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AI-Powered Storage Market is expected to reach 88.3 billion in 2029, from USD 15.4 billion in 2021, Expanding at a CAGR of 24.4% | Size, Growth & Forecast Report
The Ai-Powered Storage Market was Valued USD 15.4 billion in 2021, and expected to reach USD 88.3 billion in 2029, exhibiting at a 24.4% CAGR over the forecast period 2022-2029.For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/ai-powered-storage-market/
The factors driving the growth of Ai-Powered Storage Market includes increasing use of Ai Powered Storage solutions in end-use industries such as Telecom, BSFI and Entertainment, rise in the number of connected devices around the world, growing demand for Artificial Intelligence (AI) in HPC data centers and improvements in the living standards. Moreover, growing adoption of cloud-based services and applications, rise in the launch of innovative products, increasing use of Ai powered storage solutions in process optimization & automation and data management and rapid urbanization, are some of the additional factors supplementing the Ai-Powered Storage Market Growth. In addition, the increasing investments by major companies on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Ai-Powered Storage Market is hindered due to rising concerns related to data privacy in servers.
The major players operating in the market are Hitachi, Ltd., NVIDIA Corporation, Intel Corporation, Samsung, Dell Inc., Hewlett Packard Enterprise Development LP, IBM, Micron Technology, Inc., Cisco, and Toshiba, among others.
Based on Storage System, the Storage Area Network segment is predicted to expand at a significant CAGR during the forecast period
Storage area network solutions enhances storage utilization, protects data, and removes bandwidth bottlenecks linked with LAN-based server storage, are some of the factors responsible for the segment's growth.
Based on End-user, the BFSI segment is projected to grow at a remarkable CAGR over the forecast period
Ai powered storage solutions enhances operational efficiency and provides seamless communication between vendors and customers, are propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a faster CAGR during the forecast period
Increasing penetration of connected devices across India, China, and Vietnam, rising adoption of advanced technologies by major companies, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
In 2020, NVIDIA partnered with VMware to deliver both an end-to-end platform for AI and a new architecture for cloud, data center and edge that uses NVIDIA DPUs (Data Processing Units) to support existing and next generation applications.
In 2020, Dell Technologies introduced (EMC PowerEdge XE2420 & EMC iDRAC9), data analytics platform, and software for data centers. Dell claimed its remote deployment capability can reduce on-site management requirements by up to 99.1% per server.
Market Segmentation
Segmentation by Offering
Hardware
Storage Medium
SSD
HDD
Other Hardware
Software
Segmentation by Storage System
Direct-Attached Storage Systems
Network-Attached Storage Systems
Storage Area Network
Segmentation by Storage Architecture
File- and Object-Based Storage
File Storage
Object Storage
Block Storage
Segmentation by Storage Medium
Hard-Disk Drive
Solid-State Drive
All-Flash Arrays
Hybrid-Flash Arrays
Segmentation by End-user
Enterprises
BFSI
Healthcare
Media & Entertainment
Retail
Consumer Goods
Manufacturing
Others
Government Bodies
Cloud Service Providers
Telecom Companies
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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Contact Person: Sarah Nash
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