The Global AI Powered Storage Market size is expected to reach $66.5 billion by 2028, rising at a market growth of 24.5% CAGR during the forecast period.
AI-enabled or AI-powered storage uses AI workloads and contemporary analytics to provide scale-out storage systems for data-driven organizations. Most companies in the modern world depend on data; nevertheless, businesses are well aware of the amount of data they create the value of the data, the elimination of undesired data, and the lifetime of that data. As a result, companies are always looking for new ways to manage their data, including checkpoints for compliance, optimizing their data, registering their data, and conditioning them. AI-powered storage enters the scene at this juncture since it helps businesses to analyze data sensibly and speedily by delivering immediate insights.
The AI-powered storage process can be broken down into three distinct phases: the first is data intake, followed by training using machine learning, and finally, inference, which is the phase of providing insights.
Organizations produce enormous amounts of data that must be categorized and optimized effectively. This need is primarily driving the demand for AI-powered storage worldwide. In addition to this, the expanding use of artificial intelligence across a wide variety of business sectors all over the world, as well as the rising adoption of cloud-based services, are both acting as additional factors that are likely to contribute positively to the expansion of the global market for AI-powered storage in the years to come.
It is frequently utilized for process optimization and automation, data management, and boosting the system's efficiency; as a result, it is greatly desired in the information technology (IT), software, medical sciences, travel, hospitality, and retail sectors. Furthermore, it is widely desired in sectors like BFSI, telecom, entertainment, government, and cloud service providers because it provides encryption and data protection against possible security risks. In addition, it protects against potential security threats.
A significant impact was made on the AI Powered Storage Market as a result of the COVID-19 outbreak. Since COVID-19 took place, investment in AI-led enterprises and organizations, most affiliated with COVID, has continued at a very healthy level. Following the release of COVID-19, it was anticipated that there would be a significant acceleration in the technical growth of the industrial sector, corporate enterprises, and government agencies. Several companies have begun using AI-powered storage systems for their real-time data storage to enhance their business models and increase their turnaround rate. In addition, this expansion has resulted in significant new investments being made in the AI-Powered Storage Market worldwide.
The increasing use of cloud-based apps and services is one of the primary factors driving the market for AI-powered storage solutions. Applications that run on the cloud have brought about a significant shift in the commercial world, particularly amid the COVID-19 pandemic. Using AI-powered storage systems for high-performance computing assists businesses in integrating their data and dealing with large amounts of unstructured data. It is anticipated that the market for AI-powered storage would see significant growth throughout the forecast duration.
BFSI companies are increasing the amount of money they spend in artificial intelligence and machine learning software to provide better service to their customers and streamline the administration of fintech. Furthermore, because the BFSI industry is becoming more complex and competitive, there is a growing need for solutions specifically customized to the industry's requirements. As a consequence of this, a large number of financial institutions and fintech businesses are making investments in artificial intelligence solutions to fulfill the needs of their customers.
The public cloud might be problematic in terms of latency when it comes to storing and retrieving data. Loss of control over the network from beginning to end, which may occur when data is gathered in the public cloud, in conjunction with significant latency, can disorient how applications function. In addition, storage solutions might be disrupted if the supplier of cloud-based storage has similar network issues, which would ultimately halt activity and cause significant financial losses for organizations. Inadequate Internet bandwidth, distant data center locations, and heavy network traffic are three more factors that might contribute to concerns with latency.
Based on the component, the AI-powered Storage Market is classified into hardware and software. In 2021, the software segment obtained a significant revenue share of the AI-powered storage market. This is because it saves money and time while also reducing risk, all of which are projected to provide lucrative growth and prospects for the industry in the coming years.
Based on storage architecture, the AI-powered storage market is classified into file & object-based storage and object storage. In 2021, the object storage segment contributed a sizeable portion of the total revenue generated in the market for AI-powered storage. Object storage provides the most scalable storage architecture, making it well-suited to accommodate the enormous amounts of data required for artificial intelligence and machine learning.
Based on the storage system, the AI-powered storage market is divided into direct attached storage, network attached storage, and storage area network. The storage area segment of the AI-powered storage market had the substantial revenue share in 2021, leading to its dominance globally. The widespread usage of storage area networks in small and medium-sized organizations is driving the expansion of the market. It is a network of data storage devices that makes it simpler for data centers to collaborate on storage matters.
Based on the storage medium, the AI-powered storage market is categorized into hard disk drive and solid-state drive. Within the AI-powered storage market in 2021, the solid-state drive segment obtained the considerable revenue share. A nonvolatile storage medium that saves permanent data on solid-state flash memory is known as a solid-state drive (SSD). Compared to conventional hard disc drives, solid-state drives (SSD) are noticeably more advantageous due to their quicker read/write speeds, lower operating noise levels, and overall superior performance (HDD).
Based on end user, the AI-powered storage market is classified into enterprise, government bodies, cloud service providers, and telecom companies. The enterprise segment accounted for the largest revenue share in the AI-powered storage market in 2021. Companies must comprehensively understand the data they generate, its worth, how to get rid of data that is not wanted, and how long that data will be accessible. AI-enabled storage offers continuous real-time updates from a range of business data sources, optimizes the data, and conducts other intelligent automated operations on it without the need for human input.
Report Attribute | Details |
---|---|
Market size value in 2021 | USD 14.8 Billion |
Market size forecast in 2028 | USD 66.5 Billion |
Base Year | 2021 |
Historical Period | 2018 to 2020 |
Forecast Period | 2022 to 2028 |
Revenue Growth Rate | CAGR of 24.5% from 2022 to 2028 |
Number of Pages | 386 |
Number of Tables | 633 |
Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
Segments covered | Component, Storage Architecture, Storage System, Storage Medium, End User, Region |
Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
Growth Drivers |
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Restraints |
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Based on region, the AI-powered storage market is classified into North America, Europe, Asia Pacific, and LAMEA. In 2021, the North America region dominated the AI-powered storage market by producing the highest revenue share. This put the region in the position of being the leader. This may be ascribed to the increasing rate of technological advancement and the digitization of the market in this area, which has led to the use of AI-powered storage by enterprises to preserve their vital data. Additionally, the expansion may be attributed to the substantial presence of players in the data storage market, increased awareness, and the availability of trained talents, as well as the growing use of AI storage in the region's expanding financial sector.
Free Valuable Insights: Global AI Powered Storage Market size to reach USD 66.5 Billion by 2028
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Alphabet (Google LLC) and Microsoft Corporation are the forerunners in the AI Powered Storage Market. Companies such as Amazon Web Services, Inc. (Amazon.com, Inc.), Intel Corporation, Hewlett-Packard Enterprise Company are some of the key innovators in AI Powered Storage Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Google LLC (Alphabet Inc.), Cisco Systems, Inc., Hewlett-Packard Enterprise Company, Intel Corporation, Dell Technologies, Inc., Lenovo Group Limited, NetApp, Inc.
By Component
By Storage Architecture
By Storage System
By Storage Medium
By End User
By Geography
The global AI Powered Storage Market size is expected to reach $66.5 billion by 2028.
An increase in the use of applications and services hosted on the cloud are driving the market in coming years, however, Issues with network utilization and latency in the public cloud restraints the growth of the market.
IBM Corporation, Microsoft Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), Google LLC (Alphabet Inc.), Cisco Systems, Inc., Hewlett-Packard Enterprise Company, Intel Corporation, Dell Technologies, Inc., Lenovo Group Limited, NetApp, Inc.
The File & Object Based Storage market generated the high revenue share in the Global AI Powered Storage Market by Storage Architecture in 2021, achieving a market value of $42.6 billion by 2028.
The Hard Disk Drive market is leading the Global AI Powered Storage Market by Storage Medium in 2021, achieving a market value of $43.2 billion by 2028.
The North America market dominated the Global AI Powered Storage Market by Region in 2021, achieving a market value of $23.5 billion by 2028.
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