As per a recent report by Future Market Insights (FMI), the global NVMe over fiber channel market is expected to expand at a CAGR of 23.7% over the forecast period (2021-2031). The growth can be attributed to the growing demand for advanced data processing and storage solutions, with market valuation expected to surpass US$ 30.36 Bn in 2021.
Besides this, the market is driven by the exponential rise in data generation across enterprises and increasing number of internet users. Primary factors driving growth of the NVMe over fiber channel market include the increasing adoption of NVMe technologies in servers, SSDs, and storage devices coupled with significant performance advancements offered by NVMe over fiber channel.
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Key Takeaways from NVMe over Fiber Channel Market Study
- Large enterprises will dominate the market through 2031 with 57.9% value share.
- The NVMe SSD product will register higher adoption rate, holding 37.7% of the market in 2021, owing to their ability to read/write operations faster and reduce latency compared with HDDs.
- China leads the East Asia market and is forecast to register a CAGR of over 41.3% through 2031.
- The U.S. market is projected to expand at a CAGR of 21.8% through 2031, owing to the early acceptance of advanced data storage technologies and further supported by the presence of key players in the market.
- The UK market will hold the lead in Europe by the end of 2031, registering a CAGR of over 25.7% through the assessment period.
Impact of COVID-19 on NVMe over Fiber Channel Market
The COVID-19 pandemic has disrupted many industries, including the market for NVMe over fiber channels and services. Different industry verticals have suffered notable losses as a result of mobility and travel restrictions for public health reasons, among other social distancing measures. Disruptions in services are having an impact on economies and trade, given the role of services in offering inputs connecting supply chains and facilitating trade. The extent of impact on trade varies by mode of supply and sector.
The pace of technology disruption has continued to accelerate. The global COVID-19 pandemic has proved to be a catalyst in making digital transformation a strategic imperative for large enterprises as well and small and medium enterprises. Organizations now require more robust IT infrastructure and solutions in order to ensure continuity in their operations.
They also need to deliver remote work solutions, secure connectivity, data analytics capabilities and mobile-first, cloud-like experiences to their customers and employees, while navigating through the macro economic uncertainty and adapting to the new world. As a result, these events have turned towards NVMe over fiber channel, thereby driving the market growth.
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Who is Winning?
The moderately consolidated NVMe over fiber channel market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion. Moreover, growing demand for advanced data storage and processing infrastructure and increasing digitalization tools is anticipated to drive the growth of the NVMe over fiber channel market.
Prominent players in the NVMe over fiber channel market include but are not limited to Intel Corporation, Samsung Electronics Co., Ltd., Western Digital Corporation, Dell EMC, Hewlett Packard Enterprise, IBM, Cisco Systems Inc., Microchip Technology Inc., Broadcom Inc., and Marvell Technology Group, among others.
More Valuable Insights on NVMe over Fiber Channel Market
A recent market research report published by Future Market Insights (FMI) on the global NVMe over fiber channel market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of product (NVMe all-flash storage arrays, NVMe switch adapters, NVMe SSD, and others); enterprise size (SMEs and large enterprises); end-user (data centers vendors, networking vendors, telecom service providers, government, enterprises, and others), and across six major regions.
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