Firmware is also called as Read –Only- Memory. Firmware usually comes as ROM chips .Firmware is
Non–volatile. By non-volatility it means that the chip does not need any power source to retain its contents. This is opposing to RAM (Random Access Memory) which loses its contents once the power source is cut-off.
Firmwares are also writable. A very famous writable firmware is the BIOS (Binary Input/output System).
The BIOS stores information pertaining to how the Computer boots. It does not loose its settings when you switch off a computer.
Firmwares are currently used in almost all the High-tech gadgets like Cell phones, PDA, Computers, GPS systems and so on.