AI Powered Storage Market: Segmented: By Storage System (Network Attached Storage (NAS), Direct Attached Storage (DAS), and Storage Area Network (SAN), By Offering (Hardware, and Software), By Storage Architecture (Object Storage, and File and Object Based Storage), By Storage Medium (Solid State Drive (SSD), and Hard Disk Drive (HDD)), By End User (Telecom, BFSI, Government, Entertainment, Cloud Service Providers, and Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] AI Powered Storage Market to surpass USD 120.5 billion by 2031 from USD 17.01 billion in 2021 at a CAGR of 21.6% in the coming years, i.e., 2021-2031.
Massive amounts of data are required for artificial intelligence, which the cloud environment must process in real-time and store for later use. This necessitates a high-performance, versatile, and scalable data storage system. Data is required for artificial intelligence and machine learning systems to work. Training simulations and models use large amounts of data to inform decision-making and improve the effectiveness and accuracy of any findings. Not only do AI applications require enormous amounts of data to work, but they also require that data to be available via fast, dependable, and scalable storage solutions. As a result, AI storage, or data storage specifically designed for machine learning and AI workloads, was created.
Global AI Powered Storage Market is expected to project a notable CAGR of 21.6% by 2031
Massive expansion in data volumes, the need for global business infrastructure to renew its storage architecture, expanding acceptance of cloud-based services, and increasing demand for AI in HPC data centers have all participated in the remarkable AI-powered storage solutions demand. Another important market driver is the growing demand for superior storage architecture in large-scale organization infrastructure.
The Storage Area Network (SAN) segment is expected to grow with the highest CAGR during 2021-31
On the basis of Storage System, the global AI Powered Storage Market is fragmented into Network Attached Storage (NAS), Direct Attached Storage (DAS), and Storage Area Network (SAN). Over the projected period, the SAN storage systems segment is expected to lead the market. These solutions make storage pooling between data centers easier. The demand for these storage system types is predicted to increase due to their lower implementation costs and contribution to data center virtualization. Companies are aiming to extend their storage capacities beyond existing infrastructural capabilities to satisfy the need for AI-enabled applications and workloads, while many have begun to employ cloud-based services to record their data through the use of virtual servers.
The BFSI segment is expected to grow with the highest CAGR during 2021-31
Global AI Powered Storage Market is classified on the basis of End User into Telecom, BFSI, Government, Entertainment, Cloud Service Providers, and Others. In the banking industry, rather than just a credit score and a background check, loan decisions are now determined by software that may take into account a range of finely parsed facts about a borrower. The financial services industry is adopting sophisticated analytics while also improving compliance and government regulations, driving up demand for high-level data storage capabilities and using the AI-powered storage market.
Speedy Adoption of Cloud-Based Services and Growing Number of Connected Devices
The increasing number of connected devices and the increasing usage of cloud-based services and applications are the primary factors driving market expansion. Furthermore, the AI Powered Storage enables the flow of flexible data between IT infrastructure and corporate, which streamlines businesses’ operations of large volumes of unstructured data. Also, since these systems are scalable and highly versatile, they are more prominently used in industries, such as banking, entertainment, healthcare, and others.
Increased Efficiency and Higher Versatility of AI Powered Storage Systems
Storage systems are widely utilized in end-user industries such as banking, healthcare, entertainment, and others as they are highly versatile and scalable. The AI-powered storage provides customers with enhanced agility and efficiency, as well as lower operational costs, laying the groundwork for modern data centers. These factors contribute to the market's expansion.
Excessive Production of Data and Constant Changing Market Trends
Excessive data might slow down systems across the sector, making data transit difficult. The AI-Powered Storage Market is likely to be constrained by changing market trends in established end-use sectors. The AI-Powered Storage Market is being held back by concerns about the devices' experience and understanding.
Global AI Powered Storage Market: Regions
Global AI Powered Storage Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. During the forecast period, the AI-powered storage market in APAC is predicted to develop at the fastest rate. China holds major market in the Asia-Pacific region. China's businesses are adopting cutting-edge technology to be competitive in the global market. Chinese government laws are also encouraging the use of AI-powered storage solutions. Furthermore, the connected device market is increasing, resulting in a vast amount of digital data. All of these factors are propelling the AI-powered storage industry in the country forward.
As workers stayed at home, manufacturers throughout the world battled to integrate new AI-powered storage, disrupting global supply lines. COVID-19 has a short-term impact on this AI Powered Storage Market due to the halt in production and supply chain. Production, supply chains, and demand for AI-powered storage will gradually improve as the situation improves. This COVID-19 lockdown would encourage businesses to consider more powerful AI-powered storage as a way to improve efficiency.
The Global AI Powered Storage Market is further segmented by region into:
AI Powered Storage Market Segments:
|Market size value in 2021||USD 17.01 billion|
|Revenue forecast in 2031||USD 120.5 billion|
|Growth Rate||CAGR of 21.6% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Storage System, Offering, Storage Architecture, Storage Medium, End User, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Intel Corporation, Nvidia Corporation, IBM Corporation, Samsung Electronics Co., Ltd., NetApp, Inc., Micron Technology, Inc., Cisco Systems, Inc., Toshiba Corporation, Hitachi, Ltd., Dell Technologies, and Other Prominent Players.|
AI Powered Storage Market size was estimated at USD 17.01 billion in 2021 and is expected to reach USD 120.5 billion in 2031.
Without requiring human intervention, AI-powered storage provides real-time continuous updates from various data sources, optimizes them, and performs other intelligent automated tasks on those updates.
The Storage Area Network segment accounted for the largest AI Powered Storage Market share.
Key players in the AI Powered Storage Market include Intel Corporation, Nvidia Corporation, IBM Corporation, Samsung Electronics Co., Ltd., NetApp, Inc., Micron Technology, Inc., Cisco Systems, Inc., Toshiba Corporation, Hitachi, Ltd., Dell Technologies, and Other Prominent Players.
The global AI-powered storage market is being driven by rising data volumes, increased usage of cloud-based services, and a growing demand for artificial intelligence in data centers.
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