Non-Volatile Memory Global Market Report 2024

Non-Volatile Memory Express (NVMe) refers to a scalable and high-performing controller interface with a streamlined command set, designed for efficient utilization of storage based on non-volatile memory in systems, enterprises, and data centers. NVMe is particularly geared towards meeting the performance demands of non-volatile memory storage in businesses, cloud services operations, and data centers.

The primary products associated with Non-Volatile Memory Express (NVMe) include solid-state drives (SSD), adapters, all-flash arrays, servers, and various other products. SSDs, or solid-state drives, function as a type of computer storage device that stores persistent data on solid-state flash memory, a non-volatile storage medium. SSDs replace traditional hard disc drives (HDDs) in computers while performing the same basic functions as a hard drive. Communication standards used in NVMe include ethernet, fiber channel, and infiniband. Non-volatile memory express products find applications across a wide range of industries, including banking, financial services, and insurance (BFSI), consumer goods and retail, telecommunications and information technology-enabled services (ITeS), healthcare, energy, government, education and research, media and entertainment, manufacturing, and other verticals.

The non-volatile memory express (NVMe) market research report is one of a series of new reports that provides non-volatile memory express (NVMe) market statistics, including non-volatile memory express (NVMe) industry global market size, regional shares, competitors with a non-volatile memory express (NVMe) market share, detailed non-volatile memory express (NVMe) market segments, market trends and opportunities, and any further data you may need to thrive in the non-volatile memory express (NVMe) industry. This non-volatile memory express (NVMe) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 observed in the historical period can be attributed to several factors, including the expansion of the semiconductor industry, the demand from consumer electronics, a focus on energy efficiency, increasing data storage needs, market competition dynamics, and the emphasis on reliability and durability in the storage solutions.

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 anticipated growth in the forecast period can be attributed to various factors, including the increasing adoption of autonomous vehicles, growing environmental concerns, advancements in packaging technologies, and the development of hybrid memory solutions. Significant trends expected in this forecast period encompass the integration of artificial intelligence (AI) and machine learning, the rollout of 5G technology, the rise of edge computing, advancements in quantum computing, and the exploration of neuromorphic computing.

The non-volatile memory express (NVMe) market is anticipated to experience growth driven by the increased adoption of cloud-hosting services. Cloud hosting allows applications and websites to access cloud resources, offering a more distributed approach compared to traditional hosting on a single server. This shift towards cloud-hosting services is expected to generate heightened demand for NVMe, given its crucial role in enhancing the performance and interoperability of various enterprise-level services. According to Gartner Inc., more than 45% of IT spending on system infrastructure, infrastructure software, application software, and business process outsourcing is predicted to shift towards cloud services by 2024, replacing conventional solutions. Therefore, the rising adoption of cloud-hosting services is poised to amplify demand for non-volatile memory express (NVMe) during the forecast period.

The non-volatile memory express (NVMe) market is expected to witness growth propelled by the ongoing trend of digitization. Digitization, involving the conversion of analog information into a digital format for storage, processing, and transmission, extensively utilizes NVMe due to its high-speed and low-latency data storage capabilities. This enables efficient and rapid access to digital assets, a critical aspect in the digital era for seamless data processing and retrieval. With global digital transformation spending reaching approximately $1.85 trillion in December 2022, marking a 16% increase from the previous year, the growing digitization trend continues to drive the non-volatile memory express (NVMe) market.

Technological advancements represent a notable trend gaining momentum in the non-volatile memory express (NVMe) market. Key players in the NVMe sector are actively engaged in developing new products and technologies to bolster their market position. For example, Kingston Digital launched the NV2 PCIe 4.0 NVMe SSD in October 2022, featuring next-generation storage capabilities powered by a Gen 4x4 NVMe controller. This innovative solution caters to users seeking powerful Gen 4x4 NVMe PCIe performance in a compact form factor, making it ideal for various applications such as thinner notebooks and small form factor (SFF) systems.

Major companies operating in the non-volatile memory express (NVMe) market are strategically forming partnerships to drive next-generation business initiatives for non-volatile express memories. Strategic partnerships involve leveraging mutual strengths and resources to achieve shared benefits and success. A notable example is the partnership between Seagate Technology Holdings plc and Phison Electronics Corp. announced in April 2022. This collaboration aims to develop non-volatile memory that helps companies reduce total cost of ownership (TCO) through advanced storage density, lower power consumption, and increased performance, addressing the evolving global enterprise demand for higher density, faster, and smarter storage infrastructure.

In February 2022, Intel Corporation acquired Tower Semiconductor for $5.4 billion. This strategic acquisition accelerates Intel's expansion into becoming a major provider of foundry services and capacity, boasting one of the industry's most diverse portfolios of distinctive technology. Tower Semiconductor, based in Israel, specializes in manufacturing non-volatile memory.

Major companies operating in the non-volatile memory express (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.

North America was the largest region in the non-volatile memory express (NVMe) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the non-volatile memory express (NVMe) market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the non-volatile memory express (NVMe) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The non-volatile memory express market consists of revenues earned by entities by providing solutions and services for memory storage in an organization such as simple access control, data at rest protection, and purge-level erase to improve the performance of storage devices to accelerate the transfer speed of data between enterprise and client systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.