Memory and Storage are the 2 major components of a computer or PC. Both work in collaboration with PC/Laptop processor to access or process data like processing of information for an application.
Memory (RAM – Random Access memory) is computer hardware component that is capable of storing information temporarily while storage is a hardware component that is non-volatile where data can stay even when the computer isn’t being used and is turned off.
While memory is of 2 types i.e. DRAM and SRAM, example of storage can be many like HDD (Hard Disk Drive), SDD (Solid State Drive), USB drive, SD Card, CompactFlash, DVD etc. Memory has a big benefit that it processes data very fast, Infact it can access data and information instantly. On the other hand, storage is considerably slower than memory devices and cannot access or modify data as fast.
In terms of cost, memory components are considerably cheaper compared to storage. SSDs and HDDs are known to be higher in price than memory (RAM) in market. Another significant specification that differs memory from storage is the data storage size limit. While memory (RAM) is lately known to reach upto GBs, Storage has crossed GB landmark and has reached TB and above limit. RAM is placed within the device, however storage devices are versatile and have flavours which may be placed internally or externally.
To illustrate the above shared points, below table clearly articulates the difference between memory and storage –