Next generation memory also means a memory system which can perform data storage much faster, cheaper and can hold more information than silicon chips. It has therefore its uses widely in the telecommunication industries, information technology industries, and the banking, financial service, and insurance (BFSI) sectors throughout the world. Currently, there is more focus on the development and significant demand of high-bandwidth, low-power, and highly-scalable memories that used the art of artificial intelligence (AI), Internet of things (IoT), big data, and various other applications. This is in turn, fueling the requirements for the next generation memory.