalanche and Netsol illustrating demand across embedded and stand-alone applications. PCM remains the most player-specific technology, with STMicroelectronics driving commercialization through xMemory and automotive MCU platforms. China is also moving from research and prototyping toward early industrialization, particularly in embedded RRAM.

Emerging NVMs keep gaining traction as embedded scaling solutions, with technology choices diversifying by application needs

Emerging NVMs keep gaining traction, driven primarily by embedded memory scaling as eFlash stops scaling efficiently below 28nm. Embedded MRAM is maturing as a robust, high-performance option, already available around 22/28nm, with strong endurance, retention and fast read access for automotive applications. RRAM is emerging as the broadest low-cost path thanks to fab-friendly materials and logic compatibility, while PCM remains highly relevant for advanced automotive and MCU/SoC platforms. MRAM is also expanding beyond eFlash replacement toward SRAM-like and chiplet-based opportunities close to compute.

Beyond these, a rich pipeline of prospective memories attracts strong R&D and investor attention: HfO₂-based ferroelectrics (FRAM, FeFET, FTJ), Micron's NVDRAM, SOT-MRAM, VCMA-MRAM, CeRAM, Mott-insulator memories and ULTRARAM - each bringing distinct advantages, from low-power switching to SRAM-like speed and novel scaling paths. In-memory computing with analog RRAM and PCM adds another promising, selective frontier.

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Emerging Non-Volatile Memory 2026

Emerging NVM revenue is on track to reach $4.5B by 2031, driven by the adoption of embedded RRAM, MRAM, and PCM. ​

Embedded emerging NVM is on track to exceed $4B by 2031, driven by MCUs, analog / BCD ICs and application-specific ASICs​

RRAM builds the broadest ecosystem, MRAM targets low-power and high-reliability use cases, while PCM remains largely ST-driven​

Emerging NVMs keep gaining traction as embedded scaling solutions, with technology choices diversifying by application needs​

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Emerging NVM revenue is on track to reach $4.5B by 2031, driven by the adoption of embedded RRAM, MRAM, and PCM.

Embedded emerging NVM is on track to exceed $4B by 2031, driven by MCUs, analog / BCD ICs and application-specific ASICs

RRAM builds the broadest ecosystem, MRAM targets low-power and high-reliability use cases, while PCM remains largely ST-driven

Emerging NVMs keep gaining traction as embedded scaling solutions, with technology choices diversifying by application needs