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Global AI-Powered Storage Market Growth Accelerates: Strategic Forecast Predicts $103.72 Billion by 2029
AI-Powered Storage
What Will the AI-Powered Storage Industry Market Size Be by 2025?
In recent times, the market size of AI-powered storage has seen a substantial increase. It is expected to soar from a market value of $31.88 billion in 2024, to reach $39.49 billion in 2025, registering a compound annual growth rate (CAGR) of 23.9%. Factors contributing to this growth over the historic period include the surge in cloud computing, escalated complexity of data, data security apprehensions, the need for real-time analytics, and the expanding IoT ecosystem.
What's the Long-Term Growth Forecast for the AI-Powered Storage Market Size Through 2029?
The market size of AI-enabled storage is predicted to experience rapid expansion in the upcoming years, culminating in a value of $103.72 billion in 2029, which equates to a compound annual growth rate (CAGR) of 27.3%. This surge during the projected period is accredited to various factors such as the rise in data-informed decision-making practices, an upsurge in data privacy laws, independent storage management, the influence of quantum computing, and the advent of continuous learning storage systems. Key trends projected to dominate this period include advancements in neural network technologies, the integration of AI in managing data life cycles, using AI for preemptive storage maintenance, the optimization of storage hardware through AI, implementation of AI in disaster recovery, and the development of environmentally-friendly AI storage solutions.
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What Are the Key Growth Drivers Fueling the AI-Powered Storage Market Expansion?
The surge in data centers is anticipated to fuel the expansion of the AI-powered storage market. Data centers, defined as shared facilities providing access to applications and data through an intricate network, computing, and storage setup, are critical in this growth. With the assistance of machine learning algorithms and predictive analytics, AI-powered storage scrutinizes an immense amount of real-time data in these data centers. This helps operators of data centers detect patterns and make knowledge-based decisions to enhance resource distribution, capacity planning, and workload management. A prime example is available in July 2023 data from CBRE Group, Inc., a commercial real estate services and investment firm based in the US. The data reveals 323.9 MW of data center capacity is under construction, with 88.4% preleased, after Dallas experienced an 850% escalation in leasing activity the prior year. Overall inventory saw a year-over-year increase of 17% from Q1 2022 to Q1 2023. Therefore, the rise in data centers is propelling the AI-powered storage market's growth.
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What Are the Key Trends Driving AI-Powered Storage Market Growth?
Product advancement is an emerging trend being seen in the AI-driven storage market. Top players in this market are focusing on introducing new products in a bid to maintain their hold. To exemplify, in October 2023, Huawei Technologies Co. Ltd., a globally recognized tech firm from China, unveiled their latest AI storage model, the OceanStor A310, designed specifically for the time of extensive AI models. To usher in new AI functionalities, the system provides the much-needed storage capacity for training business models, elementary model coaching, and inference in segmented scenario models. OceanStor A310 is a profound learning data lake storage solution that possesses infinite horizontal scalability along with excellent performance for mixed workloads, specific to industry large model scenarios and basic models. It enables the effective management of vast data storage necessary for AI procedures such as data collection, pre-processing, training, and inference, from start to finish. The system is also capable of analyzing data from like sources and encompasses data analysis proficiency that is compatible with big data and high-performance computing (HPC).
How Is the AI-Powered Storage Market Segmented?
The ai-powered storagemarket covered in this report is segmented -
1) By Offering: Software, Hardware
2) By Storage System: Direct-Attached Storage, Network-Attached Storage, Storage Area Network
3) By Storage Medium: Hard Disk Drive (HDD), Solid State Drive (SSD)
4) By Storage Architecture: File And Object-Based Storage, Block Storage
5) By End-User: Enterprises, Government Bodies, Cloud Service Providers, Telecom Companies, Other End-users
Subsegments:
1) By Software: AI Storage Management Software, Data Analytics Software, AI-Driven Backup And Recovery Solutions
2) By Hardware: AI-Optimized Storage Devices, Hybrid Storage Solutions, High-Performance Storage Systems
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Which Companies Are Leading the Charge in AI-Powered Storage Market Innovation?
Major companies operating in the AI-powered storage market include 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.
Which Regions Are Leading the Global AI-Powered Storage Market in Revenue?
North America was the dominant region in the AI-powered storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI-powered storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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