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Non-Volatile Memory Express (NVMe) Market Growth Outlook Through 2024-2033

Non-Volatile Memory Express (NVMe)  Market Growth Outlook Through 2024-2033

Overview and Scope

The non-volatile memory express refer to a scalable and high-performing controller interface with the command set streamlined registered interface. It is designed for systems, enterprises, and data centers to effectively utilize storage based on non-volatile memory. NVM Express can assist businesses, cloud services operators, and data centers in increasing the performance demands of non-volatile memory storage.

Sizing and Forecast

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 in the historic period can be attributed to data center adoption, rise in data volumes, rise in focus on energy-efficieny, rise in healthcare and life sciences sectors, emerging market growth.

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 in the forecast period can be attributed to expanding it infrastructure, rising digitalization, growing gaming sector, rise in disposable income. Major trends in the forecast period include edge computing integration, emergence of nvme over fabrics (nvme-of), ai and machine learning acceleration, security enhancements, customization and integration.

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Segmentation & Regional Insights

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

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 report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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.

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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