AI-Powered Storage Market was valued at USD 15

GmiiRResearch 12/22/2022 11:23:13 AM

AI-Powered Storage Market was valued at USD 15.4 billion in 2021, and is estimated to reach USD 88.3 billion in 2029, growing at a significant CAGR of 24.4% during 2022-2029.

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.

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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 Ai-Powered Storage Market size.

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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