The global NVMe over the fiber channel market is expected to develop at a CAGR of 23.7 percent over the forecast time frame, according to a new analysis by Future Market Insights (FMI) (2021-2031). The rise can be attributed to the growing demand for cutting-edge data handling and capacity arrangements, with market valuations estimated to exceed US$ 30.36 billion by 2021.
Aside from that, the market is propelled by the spectacular rise in the information age across industries and the growing number of web users. The rising acceptance of NVMe innovations for servers, SSDs, and capacity devices, as well as the massive execution advancements provided by NVMe over fiber channel, are key factors driving market growth in the NVMe over fiber channel industry.
North America is predicted to account for more than 26.3 percent of the market by 2031, owing to the early adoption of cutting-edge data storage innovations.
COVID-19’s Impact on the NVMe over Fiber Channel Market
The COVID-19 epidemic has wreaked havoc on several industries, including the market for NVMe over fiber networks and government agencies. Various sector verticals have suffered significant losses as a result of mobility and travel restrictions for general health concerns, as well as other social removal measures. Given the role of administrations in providing inputs, linking supply chains, and functioning with an exchange, interruptions in administrations have an impact on economies and exchange. The magnitude of the effect on exchange varies depending on the mode of supply and the geographic location.
The international COVID-19 epidemic has catalyzed making advanced change a mandatory requirement for both large and small businesses. To ensure consistency in their activities, organizations now demand a more robust IT basis and arrangements.
They must also provide customers and representatives with remote work arrangements, secure networks, data examination capabilities, and portable first, cloud-like experiences, all while navigating the full scope of monetary vulnerability and adjusting to the new reality. As a result, these events have shifted the focus to NVMe over the fiber channel, propelling the market forward.
Who is the victor?
The slightly established NVMe over the fiber channel market is characterized by players that are increasingly focusing on the production of new item contributions while also executing critical topographical development initiatives. In addition, the growing demand for cutting-edge information storage and handling foundations, as well as expanding digitalization apparatuses, is predicted to propel the NVMe over the fiber channel market forward.
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 are among the notable competitors in the NVMe over fiber channel industry.