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“AI-powered storage market to grow at CAGR of 27.1% from 2019 to 2024”
The global AI-powered storage market is expected to grow from USD 10.4 billion in 2019 to USD 34.5 billion by 2024; growing at a CAGR of 27.1%. Massive growth in data volumes, need for global enterprise infrastructure to refresh their storage architecture, increasing adoption of cloud-based services, and growing demand for AI in HPC data centers have created a demand for AI-powered storage solutions. Limited AI hardware experts and the lack of data security in cloud and server-based services can be a few restraints for the AI-powered storage market. There are a lot of opportunities for the AI-powered storage market including the growing number of cross-industry partnerships and collaborations and the availability and rapid development of useful data analysis tools. The unreliability of AI algorithms and concerns regarding data privacy are the challenges for the AI-powered storage market.
AI-powered storage market for Network-attached Storage (NAS) is expected to grow at highest CAGR during forecast period
The demand for evolved NAS systems is increasing in order to cope with the growth of unstructured data. NAS is a dedicated storage device with multiple racks of storage media and is set up onto a dedicated network for storing the data. Scale-out is an improved technique in NAS devices, enabling capacity expansion based on end users’ requirements. This is achieved with the help of clustered nodes; as a result, there is a reduction in the upgrading cost. Small businesses and medium-sized enterprises are gradually adapting cloud-based NAS storage solutions owing to their features such as the ease of use, automated data backup, simple server setup procedure, and good collaboration.
Healthcare market for enterprises is expected to grow at highest CAGR during forecast period
AI in the healthcare ecosystem allows for a multitude of benefits, including automating tasks and analyzing patient data sets to deliver faster healthcare at a lower cost. Healthcare organizations have started improving the storage and management of their data for analytics and AI purposes. New healthcare offerings such as collaborative solutions through mobile devices, video conferencing, and built-in applications lead to the need for the adoption of AI-powered storage systems. The demand for AI-powered storage systems is driven by regulatory mandates for the use of electronic health records, increasing focus on precision medicine, and a strong presence of service providers engaged in developing AI solutions for healthcare.
AI-powered storage market in North America is projected to hold largest share and market in APAC is expected to grow at highest CAGR during forecast period.
The AI-powered storage market in North America is projected to hold the largest share and the market in APAC is expected to grow at highest CAGR during forecast period. This market in North America is further divided into the US, Canada, and Mexico. There is a growing trend of cloud computing, which has increased the economic impact of data center investments made by leading service providers such as Amazon (US), Google (US), and Microsoft (US). Enterprises in North America are increasing their spending on storage infrastructure for AI workloads to gain competitive advantage and increase their business productivity. The presence of other prominent AI technology providers including IBM, NVIDIA, and Intel, is boosting the growth of the AI-powered storage market in this region.
This market in APAC is further divided into China, Japan, India, South Korea and the Rest of APAC. The Rest of APAC primarily includes Australia, New Zealand, Vietnam, and Indonesia. Countries in this region are heavily reliant on manufacturing and can implement automated supply chain optimization, which will generate faster outputs. All these activities will help to generate greater economic output for the countries. Automated transportation can play an important role to boost this market as the elevated levels of congestion can be alleviated through fleet-wide traffic flow control.
Breakdown of primary participants’ profile:
- By Company Type: Tier 1 - 55%, Tier 2 - 20%, and Tier 3 - 25%
- By Designation: C-Level Executives - 75%, Managers – 25%
- By Region: North America - 10%, Europe - 20%, APAC - 40%, and RoW - 30%
Intel Corporation (US), NVIDIA Corporation (US), IBM (US), Samsung Electronics (South Korea), Pure Storage (US), NetApp (US), Micron Technology (US), CISCO (US), Toshiba (Japan), Hitachi (Japan), Lenovo (China), Dell Technologies (US), and HPE (US) are a few major players in the AI-powered storage market.
Various market segments have been covered in this report. These include offering, storage system, storage architecture, storage medium, and end user. It also gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons To Buy the Report:
- This report includes statistics pertaining to the AI-powered storage market in terms of offering, storage system, storage architecture, storage medium, end user and region, along with their respective market sizes.
- Major drivers, restraints, opportunities, and challenges for the AI-powered storage market have been provided in detail in this report.
- The report includes illustrative segmentation, analysis, and forecast for the AI-powered storage market based on its segments and subsegments.