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AI-Powered Storage Market Overview 2024-2033 - Share, Size, Trends, Forecast
AI-Powered Storage Market Overview
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According to The Business Research Company's, The ai-powered storage market size has grown exponentially in recent years. It will grow from $25.99 billion in 2023 to $32.52 billion in 2024 at a compound annual growth rate (CAGR) of 25.1%. The growth in the historic period can be attributed to rise of cloud computing, increasing complexity of data, data security concerns, demand for real-time analytics, growing iot ecosystem.
The ai-powered storage market size is expected to see exponential growth in the next few years. It will grow to $80.36 billion in 2028 at a compound annual growth rate (CAGR) of 25.4%. The growth in the forecast period can be attributed to data-driven decision-making, increasing data privacy regulations, autonomous storage management, quantum computing impact, continuous learning storage systems. Major trends in the forecast period include technological advancements in neural networks, ai in data lifecycle management, ai for predictive storage maintenance, ai-optimized storage hardware, ai-powered disaster recovery, green ai storage solutions.
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Market Drivers and Trends:
Growing numbers of data centers are expected to propel the growth of the AI-powered storage market going forward. Data centers refer to facilities that offer shared access to applications and data through a sophisticated network, computing, and storage infrastructure. AI-powered storage analyses vast amounts of real-time data in data centers using machine learning algorithms and predictive analytics that allows data center operators to identify patterns and make informed decisions to optimize resource allocation, capacity planning, and workload management. For instance, in February 2021, according to the Korea Data Center Council (KDCC), the overall capacity of colocation data centers information technology (IT) load reached 430MW at the end of 2020, accounting for 11% of the total APAC IT load. Following Savills Korea projections, the total commercial data center IT load in Korea is expected to expand by 700MW between 2021 and 2023, accounting for 15% of overall Asia-Pacific capacity. Therefore, growing numbers of data centers are driving the growth of the AI-powered storage market.
Product innovation is a key trend gaining popularity in the AI-powered storage market. Major companies operating in the AI-powered storage market are working on product innovations to sustain their position in the market. For instance, in October 2023, Huawei Technologies Co. Ltd., a China-based multinational technology corporation, launched the OceanStor A310, a new AI storage model designed for the era of large AI models. In order to release new AI capabilities, the system offers the optimal storage capacity for training industry models, basic model training, and inference in segmented scenario models. OceanStor A310 is a deep learning data lake storage solution with unlimited horizontal scalability and high performance for mixed workloads in the context of industry large model scenarios and basic models. It makes it possible to manage huge data storage for AI processes, such as data collection, pre-processing, training, and inference, end-to-end. It can analyze data from similar sources and has data analysis skills that are compatible with big data and HPC (high-performance computing).
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc., Hitachi Ltd., Lenovo Group Limited, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Fujitsu Limited, Micron Technology Inc., Hewlett Packard Enterprise Company (HPE), Nvidia Corporation, Toshiba Corporation, Pure Storage Inc., Veritas Technologies LLC, Cohesity Inc., Infinidat, Tintri Inc., CTERA Networks Ltd., Zadara Inc., Pavilion Data Systems Inc., MinIO Inc., DriveScale Inc., Caringo Inc.
AI-Powered Storage Market 2024 Key Insights:
• The ai-powered storage market size is expected to see exponential growth in the next few years. It will grow to $80.36 billion in 2028 at a compound annual growth rate (CAGR) of 25.4%.
• Rising Data Center Numbers Fuel Surge In Ai-Powered Storage Market
• Companies Unveiling Advanced Solutions To Pioneer AI Storage Innovation For Large-Scale Model Training And Inference
• North America was the dominant region in the AI-powered storage market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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