The Non-Volatile Memory Express (NVMe) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Non-Volatile Memory Express (NVMe) Global Market Report 2024, The non-volatile memory market size has grown rapidly in recent years. It will grow from $85.71 billion in 2023 to $99.31 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to semiconductor industry, consumer electronics, energy efficiency, data storage needs, market competition, reliability and durability.
The non-volatile memory market size is expected to see rapid growth in the next few years. It will grow to $177.06 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to autonomous vehicles, environmental concerns, advanced packaging, hybrid memory solutions, . Major trends in the forecast period include artificial intelligence (ai) and machine learning, 5g technology, edge computing, quantum computing, neuromorphic computing.
The increased adoption of cloud-hosting services is expected to drive the non-volatile memory express (NVMe) market. Cloud hosting allows applications and websites to access cloud resources. Unlike traditional hosting, solutions are not deployed on a single server. The increased adoption of cloud-hosting services is expected to boost demand for NVMe, as they play crucial role in increasing the performance and intereoperability if various enterprise-level services. According to Gartner Inc., a US-based consulting firm, cloud services are predicted to replace conventional solutions, with more than 45% of IT spending on system infrastructure, infrastructure software, application software, and business process outsourcing by 2024. Therefore, increasing the adoption of cloud-hosting services is expected to boost demand for non-volatile memory express (NVMe) during the forecast period.
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The non-volatile memory express (nvme) market covered in this report is segmented –
1) By Product: Solid-state Drives (SSDs), Adapters, All-flash Arrays, Servers, Other Products
2) By Communication Standard: Ethernet, Fibre Channel, InfiniBand
3) By Vertical: Banking, Financial Services, and Insurance (BFSI), Consumer Goods & Retail, Telecommunications & Information Technology enabled Services (ITeS), Healthcare, Energy, Government, Education & Research, Media & Entertainment, Manufacturing, Other Verticals
Technological developments are a key trend gaining popularity in the non-volatile memory express (NVMe) market. Major companies operating in non-volatile memory express (NVMe) are developing new products or technologies to strengthen their position in the market. For instance, in October 2022, Kingston Digital, a US-based computer technology corporation that develops, manufactures, sells, and supports flash memory products and other computer-related memory products, launched the NV2 PCIe 4.0 NVMe SSD, a next-generation storage solution powered by a Gen 4×4 NVMe controller. The NV2 PCIe 4.0 NVMe SSD is designed for users looking for power-packed Gen 4×4 NVMe PCIe performance in a compact form factor, ideal for thinner notebooks, small form factor (SFF) systems, and DIY motherboards.
The non-volatile memory express (nvme) market report table of contents includes:
1. Executive Summary
2. Non-Volatile Memory Market Characteristics
3. Non-Volatile Memory Market Trends And Strategies
4. Non-Volatile Memory Market – Macro Economic Scenario
5. Global Non-Volatile Memory Market Size and Growth
……………
31. Global Non-Volatile Memory Market Competitive Benchmarking
32. Global Non-Volatile Memory Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Non-Volatile Memory Market
34. Non-Volatile Memory Market Future Outlook and Potential Analysis
35. Appendix
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