Innovate to Accelerate: Non-volatile Memory Express (NVMe) Market Anticipated to Hit $163.5 Billion by 2025
The Non-Volatile Memory Express (NVMe) Market is growing at a very quick pace. With a forecasted valuation of USD 44.6 billion in 2020, the market is expected to develop at a healthy compound annual growth rate (CAGR) of 29.7% to reach USD 163.5 billion by 2025.
Several causes are responsible for this growth trajectory, including the growing use of NVMe-based storage solutions in a variety of industries, including servers, adapters, SSDs, and all-flash arrays. Furthermore, by improving data transfer speeds and overall system efficiency, developments in communication standards like Ethernet, Fibre Channel, and InfiniBand are driving market growth even further. In addition, the implementation of NVMe solutions in various deployment settings, including as on-premise, remote, and hybrid environments, is fostering market growth by catering to the changing storage requirements of enterprises in various industries.
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The non-volatile memory express (NVMe) industry is expanding significantly in the Asia Pacific area, mainly due to the significant performance gains that NVMe technology offers. This development trend is mostly due to the growing use of NVMe in servers, Solid State Drives (SSDs), and storage appliances. Furthermore, the market is expanding because to the introduction of end-to-end NVMe over fabrics (NVMe-Of) solutions, which provide effective data movement and storage in distributed environments. Furthermore, new opportunities for NVMe deployment across a range of industries in the Asia Pacific region are being created by the increased acceptance of NVMe for cutting-edge technologies including blockchain applications, Internet of Things (IoT), artificial intelligence, and big data analytics.
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By product, all-flash arrays segment is projected to grow at high rate in the Asia Pacific NVMe market during the forecast period
Over the course of the forecast period, the Asia Pacific NVMe market is expected to witness a strong Compound Annual Growth Rate (CAGR) from the all-flash arrays sector. The Asia Pacific region's data centres and businesses are increasingly adopting all-flash arrays, which is the main factor driving this boom. By utilising flash memory, NVMe-based all-flash arrays improve system speed by providing improved connection via drivers such as vSphere, Linux kernel, and Windows. The arrays in question exhibit significant benefits, including expedited read/write operations, heightened Input/Output Operations Per Second (IOPS), and decreased latency. These attributes are highly prized by enterprises looking to maximise the efficiency of their data processing. All-flash arrays are more appealing to businesses since they require less maintenance, produce less heat, and have higher power efficiency due to the lack of moving parts. The Asia Pacific NVMe market is expected to witness substantial growth in the all-flash arrays segment in the near future, owing to its attractive characteristics that are propelling adoption.
By vertical, the healthcare segment in Asia Pacific NVMe Market is stipulated to witness a high growth rate
The Asia Pacific NVMe market's healthcare vertical is expected to grow at a high Compound Annual Growth Rate (CAGR) over the course of the forecast period, indicating its potential for significant expansion. Notable developments in telemedicine, healthcare robots, and innovative medical research projects throughout the region are driving this strong growth. Improvements in data management and storage infrastructure are becoming more and more important for healthcare organisations in Asia Pacific to provide analytics-driven insights. Efficient data storage makes it easier to capture, analyse, and monitor patient medical records, which enhances both operational effectiveness and patient care. The adoption of NVMe-based goods and storage solutions with advanced data storage capabilities is further encouraged by the rise of creative healthcare solutions that make use of mobile devices, video conferencing, and integrated applications. The demand for NVMe-based solutions is anticipated to soar in the Asia Pacific healthcare sector in the near future as healthcare organisations continue to embrace digital transformation initiatives. This will spur additional innovation and efficiency improvements in patient care delivery and healthcare management practices.
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Japan is projected to witness a high market share in the APAC market from 2020 to 2025
Japan is expected to gain a substantial portion of the Asia Pacific non-volatile memory express (NVMe) market throughout the projected period. Japan's strong market position can be ascribed to the notable increase in cloud computing usage among SMEs in recent times, which has resulted in a large growth in the country's cloud infrastructure sector. With its well-developed cloud service offerings and significant room for growth for cloud service providers, Japan is one of the most advanced cloud service marketplaces in the area. Over the course of the projection period, this trend will drive market expansion by increasing demand for NVMe solutions to suit the high-performance computing needs of cloud services. Moreover, encouraging government programmes and financial initiatives from local authorities are expected to support the growth of the NVMe industry in Japan. Notably, the Japanese government said in September 2022 that it would give US chipmaker Micron Technology, Inc. a sizeable subsidy of USD 320 million to promote its initiative to develop advanced memory chipsets at the Hiroshima factory in Japan. It is expected that these encouraging policies will hasten the growth of the NVMe market throughout the region and foster innovation and technical breakthroughs in Japan's rapidly developing digital infrastructure.
Key Players in the Market
The key players operating in the Asia Pacific non-volatile memory express (NVMe) market are Kioxia Corporation (Japan), SK Hynix, Inc. (South Korea), Renesas Electronics Corporation (Japan), SAMSUNG (South Korea), Intel Corporation (US), and Western Digital Corporation (US), among others.
- In October 2022, Western Digital Corporation (US) launched its new gaming PCIe Gen-4 SSD based on NVMe technology. The new SSD offers data transfer speed up to 7,300 MB/s and this SSD is targeted for launch in the Indian market.
- In March 2021, SAMSUNG (South Korea) launched new 980 NVMe SSD. The new SSD offers sequential read and write speeds at up to 3,500 and 3,000 MB/s, respectively. The new SSD is suitable for applications for everyday PC users and gamers.
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