AI-Powered Storage Market Reach USD 162.5 Billion by 2031 Growing with 26.7% CAGR

Allied Market Research published a new report, titled, " AI-Powered Storage Market Reach USD 162.5 Billion by 2031 Growing with 26.7% CAGR ." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global AI powered storage market size was valued at USD 15.6 billion in 2021, and is projected to reach USD 162.5 billion by 2031, growing at a CAGR of 26.7% from 2022 to 2031.

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Driving Factors

Rising demand of secured data storage and real-time updating from different sources has increased the adoption of AI powered storage. AI powered storage optimizes and automates the workflow making it easier for enterprises to store huge amount of critical data. Moreover, the scalability offered by AI can easily fulfill the rising demand of real-time data processing. This further propels the Artificial Intelligence Powered Storage Market growth.

Market Segmentation

The AI powered storage market share is segmented into component, it is bifurcated into hardware and software. By storage system it is segmented into direct attached storage, network attached storage, and storage area network. By storage architecture, it is bifurcated into file and object based storage, and object storage. By storage medium, it is bifurcated into hard disk drive and solid state drive. By end-user, it is segregated into enterprises, government bodies, cloud service providers and telecom companies. By enterprise, it is divided into BFSI, healthcare, media and entertainment, retail, consumer goods, manufacturing, and others. By manufacturing, it is categorized into food & beverages, industrial machinery & heavy equipment, high-tech & consumer electronics, automotive, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Players

This report gives an in-depth profile of some key AI Powered Storage Industry players in the AI powered storage market include Advanced Micro Devices, Amazon Web Services, CISCO, Dell Technologies, Fujitsu, Google, Hitachi, HPE, Intel Corporation, Lenovo, Micron Technology, Microsoft, NetApp, IBM, Pure Storage, Samsung Electronics, and Toshiba. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the AI powered storage industry globally.

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Regionally, the North American region generated the largest market share in 2021, contributing to more than two-fifths of the global AI-powered storage market share and is expected to lead the trail during the estimated timeframe. On the contrary, the Asia-Pacific region of the market is anticipated to record the fastest CAGR of 28.3% over the estimated timeframe. The report also evaluates other regions such as Europe and LAMEA.

By component, the hardware segment generated the maximum market share in 2021, contributing to nearly three-fifths of the global AI-powered storage market share, and is predicted to continue steady growth during the forecast period. On the other hand, the software segment is predicted to grow at a stunning CAGR of 28.2% during the analysis timeframe.

Based on storage architecture, the file and object-based storage segment generated the highest market share in 2021, contributing nearly two-thirds of the global AI-powered storage market share, and is predicted to rule the roost during the forecast period. On the contrary, the object storage segment is anticipated to showcase the highest CAGR of 28.1% over the analysis timeframe.

By end user, the enterprises segment garnered the largest market share in 2021, accounting for nearly two-fifths of the global AI-powered storage market share, and is predicted to hold the lion's share during the forecast period. On the other hand, the government bodies segment is predicted to hold the highest CAGR of 28.9% over the analysis timeframe.

By storage medium, the hard disk drive segment accounted for the major market share in 2021, generating more than half of the global AI-powered storage market share. On the contrary, the solid-state segment is expected to hold the highest market share in terms of revenue and exhibit the highest CAGR of 28.0% over the estimated timeframe.

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Key Industry Developments -

● November 2023: Pure Storage, the IT pioneer that offers the world's most advanced data storage technology and services, strengthened its portfolio for artificial intelligence (AI) use cases and continued customer momentum across global AI deployments.

October 2023: AvePoint, the most advanced platform to optimize SaaS operations and secure collaboration, launched "AvePoint Opus", its AI-powered information lifecycle management solution. AvePoint Opus is a comprehensive solution that enables organizations to discover, classify, protect and manage their data across Microsoft 365 accurately and at scale.

● August 2023: Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, partnered with Google to launch Generative AI Powered Email amplifAIer under Tech Mahindra's TechM amplifAI0->∞ suite of AI offerings. The Email amplifAIer will serve as a one stop solution to manage all email communication of contact center for enhanced customer service.

● June 2023: Dropbox launched two new AI-powered products "Dropbox Dash and Dropbox AI" to its platform, designed to improve how users search for information and tools, and summarize information contained in their Dropbox files.

● June 2023: Virtana, the leading IT operations management (ITOM) firm, acquired cloud observability platform, OpsCruise, to accelerate hybrid, multi-vendor, and multi-cloud infrastructure innovation with artificial intelligence (AI) for IT operations (AIOps). With this acquisition, Virtana continues to deliver on its vision to support simplified and unified hybrid infrastructure observability for on-premise, cloud, and edge multi-vendor environments by extending its hybrid coverage to support cloud-native, open-source, containers, and serverless functions.

● May 2023: Tata Consultancy Services expanded its partnership with Google Cloud to launch of its new offering, "TCS Generative AI" which leverages Google Cloud's generative AI services, to design and deploy custom-tailored business solutions that help clients harness the power of this exciting new technology to accelerate their growth and transformation.

● May 2023: ServiceNow, the leading digital workflow firm has signed an agreement to acquire artificial intelligence (AI) powered platform G2K, to transform retail and other industries. G2K's technology allows organizations to connect real-time data across storefronts and other physical spaces for a complete view of operational data.

● March 2023: NVIDIA Corporation launched the NVIDIA DGXTM Cloud, an AI supercomputing service that provides enterprises immediate access to the infrastructure and software needed to train advanced models for generative AI and other groundbreaking applications.

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