Memory is the essential component of a computing system that is used by the CPU to temporarily hold data and instructions. There are two main types of memory: primary and secondary. Primary memory, like RAM, is volatile and stores active data and programs, while secondary memory, like ROM, is non-volatile and stores passive data over longer periods of time. RAM is the main type of primary memory and comes in two forms, SRAM and DRAM, which differ in how they store information. ROM is a type of permanent memory that retains data even when power is removed and comes in three types: PROM, EPROM, and EEPROM.