As per Future Market Insights, the NVMe over fiber channel market is expected to reach USD 45,461.6 million in 2023. The market is likely to register impressive growth, documenting a 23.9% CAGR between 2023 and 2033, as enterprises around the world exhibit higher demand for NVMe over fiber channel. By the end of the said forecast period, a valuation of USD 388,623.5 million is anticipated for the market.
| Attributes | Details |
|---|---|
| Registered Market Value (2022) | USD 37,172.2 million |
| Expected Market Value (2023) | USD 45,461.6 million |
| Projected Market Value (2033) | USD 388,623.5 million |
| Growth Rate (2023 to 2033) | 23.9% CAGR |
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The global NVMe over fiber channel market size is expected to rise at a CAGR of 23.9% during the forecast period 2023 to 2033. The global market valuation is anticipated to reach over USD 388,623.5 million by 2033.
Initially, traditional SSDs were used more commonly across various applications. However, with the introduction of NVMe SSD, there has been a huge rise in the switch towards NVMe SSDs. One of the major differences between SSDs and NVMe SSDs is that traditional SSDs store data with the help of integrated circuits whereas, NVMe is an interface used to access the data which is stored, at a much higher speed.
NVMe is more progressive than SSDs. It is therefore better encrypted and faster than the traditional SSDs. Consequently, the high demand for NVMe SSD is expected to drive the growth of the market on a global scale. The global market was exhibiting a CAGR of 21.8% over the historical period.
In 2022, the amount of data created and replicated has touched a new high. With a huge rise in data-generating devices such as wearable electronics, smartphones, connected devices, and others, there has been an exponential rise in data generation.
Moreover, with the growing popularity of cloud computing and the Internet of Things, there has been a massive rise in the overall volumes of data captured, created, copied, and consumed globally. Furthermore, the volume of digital data generated over the next five years is anticipated to be much greater than the volume of data generated since the advent of digital storage.
With such a massive rise in data generation, there arises a need for efficient data processing and storage tools and technologies. NVMe over fiber channel offers a highly optimized storage solution while reducing the latencies. Owing to this, NVMe technologies are increasingly being used in SSDs, servers, and storage appliances, thereby driving market growth.
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Adoption of Sophisticated Technology to Drive The Market Growth
Companies operating in the market are delivering NVMe compatible products and solutions proactively, to help end users maneuver through the ever-changing requirements.
With the technological advancements in NVMe, there has been a rise in the use of NVMe technologies in SSDs, servers, and storage appliances. Companies have been working with software development teams to cater to their demand for customization, aimed at meeting their frequently-changing industry specific requirements.
United States to Take Over the Market
According to the Future Market Insights analysis, the overall NVMe over fiber channel spending in the United States alone is likely to increase at a rate of 21% between 2023 and 2033, with a market value of USD 5,190 million in 2023.
The United States will emerge as the largest market for the NVMe over fiber channel in North America, due to the strong presence of providers such as Intel Corporation, Cisco Systems, and IBM Corporation. The growth in the region is majorly attributed to the early acceptance of advanced and upcoming technologies in the region. Furthermore, the growing adoption of NVMe for Big Data, IoT, Artificial Intelligence, and Blockchain across data-driven organizations has led to a huge rise in demand for NVMe over fiber channel. Thereby driving the growth in the region.
The rising penetration of smartphones and internet in the country also contributed to the rise in data generation. With such a massive rise in data generation, there arises a need for efficient data processing and storage tools and technologies. Thereby driving market growth. United States has emerged as a leading market, accounted for over 21.1% of the total demand registered in 2022.
High Demand of Reduced Latencies to Boost the Nation’s Market
The market in Germany is anticipated to be valued at around USD 17,500 million by 2033. In recent years, many SMEs in European countries including the United Kingdom, France, and Germany are deploying NVMe over fiber channel products owing to the growing demand for reduced latencies and improved response times as compared to the traditional SSDs.
Germany, the United Kingdom, and other countries in Europe are projected to observe a significant amount of growth in the market for NVMe over fiber channel due to the changing dynamics of computing for the developers of tablets, notebooks, and laptops. Moreover, there has been a rise in emphasis on saving the time of consumers by speeding up data transfer. Owing to this, the demand for NVMe over fiber channel in the Europe market is anticipated to rise significantly in the coming years.
Emergence of Advanced Technologies to Propel The Chinese Imdustry Growth
According to the Future Market Insights analysis, the market in the China is projected to rise at a CAGR of 25.5% over the upcoming decades from 2023 and 2033, with a market value of around USD 2,211.7 million in 2023. China, Japan, and South Korea are offering growth opportunities for NVMe over fiber channels owing to the rising number of internet users coupled with the growing popularity of digitization across East Asia.
In the wake of this pandemic, there has been an increase in demand for digitization to run businesses across the globe. The growing need for prompt communication for the efficient functioning of businesses has resulted in the generation of huge volumes of data, which is further responsible for driving the growth of NVMe over fiber channel deployment. Companies operating across China are focused on implementing advanced digital technologies and products to cope with rising data generation and reduce latencies, to improve business efficiency.
High Penetration of Internet Users to Expand the Market Growth
The market in India is anticipated to witness growth in revenue from around USD 882.3 million in 2022 to USD 12,810 million by 2033. The demand for NVMe over fiber channel has increased rapidly across various industry verticals in major economies of South Asia and the Pacific including India, Singapore, Malaysia, Indonesia, Australia, and New Zealand, which has created growth opportunities for the market.
In India, there has been a significant growth in the adoption of NVMe over fiber channel in the fields of IT & telecom, BFSI, and healthcare, among other industries. The growth can be attributed to the increasing number of internet users due to the rise in digitalization in the region.
The demand for NVMe over fiber channel is projected to exponentially grow as small and large enterprises seek efficient storage and processing of data. Furthermore, rapid growth in the enterprise end-user segment is further expected to drive the market. The market in India is projected to rise at a CAGR of 27.9% from 2023 to 2033.
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Benefits of NVMe all-flash storage arrays to Drive Market Growth
Based on product, the market is segmented into NVMe all-flash storage arrays, NVMe switch adapters, NVMe SSD, and others. Out of which, the NVMe all-flash storage arrays segment is anticipated to grow at the highest CAGR of 25.9% over the forecast period. This widespread adoption is mainly due to the advantages provided by NVMe all-flash storage arrays.
NVMe SSDs are anticipated to hold the largest share of the market and were presented in the market as a storage device that provides reduced latency and faster read/write operations as compared to HDDs. NVMe is an interface that was designed specifically 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.
NVME over fiber channel has registered 58% higher IOPS speed and 34% lower latency, which clearly states the advantages of the NVME over fiber channel application. The NVMe SSD also provides an improvement in CPU performance, faster data movement, and increased operational efficiency of the complete system. These benefits of solid-state drives are providing more traction to the segment in the market. NVMe SSD Segment accounted for the maximum market share of 36.1%.
Optimized Data Processing Solutions to Propel the Segment Growth
In terms of enterprise size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment is expected to hold the largest share of the market accounting for USD 15,429.3 million in 2022, while growing at a considerable CAGR of 23% between 2023 and 2033.
The growth of the segment can be primarily attributed to the growing demand for efficient data processing solutions from enterprises, data center vendors, and telecom service providers. However, the small and medium enterprises segment is expected to grow at a CAGR of 24.9% until 2033.
High Speed Data Transfer to Drive the Segment Growth
In terms of end users, the market is segmented as data center vendors, networking vendors, telecom service providers, government, enterprises, and others. With the growing popularity of the internet and automation across all industries, there has been a rise in demand for NVMe over fiber channels in data centers and enterprises.
The data center vendor’s end user segment is dominating the global NVMe over fiber channel and it is estimated to account for 37.4% of the total market value share by the end of 2023. With the growing popularity of high speed data transfer and increasing implementation of advanced technologies across the globe, there has been a simultaneous rise in demand for NVMe over fiber channel as well.
Companies offering NVMe over fiber channel are aiming at innovation and strategic partnerships with other software vendors to expand their portfolios while addressing the demand of an expanding customer pool.
Introduction of new solutions and services and strategic partnerships are key strategies adopted by the top players in the NVMe over fiber channel landscape. Solid investments are being made in the research and development segment by the global players in the market which is expected to provide substantial market developments.
The inclination of established players in the market happens to be toward the development of advanced memory technologies to fulfill the specific requirements of the customers, cultivating the demand for innovative and advanced products in the market.
NVMe over fiber channel providers are also focusing on entering into partnerships with technology and digital solution providers to target innovations within the market. The strategy helps companies to broaden their geographic reach with additional service portfolios.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, Malaysia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Segments Covered | Product, Enterprise Size, End-User, Region |
| Key Companies Profiled | Intel Corporation; Samsung Electronics Co., Ltd.; Western Digital Corporation; Dell EMC; Hewlett Packard Enterprise; IBM; Cisco Systems Inc.; Microchip Technology Inc.; Broadcom Inc.; Marvell Technology Group |
| Customization & Pricing | Available upon Request |
The market was valued at USD 37,172.2 million in 2022.
The market is expected to attain a valuation of USD 45,461.6 million in 2023.
The market is forecast to register a CAGR of 23.9% through 2033.
The high penetration of internet users expands the market growth in India.
China is forecast to develop at a CAGR of 25.5% from 2023 to 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. NVMe All-Flash Storage Arrays 5.2. NVMe Switch Adapters 5.3. NVMe SSD 5.4. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size 6.1. Small & Medium Enterprises (SMEs) 6.2. Large Enterprises 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 7.1. Data Centers Vendors 7.2. Networking Vendors 7.3. Telecom Service Providers 7.4. Government 7.5. Enterprises 7.6. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. South Asia 8.5. East Asia 8.6. Oceania 8.7. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Intel Corporation 18.2. Samsung Electronics Co., Ltd. 18.3. Western Digital Corporation 18.4. Dell EMC 18.5. Hewlett Packard Enterprise 18.6. IBM 18.7. Cisco Systems Inc. 18.8. Microchip Technology Inc. 18.9. Broadcom Inc. 18.10. Marvell Technology Group 19. Assumptions & Acronyms Used 20. Research Methodology
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NVMe Over Fiber Channel Market
