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Non-Volatile Memory Market 2024 - By Size, Demand, Trends, Top Companies, Growth Drivers And Forecast 2033
Non-Volatile Memory Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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 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.
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 October 2022, 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 NV2 PCIe 4.0 NVMe SSD, a next-generation storage solution powered by a Gen 4x4 NVMe controller. The NV2 PCIe 4.0 NVMe SSD is designed for users looking for power-packed Gen 4x4 NVMe PCIe performance in a compact form factor, ideal for thinner notebooks, small form factor (SFF) systems, and DIY motherboards.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Western Digital Corporation, Intel Corporation, Dell EMC, Hewlett Packard Enterprise Company, Kioxia Holdings Corporation, Micron Technology Inc., SK Hynix Inc., Microchip Technology Incorporated, ROHM Co. Ltd., Renesas Electronics Corporation, STMicroelectronics NV, Infineon Technologies AG, Nantero Inc., Crossbar Inc., Everspin Technologies Inc., Winbond Electronics Corporation, Pure Storage Inc., NetApp Inc., Seagate Technology Holdings plc, Toshiba Corporation, Huawei Technologies Co. Ltd., Fujitsu ltd., Intel Corporation, Honeywell International Inc., Maxim Integrated Products Inc., Micron technologies Inc., Avalanche Technologies Inc., Adesto Technologies Corporation, Viking Technology
Non-Volatile Memory Market 2024 Key Insights:
• 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%.
• Cloud Hosting's Role In Driving Nvme Market
• Emerging Tech Trends In The Nvme Market
• North America was the largest region in the non-volatile memory express (NVMe) market in 2023
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