Non-Volatile Memory Express Market Growth Analysis - Market Size, Share, Forecast Trends and Outlook Report (2025-2034)

The non-volatile memory express (NVMe) market size reached around USD 49.01 Billion in 2024. The market is projected to grow at a CAGR of 26.00% between 2025 and 2034 to reach nearly USD 494.30 Billion by 2034.

The global non-volatile memory express industry is being driven by the growing digitalisation and the increased need to manage and store data efficiently. NVMe facilitates quick and efficient access to SSDs (solid-state drive/storage device) and, thus, has become the preferred interface for storage among enterprises.

Properties and Applications

Non-volatile memory express or NVMe refers to a host controller interface and storage protocol, developed in order to enhance data transfer service between client and enterprise systems and solid-state drives (SSDs), and accessing non-volatile storage media attached over a computer's high-speed Peripheral Component Interconnect Express (PCIe) bus. The global non-volatile memory express market can be divided based on segments like components, communication standards, OS, applications, and regions.

Breakup by Component

• Hardware
• SSD
• AIC
• QAT
• Storage Server
• NVMeoF Cards
• PCIe Connections
• Others
• Software

Breakup by Communication Standard

• Ethernet
• Fibre Channel
• InfiniBand Network

Breakup by OS

• Chrome OS
• DragonFly BSD
• Free BSD
• Haiku
• Illumos
• iOS
• Linux
• Windows
• Open BSD
• Others

Breakup by Applications

• OLTP
• OLAP
• Cloud Services
• Caching
• Primary Storage
• Data Virtualization
• Others

Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Global Non-Volatile Memory Express (NVMe) Market Analysis

The growing demand to facilitate high-speed data transmission, consistent modifications in the specifications, and the growing digitalisation in enterprises has resulted in the increased demand for non-volatile memory express, thus, aiding the growth of the industry. The increased adoption of cloud-hosting services is influencing manufacturers to further develop this technology to enhance data transmission, which is likely to aid the industry over the forecast period. The deployment of NVMe from niche to mainstream business has increased in the past few years, which is expected to boost the industry growth in the future.

The Asia-Pacific is expected to witness the fastest growth rate over the forecast period due to the growing need for enterprises to optimise their business processes with rapid industrialisation in the region. Within the Asia-Pacific, China and India have witnessed a massive growth in the number of smartphone users, which will aid the industry growth in the region over the forecast period.

Competitive Landscape

The report presents a detailed analysis of the following key players in the global non-volatile memory express market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Samsung Electronics Co., Ltd.
• Western Digital Corporation
• Intel Corporation
• Broadcom Inc.
• Others

The report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter's Five Forces model.