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Non-Volatile Memory Express (NVMe) Global Market Report 2023
Major players in the non-volatile memory express (NVMe) market are Samsung Electronics Co Ltd., Western Digital Corporation, Intel Corporation, Dell EMC, Hewlett Packard Enterprise, Broadcom, Cisco, Excelero Kingston Technology Europe Co LLP, IBM Corporation, Lenovo, Marvell, Micron Technology Inc.
New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Non-Volatile Memory Express (NVMe) Global Market Report 2023" - https://www.reportlinker.com/p06320106/?utm_source=GNW
, Microsemi, Oracle, Pure Storage Inc., and Microchip Technology Inc.
The global non-volatile memory express (NVMe) market grew from $49.96 billion in 2022 to $67.32 billion in 2023 at a compound annual growth rate (CAGR) of 34.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The non-volatile memory express (NVMe) market is expected to grow to $205.76 billion in 2027 at a CAGR of 32.2%.
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 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.
North America was the largest region in the non-volatile memory express (NVMe) market in 2022.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 are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of non-volatile memory express (NVMe) are solid-state drives (SSD), adapters, all-flash arrays, servers, and other products.An SSD, or solid-state drive, is a type of computer storage device.
On solid-state flash memory, this non-volatile storage medium stores persistent data.SSDs are hard disc drives (HDDs) that replace traditional hard disc drives (HDDs) in computers and perform the same basic functions as a hard drive.
The communication standard used in NVMe include ethernet, fiber channel, and infiniband. The non-volatile memory express products are used by industries ranging from banking, financial services, and insurance (BFSI), consumer goods & retail, telecommunications & information technology enabled services (ITeS), healthcare, energy, government, education & research, media & entertainment, manufacturing, and other verticals.
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 servuces are pridicted 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.
Technological developments are a key trend gaining popularity in the non-volatile memory express (NVMe) market.Major companies operating in non-volatile memory express (NVMe) are developing new products or technologies to strengthen their position in the market.
For instance, in March 2020, Kingston Digital, a US-based computer technology corporation that develops, manufactures, sells, and supports flash memory products and other computer-related memory products, launched the NV1 NVMe PCIe SSD, an entry-level NVMe SSD. Due to its M.2 form factor, it is suitable for thin laptops. According to Kingston Digital company, The M.2 NVMe SSD is three times faster than SATA-based SSDs.
In February 2022, Intel Corporation, a US-based semiconductor and technology company, acquired Tower Semiconductor for $5.4 billion. This 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 is an Israel-based company that manufactures non-volatile memory.
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 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.
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.
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