AI-Powered Storage Market Segmented By Software and Hardware Offering in Direct-Attached Storage, Network-Attached Storage, Storage Area Network System in Hard Disk Drives,
Report ID: PMRREP33040
Number of Pages: 310
Format: PPT*, PDF, EXCEL
Industry: IT and Telecommunication
Published Date: April-2022
The AI-powered storage market was estimated at US$ 16.8 Billion in 2021 and is likely to reach US$ 21.3 Billion by 2022. The industry is projected to procure a valuation of US$ 120 Billion in 2032, while exhibiting a CAGR of 18.9% from 2022 to 2032.
“Growing volumes of data generated across several industries have enhanced the need for an efficient storage system, which will benefit the market in the coming time. Also, the growing adoption of cloud-based services will further boost the market.
Growing need for efficient storage architecture and rapidly increasing data volumes have generated an urgent requirement for competent solutions, which is expected to fuel the global AI-powered storage market during the forecast period.
| Attributes | Details |
|---|---|
|
AI-Powered Storage Market CAGR (2022-2032) |
18.9% |
|
AI-Powered Storage Market Size (2022) |
US$ 21.3 Billion |
|
AI-Powered Storage Market Size (2032) |
US$ 120 Billion |
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The increasing number of connected devices and the growing adoption of cloud-based services are projected to be key factors driving the market in the forecast period. Ongoing development in data volumes and growing demand for modern storage techniques in established organizations are other salient causes driving the market in the coming time. Also, the surging demand for artificial intelligence in data centers is predicted to play a vital role in the global AI-powered storage industry. Moreover, growing internet accessibility around the globe with several advancements like 5G, cloud services, blockchain, and the Internet of Things (IoT) among others have played a vital role in bolstering the industry.
In addition, the production of goods and services in the ICT sector is also making a significant contribution to economic expansion and development. According to United Nations Conference on Trade and Development, the ICT goods exports increased from 10.816 in 2015 to 11.536 in 2019. For instance, in August 2021, NVIDIA announced that it made NVIDIA Base Command Platform, a hosted AI development hub available in North America. It would offer instant access to strong computing infrastructure wherever their data resides.
Such smart solutions assist enterprises with massive volumes of unstructured data by allowing flexible data movement between enterprises and IT infrastructure. Since these systems are highly scalable and reliable, they are experiencing significant demand from various end-use sectors such as Healthcare, BFSI, and Entertainment among others.
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Get a Customized VersionIncreasing usage of AI-powered storage in the BFSI sector since they have to offer faster run-around time and error-free back-end process, which work without any human intervention. In the finance sector, decisions are being taken by AI-powered solutions that can take into account a variety of finely parsed data about a borrower, rather than just a background check or a credit store. Further, there are also Robo-advisors that offer personalized investment portfolios.
The BFSI sector is projected to have various lucrative opportunities for the market. The sector is adopting modern analytics and with growing compliances and government regulations, the demand for high-level data storage capabilities is augmenting, thus, benefitting the market. The increasing deployment of digitalization is surging the demand for offering services like digital wallets, payment gateways, web fund transfer, and digital wallets, among others. For instance, in February 2021, Global Financial Services partnered with Google Cloud Services to control security threats against its banking infrastructure using the AI-Powered platform.
The imposition of stringent laws by the government is expected to limit market growth in the coming time. For instance, as per the Information Technology Act 2000 of India, any unlawful act with respect to computing models or transactions comprising confidential information will be subjected to legal action. With the imposition of such regulations and laws imposed by the government of various countries, the market is expected to suffer in the forecast period. Moreover, associated concerns such as data breaches are another factor inhibiting the market expansion in the forecast period.
| Attributes | AI-Powered Storage Market |
|---|---|
|
CAGR (2022-2032) |
18.9% |
|
Market Value (2032) |
USD 120 Billion |
|
Growth Factor |
Increasing demand for connected devices across the globe is anticipated to augment the market in the coming time. |
|
Opportunity |
Increasing usage of AI-powered storage in the BFSI sector is projected to offer various opportunities for expansion in the market. |
| Attributes | AI and Automation in Banking Market |
|---|---|
|
CAGR (2022-2032) |
22.8% |
|
Market Value (2032) |
USD 182 Billion |
|
Growth Factor |
Increasing adoption of chatbots among banks is expected to boost the market in the forecast period. |
|
Opportunity |
Growing popularity of digital wallets is expected to offer significant opportunities to the industry. |
| Attributes | Blockchain AI Market |
|---|---|
|
CAGR (2022-2032) |
22.9% |
|
Market Value (2032) |
USD 2.8 Billion |
|
Growth Factor |
Increasing demand for intelligent virtual assistants is expected to propel the industry. |
|
Opportunity |
Growing acceptance of cloud-based security solutions is projected to offer significant opportunities for market expansion. |
Established players in the region are taking initiatives to launch new products in the market, which is projected to benefit the market in the coming time. Eminent industrial AI operations and new flash storage systems were rolled out by Hitachi Vantara. It is a subsidiary of Hitachi, Ltd. It is the sector’s only system with a 100% data availability guarantee and cross-platform AI platform analytics and IT automation software. This advanced storage capability enhanced efficiency, which also reduced operating costs.
The global AI-Powered Storage market can be segmented into the offering, storage system, storage architecture, storage medium, end-use, and region.
Based on offering, the global AI-Powered Storage market can be segmented into software and hardware.
Based on the storage system, the global AI-Powered Storage market can be segmented into direct-attached storage, network-attached storage, and storage area network.
Based on storage architecture, the global AI-Powered Storage market can be segmented into hard disk drives (HDD) and solid-state drives (SSD).
Based on end-user, the global AI-Powered Storage market can be segmented into enterprises, government bodies, cloud service providers, and telecom companies.
The global AI-Powered storage market can be segmented into hardware and software. As per the analysis, the hardware segment is expected to record a CAGR of 16.7% during the forecast period. The increasing demand for efficient solutions across various verticals of the industry is expected to augment the segment size in the forecast period.
The analysis reveals that the direct-attached storage (DAS) segment is expected to record a CAGR of 16.8% during the forecast period. Expansion of the segment can be attributed to benefits such as; storage capacity expansion, high access rate due to Storage Area Network (SAN) absence, and elimination of network setup complications.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
18.8% |
|
United Kingdom |
17.7% |
|
China |
18.3% |
|
Japan |
18.2% |
|
South Korea |
17.4% |
Observations reveal that the global AI-powered storage market is expected to be dominated by North America. With an estimated market value of US$ 39.3 Billion and a CAGR of 18.8%, the U.S is projected to make the most significant contribution to strengthening the regional market in the forecast period. The strength of the market can be attributed to the increasing investment in the data center and the growing demand for cloud computing.
Also, players in the region take active participation in expanding their reach, thereby, augmenting the market size. For instance, in June 2021, Hewlett Packard Enterprise disclosed its breakthrough HPE GreenLake cloud platform for delivering on-premises offerings for reliable and scalable cloud services.
APAC is projected to be the fastest developing market in the assessment period. The presence of multiple emerging economies such as; China, Japan, and South Korea are likely to make a significant contribution to bolstering the industry. As per the analysis, China is expected to garner US$ 8.9 Billion, recording a CAGR of 18.3% during the assessment period. Japan is expected to procure US$ 7.6 Billion while exhibiting an 18.2% CAGR in the forecast period.
South Korea is anticipated to secure US$ 4.6 Billion while growing at a CAGR of 17.4% in the coming time. The development of the regional market can be attributed to favorable government policies. Chinese government policies are aimed at AI-powered storage systems. Also, the market for the connected device is also flourishing, thus, favoring the market expansion in the coming time.
Players in the region are focusing on strengthening their reach by adopting strategies such as partnerships, mergers and acquisitions, and collaborations among others. Some key players in the region include Intel Corporation, NVIDIA Corporation, IBM, Samsung Electronics, Pure Storage, and others.
Some recent key developments among players include:
| Attributes | Details |
|---|---|
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Forecast Period |
2022-2032 |
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Historical Data Available For |
2015-2021 |
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Market Analysis |
US$ Billion for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
By Offering
By Storage System
By Storage Architecture
By End User
By Region
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AI-Powered Storage Market is projected to expand at a CAGR of 18.9% in 2032.
North America is the leading region, US making the most significant contribution, garnering US$ USD 39.3 Billion
Increasing demand for connected devices across the globe is anticipated to drive the market in the coming time.
The AI-Powered Storage Market is predicted to garner USD 120 Billion by 2032
Increasing usage of AI-powered storage in the BFSI sector is projected to offer various opportunities for expansion in the market.
Intel Corporation, NVIDIA Corporation, IBM, Samsung Electronics, Pure Storage, are some of the known players in the market.
