The non-volatile memory express (NVMe) market size has witnessed significant growth recently, expanding from $87.99 billion in 2024 to $116.24 billion in 2025 at a compound annual growth rate (CAGR) of 32.1%. This historic period’s growth is attributable to factors such as data center adoption, increase in data volumes, focus on energy-efficiency, and emerging market growth.
Moreover, the NVMe market is forecasted to grow significantly in the future, reaching $328.69 billion in 2029 at a CAGR of 29.7%. Expansion of IT infrastructure, digitalization, the growing gaming sector, and increasing disposable income are projected to drive this growth. Notable trends in the forecasted period include edge computing integration, the emergence of NVMe over Fabrics (NVMe-oF), AI and machine learning acceleration, security enhancements, and customization and integration.
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What Are Key Growth Drivers in the Non-Volatile Memory Express (NVMe) Market?
Increased adoption of cloud-hosting services is expected to drive growth in the NVMe market. Cloud hosting enables applications and websites to access cloud resources. In place of traditional hosting, solutions are not deployed on a single server. NVMe plays a crucial role in improving the performance and interoperability of various enterprise-level services. According to Gartner Inc., a US-based consulting firm, by 2024, 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.
What Are The Major Segments in The Non-Volatile Memory Express (NVMe) Market?
The NVMe market covered in this report is segmented into:
1) By Product: Solid-state Drives (SSDs), Adapters, All-flash Arrays, Servers, Other Products
2) By Communication Standard: Ethernet, Fiber Channel, InfiniBand
3) By Vertical: Banking, Financial Services, and Insurance (BFSI), Consumer Goods & Retail, Telecommunications & IT-enabled Services (ITeS), Healthcare, Energy, Government, Education & Research, Media & Entertainment, Manufacturing, Other Verticals
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Who Are The Major Players in The Non-Volatile Memory Express (NVMe) Market?
Major companies operating in the NVMe market include Intel Corporation., Toshiba Corporation, Samsung Electronics Co. Ltd., Adesto Technologies Corporation, Viking Technology, Crossbar Inc., Kilopass Technology Inc., Sidense Corporation, Sandisk Corporation, Micron Technology Inc., Honeywell Corporation., STMicroelectronics NV, Avalanche Technology’s, Cypress Semiconductor Corporation, Everspin Technologies Inc., Western Digital Technologies Inc., KIOXIA Holdings Corporation., SK hynix Inc., Microchip Technology Inc., ROHM Co. Ltd., Renesas Electronics Corporation, Infineon Technologies AG., Nantero Inc., Winbond Electronics Corporation., Pure Storage Inc.
What Are Emerging Trends in the Non-Volatile Memory Express (NVMe) Market?
Technological developments are a key emerging trend in the NVMe market. Companies are developing new products and technologies to bolster their market positions. For instance, in October 2022, Kingston Digital launched the NV2 PCIe 4.0 NVMe SSD, a-gen 4×4 NVMe controller. The NV2 PCIe 4.0 NVMe SSD is ideal for thinner notebooks, small form factor (SFF) systems, and DIY motherboards.
What Is The Regional Analysis of the Non-Volatile Memory Express (NVMe) Market?
North America was the largest region in the NVMe market in 2024. Asia-Pacific is projected to be the fastest-growing region in the forecast period. The NVMe market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does the Non-Volatile Memory Express (NVMe) Market Report 2025 Offer?
NVMe refers to a scalable and high-performing controller interface with a streamlined command set interface designed for systems, enterprises, and data centers to effectively utilize non-volatile memory-based storage. NVMe can assist businesses, cloud service operators, and data centers in enhancing the performance demands of non-volatile memory storage.
The Non-Volatile Memory Express (NVMe) Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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