Global Non-volatile Memory Express (NVMe) Market

The global Non-volatile Memory Express (NVMe) market size was valued at USD 45.3 billion in 2021 and is expected to reach USD 171.4 Billion with a CAGR of 27.1% in 2022-2028. The growing adoption of NVMe technologies in SSDs, servers and storage appliances over older storage connection interfaces such as serial attached SCSI (SAS) and Serial Advanced Technology Attachment (SATA), the rapid rise in data generation, increasing demand for data storage and processing infrastructure and growing technological advancements to enhance NVMe performance are the primary factors driving the growth of the global non-volatile memory express (NVMe) market during the forecast period. Moreover, the NVMe is designed to deliver high bandwidth and low latency storage access, which is anticipated to drive the growth of the global non-volatile memory express (NVMe) market in the coming years.

What is Non-volatile Memory Express (NVMe)?

Non-volatile memory express (NVM Express or NVMe) is a scalable, high-performing host controller interface with a command set and streamlined register interface. It is designed and developed to accelerate data transfer speed for data centers, systems, and enterprises that use storage based on non-volatile memory. NVM, Express can help industries and data centers meet the higher performance demands related to non-volatile memory storage by increasing the performance and interoperability on a wide range of client and enterprise systems.

Growth Driver

Growing adoption of NVMe technologies in SSDs, servers and storage appliances over older storage connection interfaces

The growing digitalization and increasing need to manage and store data volumes more efficiently have raised the demand for SSD among various end-use industries such as BFSI, manufacturing; telecommunications are the primary factors accelerating the growth of the global non-volatile memory express (NVMe) market during the forecast period. NVM Express significantly improves sequential and random performance due to low latency and access to more data per CPU cycle. It also enables high parallelism levels, helps streamline the command set to provide protection and security, and gives a standards-based approach that helps in enabling adoption at a broader level and PCIe solid-state device interoperability. NVM Express ensures the CPU is utilized to its full potential and the input/output operations per second are not bottlenecked or disrupted or by single-core limitations, resulting in the increased adoption of NVMe technologies among various industries and data centers over older storage connection interfaces such as serial attached SCSI (SAS) and Serial Advanced Technology Attachment (SATA). Furthermore, the increased adoption of cloud-hosting services is influencing manufacturers to develop this technology further to enhance data transmission, which is likely to support the growth of the global non-volatile memory express (NVMe) market over the forecast period. The deployment of NVMe from niche to mainstream business has increased in the past few years, which is predicted to boost the growth of the global non-volatile memory express (NVMe) market in the coming years. The increasing adoption of NVMe for big data, IoT, artificial intelligence, and blockchain and the end-to-end NVMe over fabrics (NVMe-Of) will further provide potential opportunities for growth in the global non-volatile memory express market in coming years.

Pre-Covid-19 impact on the global Non-volatile Memory Express (NVMe) market

Increasing demand of Non-volatile Memory Express (NVMe) among various end-user verticals such as manufacturing, healthcare, consumer goods and retail, telecommunications & IT, banking, financial services, and insurance (BFSI), and others to facilitate high-speed data transmission is a prominent factor strengthening the growth of the global non-volatile memory express market in the pre-COVID era. Furthermore, the growing technological advancements, consistent specifications, and growing digitalization in enterprises have stimulated the growth of the non-volatile memory express market across the globe.

Covid-19 impact on the global Non-volatile Memory Express (NVMe) market

The COVID-19 pandemic has significantly impacted the overall growth of the global Non-volatile Memory Express (NVMe) industry market in 2021 across the globe. The pandemic has severely affected every business segment due to various government norms such as nationwide lockdown and complete shutdown of manufacturing facilities across the globe. Furthermore, the market during the COVID-19 pandemic has been affected by various factors, including non-availability of resources, health & safety measures, continuous disruption in the supply chain of materials, and project delays and cancellations. However, the demand for security and cloud computing solutions is expected to escalate the growth of the global Non-volatile Memory Express (NVMe) market during the forecast period.

Post Covid-19 impact on the global Non-volatile Memory Express (NVMe) market

The rapid increase in the demand for solid-state drive (SSD) amongst various consumers, increased adoption of cloud-hosting services, deployment of NVMe from niche to mainstream business across the globe are expected to stimulate the growth of the global Non-volatile Memory Express (NVMe) market in the coming years. Furthermore, the rise in the acceptance of NVMe for big data, IoT, artificial intelligence, and blockchain and the end-to-end NVMe over fabrics (NVMe-Of) are expected to create lucrative opportunities in the growth of the Non-volatile Memory Express (NVMe) market across the globe.

Product Type Segmental Analysis

Based on the Product Type, the global Non-volatile Memory Express (NVMe) market is categorized into Solid-state Drives (SSDs), Adapters, All-flash Arrays, Servers, and others. The Solid-state Drives (SSDs) segment is expected to have the largest share in the global Non-volatile Memory Express (NVMe) market in 2021 due to its increased adoption among various industry verticals as a storage solution over its various benefits. NVMe SSDs are more resistant and durable, ensure faster website loading speed, and consider more stable and efficient, resulting in the increased demand for NVMe SSDs across the globe. NVMe is designed to take advantage of solid-state drive (SSD) memory’s greater speed and better support for parallelism. NVMe is an interface designed specifically for SSDs, and NVMe SSDs provide better data storage and processing operations and the lowest latency possible compared with HDDs and traditional SSDs (SATA and SAS).

Deployment Segmental Analysis

Based on the Deployment, the global Non-volatile Memory Express (NVMe) market is segregated into On-premise, Remote, and Hybrid. The Hybrid segment is expected to have a significant market share during the forecast period. This growth is attributable to the increasing popularity of hybrid deployment among various industries due to the increasing need to maintain backups of important data. A hybrid system combines both on-premise and remote deployments, where operational data are stored in the on-premise system, and static data are shifted to remote location-based systems. Hybrid NVMe servers and storage solutions are increasingly adopted by companies that want to leverage the benefits provided by other deployment types while keeping the capital expenditure lesser than on-premise deployment.

Industry Vertical Segmental Analysis

Based on the Industry Vertical, the global Non-volatile Memory Express (NVMe) market is segregated into Banking, Financial Services, and Insurance (BFSI), Telecommunications & IT, Consumer Goods and Retail, Business and Consulting, Energy & Power, Manufacturing, Healthcare, Government and Public Sector, Education and Research, Entertainment and Media, and Others. The Banking, Financial Services, and Insurance (BFSI segment is expected to hold the highest share in the global Non-volatile Memory Express (NVMe) market during the forecast period. This growth is attributable to the increasing adoption of advanced technologies such as Machine learning and artificial intelligence. Furthermore, the rapid increase in digital payments and online banking, which has increased the demand for backup, data storage, and security for customers, has boosted the growth of the Non-volatile Memory Express (NVMe) market across the globe.

Region Segmental Analysis

The Non-volatile Memory Express (NVMe) market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. The North American region is expected to down the Non-volatile Memory Express (NVMe) Market and continue this growth rate during the forecast period, 2022-2028. This growth is attributable to the rapid adoption of technologically advanced data storage technologies and the increasing presence of leading players offering technologically advanced products in the region. Moreover, the North American region has the highest number of notebooks, tablets, and laptops. The dynamics of computing have changed for the developers of notebooks, tablets, and laptops in this region, emphasizing saving consumers’ time by speeding up data transfer. Therefore, there has been a substantial push for using NVMe SSDs in these devices to save time, speed up data transfer, and achieve high-performance levels. Furthermore, the Asia Pacific region is expected to have significant growth in the global Non-volatile Memory Express (NVMe) market during the forecast period.

Competitor Analysis

Companies include Samsung Electronics Co., Ltd, Western Digital Corporation, Intel Corporation, Dell EMC, Hewlett Packard Enterprise, Broadcom Inc., Micron Technology, Inc., Cisco Systems, Inc., Toshiba Corporation, NetApp, Inc., International Business Machines Corporation, Microchip Technology Inc., Marvell Technology Group, Seagate Technology LLC, SK Hynix Inc., and other prominent players are the key players in the Non-volatile Memory Express (NVMe) market. Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global Non-volatile Memory Express (NVMe) manufacturing firm
• Local Governments
• Regulatory bodies
• Suppliers
• Retailers

Recent Developments

• In May 2021, Kingston Technology, a world leader in memory products and technology solutions, has launched its new affordable NV1 NVMe SSDs with up to 2 TB capacities & 2100 MB/s read speeds. These NVMe SSDs are great for budget PC enthusiasts looking to upgrade to a faster NVMe SSD solution.
• In March 2021, Samsung Electronics Co., Ltd., a world leader in advanced memory technology, launched 980 NVMe SSD, the company’s first consumer drive without DRAM.
• In August 2020, Microchip Introduced New 8-Channel Flashtec® PCIe® Gen 4 Enterprise NVMe™ SSD Controller. The Flashtec NVMe 3108 controller enables power and form-factor-optimized enterprise NVMe SSDs with Flashtec’s trademark rich feature set and flexibility.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 45.3 Billion
The revenue forecast in 2028	USD 171.4 Billion
Growth Rate	CAGR of 27.1% from 2022 to 2028.
Historical data	2018 – 2021
Forecast period	2022 – 2028
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Samsung Electronics Co., Ltd, Western Digital Corporation, Intel Corporation, Dell EMC, Hewlett Packard Enterprise, Broadcom Inc., Micron Technology, Inc., Cisco Systems, Inc., Toshiba Corporation, NetApp, Inc., International Business Machines Corporation, Microchip Technology Inc., Marvell Technology Group, Seagate Technology LLC, SK Hynix Inc., and other prominent players

Market Modelling

By Product Type

• Solid-state drives (SSDs)
• Adapters
• All-flash Arrays
• Servers
• Others

By Communication Standard

• Ethernet
• Fibre Channel
• InfiniBand

By Deployment

• On-premise
• Remote
• Hybrid

By Industry Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Telecommunications & IT
• Consumer Goods and Retail
• Business and Consulting
• Energy & Power
• Manufacturing
• Healthcare
• Government and Public Sector
• Education and Research
• Entertainment and Media
• Others

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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