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Non-Volatile Memory Express (NVMe) Market Analysis, Size, Key Segments, Growth Status, Share And Forecast To 2033
Non-Volatile Memory Express (NVMe) Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the non-volatile memory express (NVMe) industry. This report on non-volatile memory express (NVMe) market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The non-volatile memory market size has grown rapidly in recent years. It will grow from $85.71 billion in 2023 to $99.31 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to semiconductor industry, consumer electronics, energy efficiency, data storage needs, market competition, reliability and durability.
The non-volatile memory market size is expected to see rapid growth in the next few years. It will grow to $177.06 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to autonomous vehicles, environmental concerns, advanced packaging, hybrid memory solutions, . Major trends in the forecast period include artificial intelligence (AI) and machine learning, 5g technology, edge computing, quantum computing, neuromorphic computing.
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Key Market Players:
Intel Corporation., Toshiba Corporation, Samsung Electronics Co. Ltd., Adesto Technologies Corporation, Viking Technology, Crossbar Inc., Kilopass Technology Inc. are prominent players in the non-volatile memory express (NVMe) industry.
Market Drivers:
According to the Non-Volatile Memory Express (NVMe) Market Report 2024 by The Business Research Company, 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 interoperability if various enterprise-level services. According to Gartner Inc., a US-based consulting firm, cloud services are predicted 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.
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Market segments for non-volatile memory express (NVMe) include:
1) By Product: Solid-state Drives (SSDs), Adapters, All-flash Arrays, Servers, Other Products
2) By Communication Standard: Ethernet, Fiber Channel, InfiniBand
3) By Vertical: Banking, Financial Services, and Insurance (BFSI), Consumer Goods & Retail, Telecommunications & Information Technology enabled Services (ITeS), Healthcare, Energy, Government, Education & Research, Media & Entertainment, Manufacturing, Other Verticals
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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