Several Industries are Observing Increasing Adoption of Non-Volatile Memory Express-Enabled Devices
With increase in the adoption of digital technologies, there is continuous need for data storage infrastructure across business organizations. There has been continuous technological innovation taking place regarding optimizing the device memory storage and computer (host) memory storage for increasing the data storage capacity.
However, there is a rising demand for an innovation to increase the data access speed and optimize the rate of data transmission with reduced latency. All these entities have been addressed by the introduction of non-volatile memory express (NVMe) interface.
The digital technologies allow the commercial business organizations to work remotely, despite of any kind of calamities or emergencies. All such technologies, namely artificial intelligence (AI), Internet of Things (IoT), and Big Data, among others, are dependent on the real-time process data, which gets generated from machines and systems on a daily basis. This process data is used to get predictive insights about the operational losses and system/equipment failure, thereby ensuring optimum work efficiency. However, there needs to be supportive data storage infrastructure with a subsequent capacity to store and access the data.
According to the market intelligence published by BIS Research, the global non-volatile memory express market is estimated as $19.52 billion in 2020. The market is expected to grow at a significantly high CAGR of 42.66% during the forecast period, 2020–2025.
The market growth is attributed to the factors driving the market, including continuous generation of process data and subsequent need for data storage systems, rising demand for improved performance of storage devices, and increasing adoption of NVME in data center. Each of the three driving factors of the market are expected to influence the growth of the market.
In addition, several companies launched new products and made developments in the NVMe market, while the relatively less adoptive strategies comprised expansion of businesses in the NVMe market and other regions. Moreover, major companies operating in this industry are also focusing on partnerships, collaborations, and joint ventures with other companies to improve their presence in the market. Successful mergers and acquisitions between companies across the non-volatile memory express market presented a major strategic move made by a large number of companies since 2017.
The organizations such as manufacturing, telecommunication, automotive, financial institutions, and government agencies, among others have observed a rapid adoption of the NVMe-enabled storage for optimum data access features with high data transfer bandwidth.
The rapid market penetration of the NVMe technology has led to the enhancement of the operational productivity across industrial and commercial business organizations. Companies such as Pavilion Data Systems, Eideticom, and Vast Data Inc. are increasing their investments in NVMe technology, to improve data access and achieve data accuracy.