As businesses shift their growth tracks toward digitalization, data becomes the new crucial resource. With data being significant to assess consumer behavior and drive profitability, storage of the data being generated at an explosive rate remains a key challenge for enterprises.
Non-volatile memory express, also known as NVM express (NVMe), used for facilitating faster and efficient access to SSDs, has been emerging as the preferred interface for storage. Since large, mid, and some small level enterprises rely on cloud-hosting services to achieve global access to data, cloud service providers increasingly step up their efforts to leverage the prowess of NVM express to facilitate high-speed data transmission. With consistent upgrades in the specifications and the growing need of enterprises for digitalization, applications of NVM express are likely to advance in the future.
Foreseeing the growing adoption curve of non-volatile memory express, Transparency Market Research, in its latest report, points at the significant drivers and novel trends that unlock high sales opportunities in this market space.
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Non-volatile Memory Express – A Journey from Niche Deployments to Being Mainstream
In recent times, more businesses than ever before have been operating under the exigency to perform ultra-fast data transfers across large-scale networks for business-critical missions. The popularity of NVM express relying on SDDs puts an end to the HDD era, and results in high adoption in enterprise servers and storage arrays. This has unlocked robust sales opportunities for NVM express. In 2018, the sales of NVMe registered a value of ~ US$ 19 billion.
With lower latency and high performance, NVM express is likely to foster innovation in data-driven technologies such as machine learning, automation, and artificial intelligence. The surging workload in enterprises will further push the demand for NVM express for performance acceleration. With the growing requirement for interfaces that reduce latency, NVM express over fabrics is likely to penetrate deeper into the applications for eliminating the need for SCSI translation. Analyzing the impact and relevance of the trends, the NVM express market is likely to record a robust CAGR of ~ 28% during the forecast period.
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Asia Pacific to Emerge as the New Lucrative NVMe Market
In a digital landscape, where consumer-centricity and personalization distinguish the market leaders from market slowcoaches, digital businesses resort to data analytics to comprehend the shifting paradigms of consumer behavior. North America, being home to data-driven companies such as Facebook, Amazon, Google, and Microsoft, leads the global non-volatile memory express market. In addition, as enterprises of all scales are keen on migrating their on-premise servers to the cloud, NVM express is likely to spectate bullish sales prospects in the region.
In Asia Pacific, the non-volatile memory express market has been on ascension, as enterprises consistently tend to look for solutions to optimize their business processes. Manufacturers are evincing their competency by introducing newer and better versions such as NVMe 1.3 and NVMe 1.4, which is likely to augur well for the adoption of NVMe. With a high number of smartphone users in China and India, and penetration of 4K video technology, online video streaming service providers are advancing towards the adoption of NVM express to facilitate the study of consumer behavior, which will aid them in providing their consumers with personalized offerings.
With the era of 5G on the horizon, consumers will be more inclined towards leveraging the prowess of technology to meet their routine needs, which will generate more data for enterprises to translate into sales opportunities. Such instances will solidify the position of the Asia Pacific non-volatile memory express market by driving its size to the north.
The unprecedented growth of the market, however, is likely to be impeded by the unattractive price tag of NVM express, which relies on SDDs for operation. The high cost of SDDs turns the entire application of non-volatile memory express cost-prohibitive, which shifts the focus of some enterprises to their cheaper alternatives – HDDs.
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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