Magnetoresistive random access memory (MRAM) is a non-volatile RAM memory utilized for storing data using magnetic charges in place of electric charges. The early developments of MRAM could be traced back to the year 1990 when Honeywell Company designed magnetoresistive memory devices which affirmed features such as high density, random access and non–volatile memory. Following this trend, Freescale-Everspin Company came up with commercial and mass produced MRAMs. This device works on the principle of magnetoresistance which is a result of the effect caused by change in resistance with magnetic state of devices. MRAM is anticipated to be the most power efficient memory device.

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The potential capability of MRAM is that it can replace DRAM (Dynamic Random Access Memory), SRAM (Static Random Access Memory), flash memory, etc. MRAM currently has two types which are toggle MRAM and Spin-Transfer Torque MRAM. Toggle MRAM deploys one transistor and one Magnetic Tunnel Junctions (MTJ) cell to furnish a simple, high-density memory. The MTJ device usually has a low resistance when the magnetic moment of the free layer becomes parallel to the fixed layer and a high resistance when the free layer moment is aligned anti-parallel to the fixed layer moment. Furthermore, spin-transfer torque is a result of the orientation of a magnetic layer in a magnetic tunnel junction or spin valve altered using a spin-polarized current. The MRAM market is presently at a development stage and the industry witnesses strategic partnerships along with expanding innovation and research & development activities.

There is an increase in demand for computing electronics devices which eliminates boot up time. The advantage of using a magnetoresistive random access memory (MRAM) is that it reduces boot up time. This factor of eliminating boot up time is expected to be the primary driving factor for the MRAM market. Along with that, MRAM products allow more memory space. The whole IT ecosystem is looking forward to devices which allow more memory space; hence, this factor is expected to drive the MRAM market with a positive impact. Also, the considerable increase in demand for wearable electronics indirectly drives the MRAM market. However, there exist some challenges for the magnetoresistive random access memory (MRAM) market. One of the restraints is the logistics issue as manufacturers are still not clear about the demand supply equation, MRAM being a new technology, MRAM products currently have high design cost with electromagnetic interface problems to add to the challenge. However, MRAM products can gain favorable opportunity to vertically scale up along its memory supply chain.

The MRAM market is currently witnessing a trend of reduction in size of the chip area. Additionally, MRAM technology is aiding the magnetic tunnel junctions (MTJ) to stack it directly on the vertical internet access by eliminating magnetic interferences. This trend is expected to increase demand for small sized chips with reduced cost as MTJ allows reduction in chip size, thus allowing commercialization of MRAM technology.

The MRAM market can be segmented according to product type and application. Product type can be further segmented as toggle MRAM and Spin-Transfer Torque MRAM. On the basis of application, the MRAM market is segmented into consumer electronics, robotics, automotive, enterprise storage, aerospace & defense and others. The MRAM market can also be segmented by region as North America, Europe, Asia Pacific, Middle East & Africa, and South America.

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Some of the key players in the magnetoresistive random access memory (MRAM) market are Avalanche Technology, Inc. (U.S.), Everspin Technologies, Inc. (U.S.), Honeywell International, Inc. (U.S), Intel Corporation (U.S.), NVE Corporation (U.S.), Qualcomm Incorporated (U.S.), Samsung Electronics Co. Ltd. (South Korea),. Spin Transfer Technologies (U.S.), Toshiba Corporation (Japan), and Crocus Nano Electronics LLC. (Russia).

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