Non-Volatile Memory Express (NVMe) 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 express (nvme) market size has grown exponentially in recent years. It will grow from $67.11 billion in 2023 to $89.2 billion in 2024 at a compound annual growth rate (CAGR) of 32.9%. The growth observed in the historical period can be attributed to several factors, including increased adoption of data centers, a rise in data volumes, a heightened focus on energy efficiency, increased activity in the healthcare and life sciences sectors, and growth in emerging markets.

The non-volatile memory express (nvme) market size is expected to see exponential growth in the next few years. It will grow to $260.43 billion in 2028 at a compound annual growth rate (CAGR) of 30.7%. The growth observed in the historical period can be attributed to several factors, including increased adoption of data centers, a rise in data volumes, a heightened focus on energy efficiency, increased activity in the healthcare and life sciences sectors, and growth in emerging markets.

The non-volatile memory express (NVMe) market is poised for growth, driven by the increased adoption of cloud-hosting services. Cloud hosting enables applications and websites to access resources in the cloud, presenting a departure from traditional hosting on a single server. The rising popularity of cloud-hosting services is expected to create a heightened demand for NVMe, given its pivotal role in enhancing the performance and interoperability of various enterprise-level services. According to Gartner Inc., cloud services are anticipated to replace conventional solutions, with over 45% of IT spending on system infrastructure, infrastructure software, application software, and business process outsourcing projected to shift to cloud services by 2024. Therefore, the surge in cloud-hosting services adoption is anticipated to drive demand for non-volatile memory express (NVMe) during the forecast period.

The non-volatile memory market is projected to experience growth propelled by the ongoing trend of digitization. Digitization involves converting analog information into a digital format for storage, processing, and transmission. Non-volatile memory is integral to digitization for securely storing and retaining digital data, ensuring data integrity during power cycles, and facilitating seamless access and retrieval of digital information in the digital age. 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 propel the non-volatile memory market.

Technological advancements represent a key trend gaining momentum in the non-volatile memory express (NVMe) market. Major companies in the NVMe sector are actively developing new products or technologies to fortify their market position. For example, Kingston Digital, a US-based computer technology corporation, launched the NV2 PCIe 4.0 NVMe SSD in October 2022, featuring next-generation storage capabilities powered by a Gen 4x4 NVMe controller. The NV2 PCIe 4.0 NVMe SSD caters to users seeking powerful Gen 4x4 NVMe PCIe performance in a compact form factor, suitable for thinner notebooks, small form factor (SFF) systems, and DIY motherboards.

Major companies operating in the non-volatile memory market are embracing a strategic partnership approach to foster the development of next-generation premium businesses for non-volatile memories. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For instance, in April 2022, Seagate Technology Holdings PLC, a US-based storage company, collaborated with Phison Electronics Corp., a Taiwan-based solid-state drive company. Through this partnership, the companies aim to extend their collaboration to develop non-volatile memory, helping businesses minimize total cost of ownership (TCO) through advanced storage density, lower power consumption, and increased performance, meeting the evolving global enterprise demand for higher density, faster, and smarter storage infrastructure.

In February 2022, Intel Corporation, a US-based semiconductor and technology company, acquired Tower Semiconductor for $5.4 billion. This strategic acquisition accelerates Intel's journey to becoming a major provider of foundry services and capacity with 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 market include Samsung Electronics Co. Ltd., Western Digital Corporation, Intel Corporation, Dell EMC, Hewlett Packard Enterprise Company, Kioxia Holdings Corporation, Micron Technology Inc., SK Hynix Inc., Microchip Technology Incorporated, ROHM Co. Ltd., Renesas Electronics Corporation, STMicroelectronics NV, Infineon Technologies AG, Nantero Inc., Crossbar Inc., Everspin Technologies Inc., Winbond Electronics Corporation, Pure Storage Inc., NetApp Inc., Seagate Technology Holdings PLC, Toshiba Corporation, Huawei Technologies Co. Ltd., Fujitsu ltd., Intel Corporation, Honeywell International Inc., Maxim Integrated Products Inc., Micron technologies Inc., Avalanche Technologies Inc., Adesto Technologies Corporation, Viking Technology

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.


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