Future Market Insights (FMI) has published a new market research report on social employee recognition systems. The report has been titled, Global NVMe Over Fiber Channel Market: Global Industry Analysis, Forecast. Long-term contracts with large enterprises and private companies are likely to aid the expansion of business revenues, and innovation in the industry will enable social employee recognition system vendors to reach out to new potential customers in emerging markets. These factors are expected to help the global market for social employee recognition systems observe stellar growth in next few years.
As per the latest survey conducted by FMI, the global NVMe over the fiber channel market is predicted to top US$ 30.36 billion in 2020. In response to the increasing adoption of non-volatile memory express (NVMe) over fiber channels by data centers, telecom service providers, and enterprises, the market is estimated to surpass US$ 255.64 billion by the end of 2031.
Rising integration of advanced technologies such as the internet of things, machine learning, and cloud computing across organizations has increased the overall volume of data created, captured, consumed, and copied across the world.
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Historically, the market registered growth at 20.8% from 2016 to 2020. It is expected to register growth at an accelerated pace as end users exhibit higher inclination for the solid-state drive (SSD), as it offers better encryption and faster data transfer speed than traditional SSDs, which is in turn, spurring the sales of NVMe devices. As per FMI, the market is expected to grow at a CAGR of 23.7% during 2021-2031.
“Rapidly changing computing dynamics for developers of laptops, computers, and tablets along with increasing demand for secured intellectual data storage devices across IT & telecom and banking, financial services and insurance industries are expected to accelerate the market growth in the coming year,” says the FMI analyst.
Key Takeaways from the NVMe over Fiber Channel Market Analysis
- Sales for NVMe over fiber channel in the U.S. is expected to total US$ 5.19 billion in 2021, rising at a CAGR of massive CAGR of 21.8% between 2021 and 2031.
- The market in China is estimated to reach US$ 2,211.7 million, surging at a staggering CAGR of 25.3% through 2031.
- Germany is projected to emerge as the most lucrative market in Europe, reaching a valuation of US$ 17.5 billion by the end of 2031.
- Japan and South Korea markets are forecast to account for 33.5% and 25.2% of the value share, respectively, in East Asia by 2021.
- Based on end user, the data center vendor is anticipated to lead the segment, accounting for nearly 37.4% of the overall sales in 2021.
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Key Drivers
- Increasing adoption of NVMe for big data analytics, blockchain, and artificial intelligence (AI) across data-driven organizations owing to its lower latency and faster data movement is driving the market growth.
- Growing data generation, spurred by the rising smartphone penetration and growing number of internet users across the world is expected to propel the demand for NVMe over fiber channels.
Key Restraints
- High cost of NVMe devices compared to traditional ones is hampering the growth of the market.
- Lack of compatibility of NVMe in smartphones and computers & laptops with older motherboards is hindering the market growth.
Competitive Landscape
Leading companies in the market are Intel Corporation, Samsung Electronics Co., Ltd., Western Digital Corporation, Dell EMC, Hewlett Packard Enterprise, and IBM, are the top NVMe over fiber channel vendors. These players are anticipated to account for more than 60% of the total sales in the landscape.
Leading players are extensively investing in research and development activities for the optimization of novel devices and technologies. Besides this, some of the key companies are focusing of new product launching to expand their product portfolio. For instance,
- In 2020, Intel Corporation, an American multinational corporation and technology company, announced investing US$ 13.6 billion in the research and development initiatives for optimization of the process technology, advancement in 5G technology, and PC and data-centric businesses.
- In February 2018, Intel Corporation announced launching its two new products, Intel SSD DC P4510 Series and P4511 Series. The products launch is aimed to assist the company in expanding its product portfolio in data center applications.
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More Valuable Insights on NVMe over Fiber Channel Market
FMI, in its new report, offers an unbiased analysis of the global NVMe over fiber channel market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in NVMe over fiber channel market with detailed segmentation:
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 & Pacific
- Middle East and Africa (MEA)
Key Questions Covered in the Report
- The report offers insight into NVMe over fiber channel market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for NVMe over fiber channel market between 2021 and 2031
- NVMe over fiber channel market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- NVMe over fiber channel market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others