The Ferroelectric Random Access Memory or FRAM for short is a kind of the non-volatile memory type that unites the characteristics of DRAM and flash memory, being successfully included into the lists of the most high-speed memory technologies. Using the unique polarization characteristics of ferroelectric material, FRAM provides low voltage, low power write and read capability, and very high cycle endurance and retention. In the following paper, a detailed description of the fundamental cell configuration of FRAM is provided with strong focus on the utilization of ferroelectric capacitors to enable hysteresis-based data storage. Other important factors like the material properties of the memory cells, the geometrical characteristics of the memory cells, and the time at which the memory cells are to be operation are fine-tuned for better efficiency and dependability of memories. A new Verilog-A model for modeling ferroelectric behavior is described, which also enables us to predict memory performance in transient and steady states. It is having been described that the proposed design can be used for energy efficient embedded systems and IoT systems, real-time processing also bringing out FRAM as suitable for next-generation memory solutions.