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AI-Powered Storage Market Analysis by Trends, Size, Share, Growth Opportunities, and Emerging Technologies

12-07-2021 11:41 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

AI-Powered Storage Market Analysis by Trends, Size, Share,

The artificial intelligence (AI)-powered storage market growth thrives on the increasing adoption of data analytics to improve decision-making capabilities, burgeoning demand for AI in high-performance-computing data centers, mounting number of connected devices, surging use of cloud-enabled services by businesses to store their data on virtual servers, and soaring volume of data. Moreover, the rising number of government regulations and compliance rules related to data storage and protection will also facilitate the market growth in the foreseeable future.

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The surging adoption of cloud-based applications and services and rising number of connected devices are supporting the AI-powered storage market growth globally. The usage of AI-powered storage systems for high-performance computing assists businesses in working with and unifying high volumes of unstructured data, by allowing flexible data movement between the enterprise and information technology (IT) infrastructure. These systems offer high scalability, enhanced performance, and excellent flexibility. Owing to these benefits, AI-powered storage systems are being adopted in the media and entertainment, healthcare, and banking, financial services, and insurance (BFSI) sectors.

The AI-powered storage market is highly competitive due to the presence of multiple players. To march ahead of their competitors and expand their customer base, market players are focusing on acquisitions. For example, in 2019, Pure Storage Inc., a data storage product provider, acquired Compuverde AB, a file software solution developing company. With this agreement, the former expanded its file-based storage system product portfolio and improve global-scale storage management and unstructured data management.

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Other players in the AI-powered storage market, including Dell Technologies Inc., International Business Machines Corporation, NetApp Inc., Toshiba Corporation, Seagate Technology PLC, Hewlett Packard Enterprise Company, Intel Corporation, Advanced Micro Devices Inc., Datadirect Network Inc., NVIDIA Corporation, Samsung Electronics Co. Ltd., Lenovo Group, Cisco Systems Inc., Tintri Inc., Western Digital Corporation, Micron Technology Inc., Western Digital Corporation, and Fujitsu Limited, are also focusing on such strategic measures to stay ahead in the competition.

Thus, the increasing penetration of connected devices and surging use of cloud-supported services and applications will augment the demand for AI-powered storage systems in the forecast years.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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