Memory is playing promising role in many of the modern portable devices that became indispensable in one’s life. Next generation memory devices stands as a key enabler in the emergence of increasing complex computing systems and they are evolving in terms of efficiency, speed, density and others. Evolution of memory devices from punch cards in 1745, Magnetic tape in 1950, Cassette tape & Removable hard drive in 1963. In mid-1990’s zip drive, CD, Floppy Disk, Punched tape. In the year 2000 SD Card and USB Flash drive and in 2007 with cloud and other memory technologies. Majorly next generation memories are gaining importance with rapid growth density and simultaneous cost reduction of memory by scaling the underlying technologies to smaller feature sizes and thus smaller memory bit sizes.