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AI-Powered Storage Market is Projected to Secure US$ 120 Billion and Exhibiting a Healthy CAGR of 18.9% from 2022 to 2032
AI-Powered Storage Market 2022
The global AI-powered storage market is expected to value US$ 16.8 Billion in 2021 and US$ 21.3 Billion in 2022. The market is projected to secure US$ 120 Billion in 2032, exhibiting a healthy CAGR of 18.9% from 2022 to 2032. Expansion of the market can be attributed to the increasing need for efficient storage architecture and growing data volumes.
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The increasing number of connected devices and the rising adoption of cloud-based services are other vital factors propelling the market growth in the forecast period. Moreover, increasing internet accessibility around the globe with various developments like 5G, cloud services, blockchain, and the IoT among others are projected to fuel the industry in the coming time.
The ICT sector is projected to make a significant contribution to the economic expansion and development of the industry. As per the 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.
With an estimated market value of US$ 39.3 Billion and a CAGR of 18.8%, the U.S is expected to make the most significant participation to develop the market in North America during the forecast period. The growth of the market can be credited to the surging investment in the data center and increasing demand for cloud computing. Also, players in the region make a significant contribution in expanding their reach, thereby, developing the market. 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.
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Key Takeaways:
The global AI-Powered Storage market is estimated at US$ 16.8 Billion in 2021
The global AI-Powered Storage market to procure US$ 120 Billion in 2032
The global AI-Powered Storage market to expand at an 18.9% CAGR
The Direct-attached Storage (DAS) segment to exhibit a 16.8% expansion rate
The Hardware segment to record 16.7% CAGR in the forecast period.
The U.S market to garner US$ 39.3 Billion, recording a CAGR of 18.8%
The U.K market to value US$ 4.9 Billion, exhibiting an 18.8% growth rate
Competition Analysis
Some key players in the global AI-Powered Storage market include Intel Corporation, NVIDIA Corporation, IBM, Samsung Electronics, Pure Storage, and others.
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Recent key developments among players include:
In November 2019, Dell, Inc, launched Dell EMC PowerOne. PowerOne is an autonomous solution built to deploy, manage, and consume IT services. It integrates with PowerSwitch Networking, PowerEdge computes, PowerMax storage, and VMware virtualization into a centralized system with an in-built intelligence engine to automate processes.
In April 2020, Microsoft Corporation and Blackrock partnered to host the Alladin infrastructure offered by Blackrock on the Azure cloud platform. By using the Microsoft Azure cloud platform, Blackrock will provide enhanced specifics to its Aladdin platform with improved computing scales.
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