The global NVMe over fiber channel market is forecast to register a CAGR of 23.9% from 2023 to 2033, expected to conclude at USD 388,623.5 million by 2033, as per Future Market Insights. In 2023, the market for NVMe over fiber channel is estimated to exceed USD 45,461.6 million.
According to the study, the NVMe over fiber channel market would rise by 22% year on year in 2023. Among product categories, NVMe SSD will continue to hold the biggest market share. Throughout the evaluation period, the category is predicted to grow at a slightly lower than 30% CAGR.
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Furthermore, as cloud computing and the Internet of Things have grown in popularity, there has been a tremendous increase in the aggregate amounts of data recorded, generated, duplicated, and consumed globally. Furthermore, it is expected that the volume of digital data developed over the next five years will be far larger than the volume of data generated since the birth of digital storage.
With such an increase in data creation, there is an increased demand for data processing and storage techniques and technology. NVMe over fiber channel provides a highly optimized storage solution with lower latencies. As a result, NVMe technologies are rapidly being employed in SSDs, servers, and storage appliances, fueling market expansion.
Key Takeaways
- Over the historical period, the worldwide market grew at a CAGR of 21.8%.
- The Indian market is expected to grow at a CAGR of 27.9% in the future decades.
- The United States has emerged as a key market, accounting for more than 21.1% of overall demand in 2022.
- Over the next several decades, the Chinese market is expected to grow at a CAGR of 25.5%.
- The NVMe SSD segment had the highest market share of 36.1% in 2022.
“With a large increase in data creation, there is an increased demand for data processing and storage techniques and technology. NVMe over fiber channel provides highly efficient storage while lowering latencies. As a result, NVMe technologies are rapidly being employed in SSDs, servers, and storage appliances, propelling the industry forward.”says FMI analyst.
Competitive Landscape
- SANBlaze Technology Inc., a leading global provider of sophisticated storage test and validation techniques, disclosed in October 2022 that it is partnering with the University of New Hampshire InterOperability Lab (UNH-IOL) to create OCP (Open Compute Project) test programs, employing both the teams’ combined knowledge in testing NVMe and sophisticated storage systems.
- Based on a January 2023 report, Turkish array maker NGX is working on “a substitute to NetApp, Massive Data, Infinidat, and various other US competitors” depicting cloud, software-defined retrieval, and NVMe-over-fabrics. NGX is bringing out an upgrade of their solution that enables NVMe-over-fabrics. For Ethernet installations, this will most probably be NVMe-over-TCP, followed by Fibre Channel.
Key Players
- 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
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global NVMe Over Fiber Channel market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights By Product (NVMe All-Flash Storage Arrays, NVMe Switch Adapters, NVMe SSD), Enterprise Size (SMEs, Large Enterprises), End User (Data Centers Vendors, Networking Vendors, Telecom Service Providers, Government, Enterprises) & Region.
Key Segments Covered in the NVMe Over Fiber Channel Industry Report
By Product:
- NVMe All-Flash Storage Arrays
- NVMe Switch Adapters
- NVMe SSD
- Others
By Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By End-User:
- Data Centers Vendors
- Networking Vendors
- Telecom Service Providers
- Government
- Enterprises
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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