WILMINGTON, DE / ACCESSWIRE / February 6, 2023 / Transparency Market Research Inc. - The global non-volatile memory express (NVMe) market is likely to register a CAGR of 25.2% between 2022 and 2031. NVMe is a storage protocol and host-controller interface used for increasing the speed at which data is transferred from a host system or a peripheral target storage device to a high-speed PCIe bus or peripheral component interconnect express. The non-volatile memory express is used for networking and storing devices with NVMe compatibility and NVMe interface, which includes servers, storage arrays, adapters, and solid-state drives, or SSDs. The increase in adoption of Internet of Things (IoT) in multiple connected devices is expected to significantly boost the global non-volatile memory express market during the forecast period.
Rise in demand from the e-commerce and retail sectors is a prime factor augmenting the NVMe market growth. Several companies operating in the retail sector require NVMe for data management and storage in order to stay competitive in their respective markets, and it is essential to have data backups. Growth in adoption of data analytics for managing delivery, shipment, and tracking orders as per the changing needs of consumers by various retail industries is estimated to be a significant market trend.
According to TMR report, the global non-volatile memory express market value stood at US$ 40.2 Bn in 2021 and is projected to reach US$ 366.2 Bn by the end of 2031. The rise in demand for data storage across multiple commercial and industrial spaces is likely to aid in market expansion during the forecast period.
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Key Findings of Study
- Rise in Popularity of SSDs: Increase in advancements in hard disk drive (HDD) technology resulted in a rise in demand for improving the storage capacity of HDDs. HDDs are considered a standard form of data storage in personal computers and are the most commonly preferred storage devices for consumers across the world. Thus, demand for more storage at cost efficient rates has increased. Moreover, HDDs produce more noise and create more heat; their overall performance is slower than that of solid state drives, or SSDs. The ever-increasing demand for storage space and data management from consumers worldwide augments the demand for SSD, thereby creating new growth opportunities for the non-volatile memory express industry in the near future.
- High Adoption of NVMe-based Hardware: Rise in penetration of hardware devices in multiple enterprises and data centers is expected to promote NVMe market growth. They offer high-speed data transfer and low latency in data transmission as compared to traditional SSDs. Therefore, the increase in data generation and storage is expected to aid in market expansion during the forecast period.
Key Drivers
- Rise in use of smartphones and increase in demand for more storage spaces can promote market growth
- Increase in adoption of hardware devices for logical device interfaces is anticipated to serve as a significant market trend
- Surge in manufacturing rate of computing devices is estimated to boost demand for non-volatile memory express in the near future
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Regional Growth Dynamics
- North America dominated with 34.0% market share in 2021. This is attributable to the increase in popularity of SSDs and rise in demand for NVMe from multiple end-user industries for smooth operations.
- Rise in number of computing devices used across multiple industries in emerging nations, such as India, China, and Japan, is projected to promote the growth of the Asia Pacific market during the forecast period.
Key Players
Prominent players in the global non-volatile memory express market include Toshiba Corporation, Samsung Electronics Co., Ltd., Oracle Corporation, NetApp, Micron Technology Inc., Microchip Technology Inc., Marvell, Intel Corporation, IBM Corporation, Dell Inc., Cisco Systems Inc., and Broadcom.
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Non-volatile Memory Express (NVMe) Market Segmentation
Offering
- Hardware
- SSD
- AIC
- Storage Server
- Others
- Software
Form Factor
- M.2
- U.2
- U.3
- AIC
- EDSFF
Communication Standard
- Ethernet
- Fiber Channel
- Infiband Network
Application
- Data Centers
- Enterprises
- Computing Devices
Industry Vertical
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecommunications
- Consumer Electronics
- Government
- Media & Entertainment
- Manufacturing
- Retail
- Others (Research & Academic, Healthcare, etc.)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Japan
- China
- India
- South Korea
- ASEAN
- Brazil
- GCC
- South Africa
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