Abstract
Summary
The next-generation memory market is projected to grow from USD 6.2 billion in 2023 and is projected to reach USD 17.7 billion by 2028; it is expected to grow at a CAGR of 23.2% from 2023 to 2028.
Suring adoption of next-generation memories in smartphones and smart wearables, and rising adoption of next-generation memory technologies for enterprise storage applications are the factors expected to fuel the growth of the next-generation memory market.
“High-Bandwidth Memory (HBM) segment of the next-generation memory market to witness high growth during the forecast period.”
High-Bandwidth Memory (HBM) segment of the next-generation memory market to grow at high CAGR during the forecast period.
HBM is a form of 3D memory created by stacking multiple DRAM memory dies using the TSV technology. HBM technologies stack the memory chips on top of each other, which leads to the use of extremely wide data buses and considerably slower clock speeds to achieve the required levels of performance. This memory is mainly targeted for graphic cards and high-processing computing applications, including consumer accelerated processing units (APUs), servers, and supercomputers. Companies are coming up with newer and advanced HBM memories with enhanced functionalities. For example, in July 2023, SAMSUNG (South Korea) announced that it would invest KRW 1 trillion (approx. USD 766 million) to expand its high bandwidth memory (HBM) production capacity.
“Consumer electronics application segment to witness significant growth for next-generation memory market during the forecast period.”
Consumer electronics segment to grow at high CAGR during the forecast period. The adoption of consumer devices is growing rapidly, alongside their target applications' memory storage consumption. Emerging non-volatile memories (NVMs), which can be used to supplement or swap out DRAM to improve the memory capacity of consumer devices, have been released onto the market by manufacturers as a potential solution. Recent works propose employing NVM as a swap space for DRAM since completely replacing DRAM with NVM in consumer devices imposes significant system integration and design constraints. Next-generation memory technologies are widely used in consumer electronic devices such as wearable devices, set-top boxes, digital cameras, tablets, handheld personal communication systems, desktop PCs, and laptops owing to the advancements in consumer electronic devices that require high-performance capability. This would increase the adoption of next-generation memory market across consumer electronics sector.
“Asia Pacific to hold a major market share of the next-generation memory market during the forecast period” Asia Pacific is expected to hold a major market share for next-generation memory market during the forecast period. The Asia Pacific region comprises some of the leading countries in the field of electronics, such as China, Japan, South Korea, and India. Asia Pacific holds the largest market for semiconductor memory technologies as it is a hub for the sectors having major semiconductor and electronics applications. Furthermore, Asia Pacific is also one of the largest bases for the companies offering consumer electronics, advanced ICT technologies, and other high-end machinery which makes it the largest adopter of the emerging technologies. Samsung (South Korea), SK Hynix (South Korea), and Toshiba (Japan) are the key players in the memory market in Asia Pacific, which are also the major stakeholders in the next-generation memory market in this region.
Extensive primary interviews were conducted with key industry experts in the next-generation memory market space to determine and verify the market size for various segments and subsegments gathered through secondary research. The break-up of primary participants for the report has been shown below:
The break-up of the profile of primary participants in the Next-Generation Memory market:
• By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
• By Designation: C Level – 10%, Director Level – 30%, Others-60%
• By Region: North America – 40%, Europe – 35%, Asia Pacific – 15%, ROW- 10%
The report profiles key players in the next-generation memory market with their respective market ranking analysis. Prominent players profiled in this report are SAMSUNG (South Korea), KIOXIA Holdings Corporation (Japan), Micron Technology, Inc. (US), Fujitsu (Japan), SK Hynix Inc (South Korea), Honeywell International, Inc. (US), Winbond (Taiwan), Microchip Technology Inc. (US), Nanya Technology (Taiwan), and Everspin Technologies (US).
Apart from this, Macronix International Co., Ltd. (Macronix), Kingston Technology (US), Infineon Technologies AG (Germany), ROHM CO., LTD. (Japan), Nantero, Inc. (US), Crossbar Inc. (US), Viking Technology (US), and Avalanche Technology (US) are among a few emerging companies in the next-generation memory market.
Research Coverage: This research report categorizes the next-generation memory market on the basis of technology, wafer size, application, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the next-generation memory market and forecasts the same till 2028. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the next-generation memory ecosystem.
Key Benefits of Buying the Report The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall next-generation memory market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (Increasing demand for memory devices that provide fast access and consume minimal power; Rising adoption of next-generation memory technologies for enterprise storage applications; Suring adoption of next-generation memories in smartphones and smart wearables; Growing adoption of next-generation memory solutions in automotive sector to handle evolving data and computational needs), restraints (High manufacturing cost of next-generation memories; Compatibility and interoperability issues associated with next-generation memories), opportunities (Increasing adoption of next-generation memory technologies in embedded systems and IoT devices; Rising adoption of high-bandwidth memory (HBM) in data centers for memory-intensive applications) and challenges (Scalability issues associated with high-density non-volatile memories; Higher design costs due to lack of standardized manufacturing processes; Achieving high-speed write performance and energy efficiency) influencing the growth of the next-generation memory market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the next-generation memory market.
• Market Development: Comprehensive information about lucrative markets – the report analysis the next-generation memory market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the next-generation memory market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like SAMSUNG (South Korea), KIOXIA Holdings Corporation (Japan), Micron Technology, Inc. (US), Fujitsu (Japan), SK Hynix Inc (South Korea), among others in the next-generation memory market.
Table of Contents
1 INTRODUCTION 35
1.1 STUDY OBJECTIVES 35
1.2 MARKET DEFINITION 35
1.3 STUDY SCOPE 36
1.3.1 MARKETS COVERED 36
1.4 INCLUSIONS & EXCLUSIONS 36
1.4.1 GEOGRAPHICAL SCOPE 37
1.5 YEARS CONSIDERED 37
1.6 CURRENCY CONSIDERED 38
1.7 LIMITATIONS 38
1.8 STAKEHOLDERS 38
1.9 SUMMARY OF CHANGES 39
1.10 RECESSION ANALYSIS 40
2 RESEARCH METHODOLOGY 41
2.1 RESEARCH DATA 41
2.1.1 SECONDARY DATA 42
- 2.1.1.1 Major secondary sources 43
- 2.1.1.2 Key data from secondary sources 43
2.1.2 PRIMARY DATA 43
- 2.1.2.1 Primary interviews with experts 44
- 2.1.2.2 Breakdown of primaries 44
- 2.1.2.3 Key data from primary sources 45
2.1.3 SECONDARY AND PRIMARY RESEARCH 46
- 2.1.3.1 Key industry insights 46
2.2 MARKET SIZE ESTIMATION 47
2.2.1 BOTTOM-UP APPROACH 48
- 2.2.1.1 Approach to derive market size by bottom-up analysis (demand side) 48
2.2.2 TOP-DOWN APPROACH 48
- 2.2.2.1 Approach to derive market size by top-down analysis (supply side) 49
- 2.2.2.2 Supply-side analysis 49
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 51
2.4 RESEARCH ASSUMPTIONS 52
2.5 PARAMETERS CONSIDERED TO UNDERSTAND IMPACT OF RECESSION ON NEXT-GENERATION MEMORY MARKET 52
2.6 RISK ASSESSMENT 53
2.7 RESEARCH LIMITATIONS 54
3 EXECUTIVE SUMMARY 55
3.1 GROWTH RATE ASSUMPTIONS 55
4 PREMIUM INSIGHTS 59
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN NEXT-GENERATION MEMORY MARKET 59
4.2 NEXT-GENERATION MEMORY MARKET, BY TECHNOLOGY 59
4.3 NEXT-GENERATION MEMORY MARKET, BY WAFER SIZE AND APPLICATION 60
4.4 NEXT-GENERATION MEMORY MARKET, BY REGION 60
4.5 NEXT-GENERATION MEMORY MARKET, BY COUNTRY 61
5 MARKET OVERVIEW 62
5.1 INTRODUCTION 62
5.2 MARKET DYNAMICS 63
5.2.1 DRIVERS 63
- 5.2.1.1 Increasing demand for memory devices that provide fast access and consume minimal power 63
- 5.2.1.2 Surging adoption of next-generation memory technologies for enterprise storage applications 64
- 5.2.1.3 Rising integration of next-generation memories in smartphones and smart wearables 64
- 5.2.1.4 Growing adoption of next-generation memory solutions in automotive sector to handle evolving data and computational needs 65
5.2.2 RESTRAINTS 67
- 5.2.2.1 High manufacturing cost of next-generation memories 67
- 5.2.2.2 Compatibility and interoperability issues associated with next-generation memories 67
5.2.3 OPPORTUNITIES 68
- 5.2.3.1 Increasing adoption of next-generation memory technologies in embedded systems and IoT devices 68
- 5.2.3.2 Rising adoption of high-bandwidth memory (HBM) in data centers for memory-intensive applications 69
5.2.4 CHALLENGES 70
- 5.2.4.1 Scalability issues associated with high-density non-volatile memories 70
- 5.2.4.2 Higher design costs due to lack of standardized manufacturing processes 70
- 5.2.4.3 Achieving high-speed write performance and energy efficiency 70
5.3 VALUE CHAIN ANALYSIS 71
5.3.1 VALUE CHAIN ANALYSIS OF NEXT-GENERATION MEMORIES 72
5.3.2 VALUE CHAIN ANALYSIS OF MAGNETO-RESISTIVE RANDOM-ACCESS MEMORY (MRAM) 73
5.4 ECOSYSTEM MAPPING 74
5.5 PRICING ANALYSIS 76
5.5.1 AVERAGE SELLING PRICE OF NEXT-GENERATION MEMORY SOLUTIONS OFFERED BY KEY PLAYERS, BY NON-VOLATILE MEMORY TECHNOLOGY 77
5.5.2 AVERAGE SELLING PRICE OF NEXT-GENERATION MEMORY SOLUTIONS OFFERED BY KEY PLAYERS, BY VOLATILE MEMORY TECHNOLOGY 78
5.6 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESSES 79
5.7 TECHNOLOGY ANALYSIS 79
5.7.1 KEY TECHNOLOGIES 79
- 5.7.1.1 Conductive-bridge RAM (CBRAM) 79
- 5.7.1.2 Oxide-based ReRAM (OxRAM) 80
- 5.7.1.3 Atomic-switch ReRAM 80
- 5.7.1.4 HfO2-based ReRAM 80
5.7.2 ADJACENT TECHNOLOGIES 80
- 5.7.2.1 Perpendicular magnetic anisotropy (PMA) 80
- 5.7.2.2 ML- and AI-based memory management 81
- 5.7.2.3 3D stacking and packaging techniques 81
5.8 PORTER’S FIVE FORCES ANALYSIS 81
5.8.1 INTENSITY OF COMPETITIVE RIVALRY 82
5.8.2 BARGAINING POWER OF SUPPLIERS 82
5.8.3 BARGAINING POWER OF BUYERS 83
5.8.4 THREAT OF SUBSTITUTES 83
5.8.5 THREAT OF NEW ENTRANTS 83
5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 83
5.9.1 BUYING CRITERIA 84
5.10 CASE STUDY ANALYSIS 85
5.10.1 EVERSPIN TECHNOLOGIES HELPED BMW OPTIMIZE MOTORSPORT SUPERBIKE WITH MRAM MEMORY 85
5.10.2 IBM SWITCHED TO MRAM WRITE CACHES FOR NEW FLASHSYSTEM STORAGE, ELIMINATING BULKY SUPERCAPS 85
5.10.3 EVERSPIN AND QUICKLOGIC PARTNERED TO PROVIDE MRAM FOR HIGH-RELIABILITY FPGA TO SUPPORT DEPARTMENT OF DEFENSE (DOD) SYSTEMS 86
5.11 TRADE ANALYSIS 86
5.11.1 IMPORT SCENARIO 86
- 5.11.1.1 Import scenario for electronic integrated circuits such as memories 86
5.11.2 EXPORT SCENARIO 87
- 5.11.2.1 Export scenario for electronic integrated circuits such as memories 87
5.12 TARIFF ANALYSIS 88
5.13 PATENT ANALYSIS 89
5.14 KEY CONFERENCES AND EVENTS, 2023-2024 92
5.15 STANDARDS AND REGULATORY LANDSCAPE 94
5.15.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94
5.15.2 REGULATIONS 97
- 5.15.2.1 US regulations 97
- 5.15.2.1.1 California Consumer Privacy Act 97
- 5.15.2.1.2 Anticybersquatting Consumer Protection Act 97
- 5.15.2.2 EU regulations 97
- 5.15.2.2.1 General Data Protection Regulation 97
- 5.15.2.1 US regulations 97
5.15.3 STANDARDS 98
- 5.15.3.1 CEN 98
- 5.15.3.2 ISO/IEC JTC 1 98
- 5.15.3.2.1 ISO/IEC JTC 1/SC 3 1 98
- 5.15.3.2.2 ISO/IEC JTC 1/SC 27 98
- 5.15.3.3 European Telecommunications Standards Institute (ETSI) 98
- 5.15.3.4 Institute of Electrical and Electronics Engineers Standards Association (IEEE) 98
6 NEXT-GENERATION MEMORY MARKET, BY TECHNOLOGY 99
6.1 INTRODUCTION 100
6.2 NON-VOLATILE MEMORY 101
6.2.1 MAGNETO-RESISTIVE RANDOM-ACCESS MEMORY (MRAM) 103
- 6.2.1.1 Spin-transfer torque magnetic random-access memory (STT-MRAM) 103
- 6.2.1.1.1 Superior energy efficiency and high endurance of STT-MRAM technology to fuel market growth 103
- 6.2.1.2 Spin-orbit torque magnetic random-access memory (SOT-MRAM) 104
- 6.2.1.2.1 Fast switching and high scalability of SOT-MRAM to drive market 104
- 6.2.1.3 Toggle mode MRAM 104
- 6.2.1.3.1 Lightning-fast read and write speeds of toggle mode MRAM to propel market growth 104
- 6.2.1.1 Spin-transfer torque magnetic random-access memory (STT-MRAM) 103
6.2.2 FERROELECTRIC RAM (FRAM) 106
- 6.2.2.1 Growing preference for FRAM over Flash memory to drive segment 106
6.2.3 RESISTIVE RANDOM-ACCESS MEMORY (RERAM)/CONDUCTIVE-BRIDGING RAM (CBRAM) 108
- 6.2.3.1 Ability of ReRAM/CBRAM to achieve high-density data storage while maintaining exceptional speed and low energy consumption to drive market 108
6.2.4 3D XPOINT 111
- 6.2.4.1 Breakthrough combination of fast access speeds and high endurance to boost demand for 3D XPoint 111
6.2.5 NANO RAM (NRAM) 112
- 6.2.5.1 Exceptional data retention capabilities of NRAM at high temperatures to drive market 112
6.2.6 OTHERS 113
6.3 VOLATILE MEMORY 115
6.3.1 HYBRID MEMORY CUBE (HMC) 117
- 6.3.1.1 Growing adoption of HMC for high-performance computing applications to drive market 117
6.3.2 HIGH-BANDWIDTH MEMORY (HBM) 118
- 6.3.2.1 Increasing adoption of HBM in network devices and high-performance graphics accelerators to drive market 118
7 NEXT-GENERATION MEMORY MARKET, BY APPLICATION 120
7.1 INTRODUCTION 121
7.2 CONSUMER ELECTRONICS 125
7.2.1 FOCUS ON IMPROVING MEMORY CAPACITY OF CONSUMER ELECTRONICS DEVICES TO DRIVE MARKET 125
- 7.2.1.1 Use case: Wearable electronic devices 126
- 7.2.1.2 Use case: Others (Washing machines and dishwashers) 126
7.3 ENTERPRISE STORAGE 128
7.3.1 ADOPTION OF NEXT-GEN MEMORY IN ENTERPRISE STORAGE TO IMPROVE PERFORMANCE AND REDUCE LATENCY TO DRIVE MARKET 128
7.4 AUTOMOTIVE & TRANSPORTATION 131
7.4.1 INCREASING DEMAND FOR ADVANCED AUTOMOTIVE FEATURES TO FUEL ADOPTION OF NEXT-GENERATION MEMORIES 131
- 7.4.1.1 Use case: Smart airbags 131
7.5 MILITARY & AEROSPACE 133
7.5.1 NEED FOR HIGH ACCURACY AND RELIABILITY IN MILITARY AND AEROSPACE OPERATIONS TO DRIVE DEMAND FOR NEXT-GEN MEMORIES 133
7.6 INDUSTRIAL 136
7.6.1 NEED FOR FASTER PERFORMANCES OF INDUSTRIAL EQUIPMENT TO BOOST DEMAND FOR NEXT-GENERATION MEMORIES 136
- 7.6.1.1 Use case: Human-machine interface (HMI) 136
- 7.6.1.2 Use case: Programmable logic controllers (PLCs) 136
7.7 TELECOMMUNICATIONS 138
7.7.1 ADVENT OF 5G TO GENERATE DEMAND FOR NEXT-GENERATION MEMORY TECHNOLOGIES 138
- 7.7.1.1 Use case: Cybersecurity and networking 139
- 7.7.1.2 Use case: Network security 139
7.8 ENERGY & POWER 141
7.8.1 NEED TO IMPROVE DATA PROCESSING SPEED AND EFFICIENCY IN O&G OPERATIONS TO FUEL DEMAND FOR EMERGING MEMORY TECHNOLOGIES 141
- 7.8.1.1 Use case: Smart grids 141
- 7.8.1.2 Use case: Smart metering 142
7.9 HEALTHCARE 144
7.9.1 MRAM AND FRAM TECHNOLOGIES TO GAIN POPULARITY IN HEALTHCARE DUE TO THEIR ENERGY-EFFICIENT AND NON-VOLATILE NATURE 144
- 7.9.1.1 Use case: Pacemakers 144
- 7.9.1.2 Use case: Medical imaging 144
7.10 AGRICULTURE 147
7.10.1 ADOPTION OF EMERGING MEMORY TECHNOLOGIES IN AGRICULTURE FOR CROP MANAGEMENT AND SOIL ANALYSIS TO DRIVE MARKET 147
- 7.10.1.1 Use case: Field/Crop management 147
- 7.10.1.2 Use case: Soil analysis/monitoring 147
7.11 RETAIL 149
7.11.1 EMERGENCE OF E-COMMERCE TO DRIVE DEMAND FOR NEXT-GENERATION MEMORIES 149
- 7.11.1.1 Use case: Inventory management 149
- 7.11.1.2 Use case: Interactive kiosks and digital signage 150
8 NEXT-GENERATION MEMORY MARKET, BY WAFER SIZE 152
8.1 INTRODUCTION 153
8.1.1 200 MM 155
- 8.1.1.1 200 mm wafers widely used in electronic products 155
8.1.2 300 MM 155
- 8.1.2.1 Majority of next-generation memory chips manufactured using 300 mm wafers 155
8.2 NON-VOLATILE MEMORY MARKET, BY WAFER SIZE 155
8.3 VOLATILE MEMORY MARKET, BY WAFER SIZE 158
9 NEXT-GENERATION MEMORY MARKET, BY REGION 160
9.1 INTRODUCTION 161
9.2 NORTH AMERICA 164
9.2.1 NORTH AMERICA: RECESSION IMPACT 164
9.2.2 US 168
- 9.2.2.1 Presence of numerous data centers to support market growth 168
9.2.3 CANADA 169
- 9.2.3.1 Demand from telecommunications industry to drive market 169
9.2.4 MEXICO 169
- 9.2.4.1 Focus on improving semiconductor production capability to boost market growth 169
9.3 EUROPE 170
9.3.1 EUROPE: RECESSION IMPACT 170
9.3.2 GERMANY 175
- 9.3.2.1 Demand from automotive industry to accelerate market growth 175
9.3.3 UK 176
- 9.3.3.1 Increasing number of data centers to drive market 176
9.3.4 FRANCE 177
- 9.3.4.1 High demand from enterprise storage segment to foster market growth 177
9.3.5 REST OF EUROPE 178
9.4 ASIA PACIFIC 178
9.4.1 ASIA PACIFIC: RECESSION IMPACT 178
9.4.2 CHINA 182
- 9.4.2.1 Government support for R&D of next-generation memory technologies to favor market growth 182
9.4.3 JAPAN 183
- 9.4.3.1 Presence of memory and digital device manufacturers to augment market growth 183
9.4.4 SOUTH KOREA 184
- 9.4.4.1 Established consumer electronics industry to foster market growth 184
9.4.5 INDIA 184
- 9.4.5.1 Focus on domestic production of semiconductors to augment market growth 184
9.4.6 REST OF ASIA PACIFIC 185
9.5 REST OF THE WORLD (ROW) 186
9.5.1 REST OF THE WORLD: RECESSION IMPACT 187
9.5.2 SOUTH AMERICA 188
- 9.5.2.1 Proliferation of data centers to create demand for next-generation memories 188
9.5.3 MIDDLE EAST & AFRICA 189
- 9.5.3.1 Increasing investments to develop regional healthcare infrastructure to boost demand for next-generation memories 189
10 COMPETITIVE LANDSCAPE 190
10.1 INTRODUCTION 190
10.2 STRATEGIES ADOPTED BY KEY PLAYERS 190
10.3 REVENUE ANALYSIS 192
10.4 MARKET SHARE ANALYSIS, 2022 192
10.5 EVALUATION MATRIX FOR KEY COMPANIES, 2022 195
10.5.1 STARS 195
10.5.2 EMERGING LEADERS 195
10.5.3 PERVASIVE PLAYERS 195
10.5.4 PARTICIPANTS 195
10.6 EVALUATION MATRIX FOR SMALL AND MEDIUM-SIZED ENTERPRISES (SMES), 2022 197
10.6.1 PROGRESSIVE COMPANIES 197
10.6.2 RESPONSIVE COMPANIES 197
10.6.3 DYNAMIC COMPANIES 197
10.6.4 STARTING BLOCKS 197
10.6.5 COMPETITIVE BENCHMARKING 199
10.7 COMPETITIVE SCENARIOS AND TRENDS 205
10.7.1 PRODUCT LAUNCHES 205
10.7.2 DEALS 210
10.7.3 OTHERS 212
11 COMPANY PROFILES 214
11.1 KEY PLAYERS 214
11.1.1 SAMSUNG 214
11.1.2 KIOXIA HOLDINGS CORPORATION 220
11.1.3 MICRON TECHNOLOGY, INC 224
11.1.4 SK HYNIX INC 230
11.1.5 FUJITSU 234
11.1.6 HONEYWELL INTERNATIONAL INC 238
11.1.7 MICROCHIP TECHNOLOGY INC 240
11.1.8 WINBOND 244
11.1.9 NANYA TECHNOLOGY 248
11.1.10 EVERSPIN TECHNOLOGIES 250
11.2 OTHER PLAYERS 254
11.2.1 MACRONIX INTERNATIONAL CO., LTD 254
11.2.2 KINGSTON TECHNOLOGY 255
11.2.3 INFINEON TECHNOLOGIES AG 256
11.2.4 ROHM CO., LTD 256
11.2.5 RENESAS ELECTRONICS CORPORATION 257
11.2.6 NANTERO, INC 258
11.2.7 CROSSBAR, INC 259
11.2.8 VIKING TECHNOLOGY 259
11.2.9 NVMDURANCE 260
11.2.10 AVALANCHE TECHNOLOGY 260
11.2.11 SKYHIGH MEMORY LIMITED 261
11.2.12 ATP ELECTRONICS, INC 261
11.2.13 RAMBUS 262
11.2.14 4DS MEMORY 263
11.2.15 INTEL CORPORATION 263
12 APPENDIX 265
12.1 DISCUSSION GUIDE 265
12.2 CUSTOMIZATION OPTIONS 269
12.3 RELATED REPORTS 269
12.4 AUTHOR DETAILS 270