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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Geographically, the key regions identified in this industry are North America, the Middle East and
Africa, Latin America, Europe and Asia Pacific. North America is estimated to hold the largest market
share due to the high R&D expenditures. The presence of sophisticated business infrastructure and
facilities and a large number of manufacturing companies are the factors accelerating the demand
for NOR flash memory in this region. Asia Pacific is expected to witness the fastest growth over the
coming six years due to the rising demand for consumer electronics goods. The growing population
base and increasing per capita income of people drives the growth of NOR flash industry. In