“The global NVMe market is projected to grow at a CAGR of 29.7% from 2020 to 2025.”
The global NVMe market size is projected to grow from USD 44.6 billion in 2020 to USD 163.5 billion by 2025; it is expected to grow at a CAGR of 29.7% from 2020 to 2025. Growing adoption of NVMe in big data, IoT, artificial intelligence, blockchain, and end-to-end NVMe-over-Fabrics present growth opportunities for the NVMe industry. However, performance problems associated with storage software inhibit the growth of the market. Furthermore, issues related to data integrity and data protection, and high cost of NVMe act as challenges for the growth of the market.
The SSDs segment is expected to account for the largest size of the NVMe industry during the forecast period.
NVMe SSDs hold the largest market because they are widely adopted as a storage solution in most of the verticals. This widespread adoption is mainly due to the benefits provided by NVMe SSDs. SSDs were introduced into the market as a storage device that provides faster read/write operations and reduced latency compared with HDDs. NVMe is an interface that was specifically designed for SSDs, and NVMe SSDs were introduced to provide better data storage and processing operations, and the lowest latency possible when compared with HDDs and traditional SSDs (SATA and SAS). Due to these benefits, SSDs hold the largest market share in the NVMe market.
The Ethernet segment of the market is projected to grow at the highest CAGR from 2020 to 2025.
Ethernet is widely accepted because it is a popular communication standard and is made available by several enterprise storage vendors. Enterprise and data centers that use applications involving systems and storages in a network to communicate and exchange data prefer Ethernet for the benefits it provides. Therefore, this segment will grow at the highest rate.
The BFSI segment held the largest size of the NVMe market in 2019.
The BFSI vertical mainly offers customer-centric services. The adoption of digital platforms in this vertical is growing, which is expected to create huge amounts of digital data. Also, this vertical requires high security and should adhere to regulatory compliances. NVMe-based products such as SSDs, storage arrays, compatible servers, and other storage solutions are gaining traction in this vertical. This is majorly due to the reliable performance and features such as rapid data processing in terms of storage and retrieval with very low latency. Such features and benefits are increasing the adoption of NVMe in BFSI.
Breakdown of profiles of primary participants:
- By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation: C-level Executives – 45%, Directors – 35%, and Others – 20%
- By Region: North America – 40%, Europe – 30%, Asia Pacific (APAC)– 20%, and the Rest of the World (RoW) – 10%
Samsung Electronics Co., Ltd. (Samsung) (South Korea), Western Digital Corporation (Western Digital) (US), Intel Corporation (Intel) (US), Dell EMC (US), Hewlett Packard Enterprise (HPE) (US), Broadcom Inc. (Broadcom) (US), Micron Technology, Inc. (Micron Technology) (US), Cisco Systems, Inc. (Cisco) (US), Toshiba Corporation (Toshiba) (Japan), and NetApp, Inc. (NetApp) (US) are the prominent players in the NVMe market.
The NVMe market has been segmented based on product, communication standard, deployment location, vertical, and region. It also provides a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons To Buy the Report:
- This report includes statistics pertaining to the NVMe market based on product, communication standard, deployment location, vertical, and region.
- This report includes detailed information on major drivers, restraints, opportunities, and challenges pertaining to the NVMe market.
- The report includes illustrative segmentation, analysis, and forecast for the NVMe market based on its segments and subsegments.