MRAM technologies are mostly used in battery-powered wireless sensors, as they consume almost 50% less power than other flash memories. This increases the battery life to a great extent. Furthermore, the MRAM module has unique features such as faster access time and non-volatile data storage compared with other memory technologies. This gives MRAM technology an additional benefit over other RAMs, along with the lower-power consumption factor. Moreover, for the wireless and portable applications, especially IoT, the energy budget is a critical component. So, engineers typically need to look at the rate of power consumption of the device. Technologies such as MRAM, with fast-write and power-up-to-write times, decrease the power consumption compared with EEPROM or flash. This, in turn, creates demand for MRAM modules. All of these factors are expected to drive the growth of the market.
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As per Technavio, the large-scale benefits of using IoT devices in healthcare applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
MRAM Market : Large-Scale Benefits Of Using IoT Devices In Healthcare Applications
IoT is one of the most rapidly growing markets across the globe. IoT devices are finding huge adoption in medical devices. IoT integrates technologies such as data communication, hardware design, data storage, and data mining. In healthcare applications, radio-frequency identification (RFID) devices are used to ensure that authorized disposable parts are properly attached to the right equipment. This will help to reduce the hazard by misuse. However, the memory of these devices is easily corrupted or erased when exposed to radiation equipment in hospitals. To overcome this drawback, RFID devices are now being integrated with MRAM, which can withstand gamma radiation. This feature has led to the increased use of MRAM in RFID tags that are used for medical applications.
“Factors such as the impulsion for miniaturization, growth of smart cities and integration of MRAM in the smartphone market will have a positive impact on the growth of the MRAM market value during the forecast period,” says a senior analyst at Technavio.
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MRAM Market: Segmentation Analysis
This market research report segments the MRAM market by type (STT MRAM and T MRAM), end-user (enterprises storage, consumer electronics, robotics and automotive and A and D), and geography (North America, APAC, Europe, South America and MEA).
The North American region led the MRAM market in 2019, followed by APAC, Europe, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to the presence of leading players and growth of R&D.
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Some of the key topics covered in the report include:
- STT MRAM
- T MRAM
- Enterprises storage
- Consumer electronics
- Automotive and A and D
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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