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Non-volatile Memory Express Market

Non-volatile Memory Express Market: Information by Product (Solid-State Drives (SSDs), Adapters), Communication Standards (Ethernet), Location, Verticals ,and Regions—Forecast Till 2031

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Market Overview

The global non-volatile memory express market size was valued at USD 72.3 billion in 2022. It is projected to reach USD 343.4 billion by 2031, growing with a CAGR of 18.9% during the forecast period (2023–2031).

NVMe, also refers to as Nonvolatile memory host controller interface (NVMHCI). Non-volatile Memory Express interface was created to escalate data transfer between organizations, client systems, and solid-state drives. Moreover, non-volatile memory express market provides an alternative option to small computer system interface standards and advanced technology interface standards to connect and transmit data between the host and targeted storage device.

Furthermore, Non-volatile memory express offers a broad range of traits that includes; low latency, reduction in CPU usage, enhanced bandwidth, various packing options, and an increase in input and output activity rates. Substantial growth in data generation and evolving demand for data storage and processing infrastructure, growing adoption of non-volatile memory express market technologies in SSDs, storage appliances, and servers, among others, are the factors fuelling the market growth. However, the problems associated with storage software hinder the market growth.

Market Snapshot

market snapshot
Base Year
: 2022
Study Period
: 2021-2031
: 18.9 %
Fastest Growing Market
: Asia Pacific
Largest Market
: North America
Market Size
: USD 343.4 billion by 2031
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Market Dynamics

What are the factors driving the market growth?

Substantial Growth in Data Generation and Evolving Demand for Data Storage

Over the few decades, enterprises have witnessed a substantial increase in data generation due to the surge in digital devices and cloud-based services. Furthermore, growing globalization and digitization across all industry verticals, particularly the manufacturing sector, also lead to the generation of huge volumes of data. This enables the necessity of next-generation data storage to store huge volumes of data to carry out various applications. Moreover, next-generation data storage offers multiple attributes that include; greater operation speed, less heat production, improved efficiency, and faster deployment, among others.

Segmental Analysis

The global non-volatile memory express market has been segmented into communication standards, deployment location, product, and vertical.

On the basis of product, the global non-volatile memory express market has been categorized into solid-state drives (SSDs), adapters, all-flash arrays, servers, and others.

Solid-state Drives (SSDs) hold the largest share and are expected to grow during the forecast period. The growth is attributed to the wider benefits of SSDs comparable to other segments. This includes; lower latency and faster operations, among others. Moreover, the increasing adoption of SSDs in data centers is the primary factor fuelling market growth. Furthermore, the growing penetration of cloud computing across the globe on account of the surge in SMEs also paves the way for market growth.

On the basis of communication standards, the global non-volatile memory express market has been categorized into ethernet, fiber channel, and Infiniband.

The ethernet segment has the highest share and is presumed to grow rapidly during the forecast period. The growth is attributed to the growing machine-to-machine communication across the manufacturing and automotive industry. Moreover, increasing demand for flexible, scalable, and reliable communication services also paves the way for the Ethernet segment. Additionally, a surge in demand for increased connection distance, higher speed, and capabilities to connect multiple nodes is also one factor fueling the market growth.In May 2020, Qwest Communications expanded its Ethernet bandwidth product portfolio by launching new 3-, 5-, and 7-Megabits per second (Mbps) Ethernet bandwidth services. This enables Quest communications to enhance its user experience.

On the basis of location, the global non-volatile memory express market has been segmented into on-premise, remote, and hybrid.

The Hybrid deployment segment is growing with the highest CAGR and is expected to grow during the forecast period. The growth is attributed to a wide range of offerings of hybrid deployment comparable to other segments. This includes; cost-effective solutions, scalability, and high security, among others. Moreover, hybrid deployment bridges the gap between on-premise and cloud deployment, thereby offering higher efficiency and agility. Furthermore, disaster recovery in the case of security fraud in cloud storage also paves the way for the hybrid deployment market. Moreover, the surge in the need to avoid lock-in also fuels the growth of hybrid deployment.In August 2019, Equinix partnered with VMware Inc. to accelerate enterprise hybrid deployment. This partnership enables to development of hybrid deployment to enhance security solutions.

Based on verticals, the market is segmented into banking, financial services, and insurance (BFSI),consumer goods & retail, telecommunications &ITeS, healthcare, energy, government, education & research, media & entertainment, manufacturing, business & consulting, and others.

The energy sector holds the highest CAGR. The growth is attributed to the broad offering of non-volatile memory express technology that includes; power management, including support for non-operational power states for low idle power to extend the battery life of mobile devices and laptops. Furthermore, increasing investment in the energy sector across the globe is also one of the factors escalating market growth. Moreover, a surge in trends of adoption of innovative products to enhance operational efficiency also leads to the growth of the market.

Impact of covid-19

The impact of COVID-19 has devastating effect across all indthe U.S.try vertical globally. However, the market of NVME has slightly increased on account of increase in work from home across all indthe U.S.try vertical globally. This enables to increase adoption of laptops and other storage devices thereby paving the way for adoption of NVME market. However, the NVME market has also witnessed declination amid pandemic COVID-19 as government has imposed lockdown on account of which all the supply chain and indthe U.S.tries has temporarily shutdown.


Regional Analysis

The global non-volatile memory express market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America holds the largest share of the market and is presumed to grow significantly during the forecast period. The growth is attributed to the early adoption of technologies. Furthermore, the presence of major players in the region, such as; Boradcom Inc., Micron Technology, and Machine Corporation offering non-volatile memory express technology, also fuels the market growth. Moreover, North America is also considered one of the key regions for adopting electronic devices such as laptops, tablets, and smartphones, among others. This enables an increase in the adoption of NVME technology to speed up data transfer. Additionally, the presence of numerous SMEs which prefers cloud deployment on account of budget constraints also leads to the development of the market.

The Asia-Pacific region is growing with the highest CAGR. Numerous factors, including widespread industrialization, low labor costs, favorable economic policies, strong economic growth, and an increase in foreign direct and institutional investments, contribute to the expansion of the Asia Pacific market. The governments of developing economies have been launching strategic programs to boost the expansion of their domestic manufacturing sectors in order to meet domestic demand and export excess commodities. In addition, the increasing GDP per capita in developing nations creates a big market for high-tech consumer devices, such as smart wearables, appliances, smartphones, and electric vehicles.Japan is anticipated to have a significant non-volatile memory express market share in Asia-Pacific. In recent years, the cloud adoption rate among Japanese SMEs has been exceptionally strong, propelling the country's cloud infrastructure. The nation is one of the most established marketplaces for cloud services, with tremendous development potential for service providers. This will increase demand for NVMe for cloud services' high-performance computing needs over the projection period.

Europe is expected to show substantial growth over the forecast period. The region is a major manufacturing and innovation center for industries like healthcare, aviation, manufacturing, automotive, and energy & power. After the reopening of facilities, operations, commercial locations, and transportation, the market has exhibited a robust growth rate of expansion due to the rising demand for modern electronic products.Advancements in technology and new product launchesare other factors driving the market in the region.For instance,Samsung Electronics Co., Ltd., the global leader in advanced memory technology, recently unveiled the 990 PRO, a high-performance non-volatile memory express SSD based on PCIe 4.0 in the U.K. Due to its lightning-fast speeds and greater power efficiency, the new SSD is optimized for graphically intensive games and other intensive workloads, such as 3D rendering, 4K video editing, and data analysis.

The LAMEA region is also expected to witness substantial growth. Latin America is a tremendously valuable market because the economies of its countries are expanding. This expanding economy has had an impact on people's spending power. This has benefited the electronics segments, such as laptops and tablets, whose demand has increased in this region. In several countries, tablet computers are used in classrooms. All of this has benefited the non-volatile memory express market. The market is still expanding, and many businesses are using these solutions to reduce expenses and boost productivity.The region's businesses are needed to assess massive data sets from numerous data sources. Businesses are rapidly adopting cloud computing services from the BFSI and IT industries to the energy and utility sectors. Smart city efforts in Saudi Arabia and the UAE are growing the demand for edge computing and data centers. All these factors propel the market growth.

Non-volatile Memory Express Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Non-volatile Memory Express Market

  1. Samsung Electronics Co. Ltd. (South Korea)
  2. Western Digital Corporation (U.S.)
  3. Intel Corporation (U.S.)
  4. Dell EMC (U.S.)
  5. Hewlett Packard Enterprise (HPE) (U.S.)
  6. Broadcom Inc. (Broadcom) (U.S.)
  7. Micron Technology, Inc. (U.S.)
  8. Cisco Systems, Inc. (U.S.)
  9. Toshiba Corporation (Toshiba) (Japan)
  10. NetApp Inc. (NetApp) (U.S.)
  11. International Business Machines Corporation (IBM) (U.S.)
  12. Microchip Technology Inc. (U.S.)
  13. Marvell Technology Group (U.S.)
  14. Seagate Technology LLC (Seagate) (U.S.)
  15. SK Hynix Inc. (South Korea)
  16. Renesas Electronics Corporation (Renesas Electronics) (Japan)
  17. Mellanox Technologies Ltd. (Israel)
  18. Pure Storage Inc. (U.S.)
  19. Super Micro Computer Inc. (U.S.)
  20. Huawei Technologies Co. Ltd. (China)

Report Scope

Report Metric Details
CAGR 18.9%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Product
    1. Solid-state Drives (SSDs)
    2. Adapters
    3. All-flash Arrays
    4. Servers
    5. Others
  2. By Communication Standard
    1. Ethernet
    2. Fibre Channel
    3. InfiniBand
  3. By Deployment location
    1. On-premise
    2. Remote
    3. Hybrid
  4. By Vertical
    1. Banking, Financial Services, and Insurance (BFSI)
    2. Consumer Goods & Retail
    3. Telecommunications &ITeS
    4. Healthcare
    5. Energy
    6. Government
    7. Education & Research
    8. Media & Entertainment
    9. Manufacturing
    10. Business & Consulting
    11. Others
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa

Recent Developments

  • July 2022- KIOXIA introduced version 3.21 of their KumoScale storage software, which is based on the NVM Express over Fabrics protocol. The KumoScale storage system software provides high-performance NVM Express (NVMe) flash storage as a disaggregated, networked service.
  • November 2021- At the OCP Global Summit, Seagate showed and confirmed the viability of the Non-Volatile Memory Express protocol on hard disc drives (HDDs) by showcasing the industry's first native NVMe hard disc drive (HDD). The approach integrates non-volatile memory express protocol functionality directly into the HDD controller, eliminating the need for a bridge.

Non-volatile Memory Express Market Segmentation

By Product

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

By Communication Standard

  • Ethernet
  • Fibre Channel
  • InfiniBand

By Deployment location

  • On-premise
  • Remote
  • Hybrid

By Vertical

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

By Region

  • North America
  • Europe
  • Asia-Pacific

Frequently Asked Questions (FAQs)

What is the growth rate for the NVMe (nonvolatile memory express) Market?
NVMe (nonvolatile memory express) Market size will grow at approx. CAGR of 28.5% during the forecast period.
Some of the top industry players in NVMe (nonvolatile memory express) Market are, Samsung Electronics Co., Ltd. (Samsung) (South Korea), Western Digital Corporation (Western Digital) (THE U.S.), Intel Corporation (Intel) (THE U.S.), Dell EMC (THE U.S.), Hewlett Packard Enterprise (HPE) (THE U.S.), Broadcom Inc., (Broadcom) (THE U.S.), Micron Technology INC., (Micron Technology) (THE U.S.), Cisco Systems INC., (Cisco) (THE U.S.), Toshiba Corporation (Toshiba) (Japan), NetApp INC., (NetApp) (THE U.S.), International Bthe U.S.iness Machines Corporation (IBM) (THE U.S.), Microchip Technology Inc., (Microchip Technology) (THE U.S.), Marvell Technology Group (Marvell) (THE U.S.), Seagate Technology LLC (Seagate) (THE U.S.), SK Hynix Inc., (SK Hynix) (South Korea), Renesas Electronics Corporation (Renesas Electronics) (Japan), Mellanox Technologies Ltd. (Mellanox) (Israel), Pure Storage INC., (Pure Storage) (THE U.S.), Super Micro Computer INC., (Supermicro) (THE U.S.), Huawei Technologies Co., Ltd. (Huawei) (China), etc.
North America has held a dominant position in the NVMe (nonvolatile memory express) Market, with the largest market share.
The NVMe (nonvolatile memory express) Market has seen the most substantial growth rate in Asia Pacific.
The global NVMe (nonvolatile memory express) Market report is segmented as follows: By Product, By Communication Standard, By Deployment location, By Vertical
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