Non-Volatile Memory Express (NVMe) Market Projected to Reach US$ 412.1 Billion by the End of 2031, Amid Increasing Demand for High-Speed Telecommunication Networks - TMR Report

Wilmington, Delaware, United States, July 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global non-volatile memory express (NVMe) market stood at US$ 54.1 billion in 2022 and the global market is projected to reach US$ 412.1 billion in 2031. Global non-volatile memory express (NVMe) market is anticipated to expand at a CAGR of 25.8% between 2023 and 2031.

Non-volatile memory express technology utilizes the high-speed PCIe (Peripheral Component Interconnect Express) interface, designed to take full advantage of modern, high-performance SSDs. This results in significantly faster data transfer rates, lower latency, and improved overall system responsiveness, making it ideal for data-intensive applications and workloads. Thus, increase in demand for high-speed telecommunication networks is propelling the Non-volatile Memory Express (NVMe) market revenue.

Surge in demand for SSDs can be attributed to their lightning-fast speed, availability in various form factors, superior performance, lower power consumption, reduced space requirements, and lower probability of failures. As a result, both enterprises and consumers are increasingly opting for SSDs. Additionally, decline in per-gigabyte prices of SSDs is leading to high demand for flash media from various industries, including mobile phone, automobile, and game console manufacturing.

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Market Snapshot:

Key Takeaways of Market Report

• Global non-volatile memory express (NVMe) market to generate absolute dollar opportunity worth US$ 412.1 billion until 2031.
• Global non-volatile memory express (NVMe) market is currently valued at US$ 54.1 billion in 2022.
• Global non-volatile memory express (NVMe) market stood at US$ 56.2 billion in 2023.
• Market value of the global non-volatile memory express (NVMe) market management from 2018 to 2022 is 24.1%.
• United States is forecasted to hold a market share of 32.2%.
• China is expected to have a value share of 18.8%.

Global Non-volatile Memory Express (NVMe) Market: Growth Drivers

• High-quality, high-speed telecommunication networks rely heavily on optical fiber communication. There are various advantages of Non-volatile Memory Express (NVMe). The technology provides significantly faster data transfer speeds and lower latency compared to traditional storage interfaces like SATA and SAS. This enhanced performance is particularly crucial for data-intensive applications, such as big data analytics, artificial intelligence, real-time processing, and high-performance computing.
• NVMe is specifically optimized for SSDs, and its widespread adoption is directly linked to the popularity of SSDs as the preferred storage medium due to their speed, reliability, and power efficiency.
• In recent years, SSDs have rapidly gained popularity as the preferred storage solution, even surpassing Hard Disk Drives (HDDs) in the enterprise market. Their dominance has reached a point where certain types of HDDs are becoming scarce in newly manufactured machines. Hence, increase in adoption of NVMe-based storage solutions is boosting the Non-volatile Memory Express (NVMe) market value.

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Global Non-volatile Memory Express (NVMe) Market: Regional Landscape

• Asia Pacific is projected to hold largest share from 2023 to 2031 with a market share of 57.2%. Presence of major Non-volatile Memory Express (NVMe) companies in Japan, South Korea, and China is fueling market dynamics in the region. Increase in production of computing devices is also boosting market statistics in Asia Pacific.
• In 2020, China was a major exporter of computers, with a value of US$ 156 Bn, followed by Mexico (US$ 31.5 Bn), the U.S. (US$ 16.6 Bn), the Netherlands (US$ 13.7 Bn), and Germany (US$ 12.2 Bn), according to the Observatory of Economic Complexity (OEC).
• North America accounted for 38.3% share in 2022. Surge in data generation and increase in adoption of SSDs as part of storage solutions are augmenting market progress in the region. In North America, various sectors, such as consumer electronics, Banking, Financial Services, and Insurance (BFSI), and IT & telecommunications, are witnessing high demand for NVMe technology.

Global Non-volatile Memory Express (NVMe) Market: Key Players

• Samsung released the 990 PRO, a high-performance NVMe SSD built on PCIe 4.0 technology. This cutting-edge solid-state drive is specifically designed to excel in graphically demanding games and resource-intensive tasks such as 3D rendering, 4K video editing, and data analysis.
• Kioxia Corporation introduced the latest series of enterprise NVMe SSDs series. These new SSDs come in two form factors: Enterprise and Datacenter Standard Form Factor (EDSFF) E3.S, as well as the 2.5-inch form factor.

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Global Non-volatile Memory Express (NVMe) Market: Segmentation

• Product
  • Solid-State Drive (SSD)
  • Storage Server
  • All-flash Array
  • Others (Adapter, Controller, etc.)
• Communication Standard
  • Ethernet
  • Fiber Channel
  • InfiniBand Network
• Deployment
  • On-premise
  • Cloud
  • Hybrid
• Application
  • Data Centers
  • Enterprises
  • Client Systems
  • Industrial Systems
  • Computing Devices
• Industry Vertical
  • Banking, Financial Services, and Insurance (BFSI)
  • IT and Telecommunication
  • Media and Entertainment
  • Consumer Electronics
  • Manufacturing
  • Others (Research and Academia, Healthcare, etc.)
• Regions

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

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