AI-Powered Storage Market is Expected to Grow Exponentially from 2023 to 2032

Pune, India, January 2019, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global AI-Powered Storage Market.

AI Powered Storage Market Overview

According to Market Research Future, the market for the Global AI-Powered Storage has been segmented on the basis of Type, Application, Industry, and Region.

The rise adoption of technologies such as machine learning, artificial intelligence, and data analytics has led to an increase in data that require high storage capacity. The enterprises are registering a need for a refreshed AI-based storage architecture. Factors such as the growing adoption of cloud-based services, a rise in the number of hyperscale data centers, and the deployment of data analytics tools across small and medium enterprises have positively impacted the demand for AI-powered storage. However, the concerns regarding data privacy are expected to limit the market growth.

Based on offerings, the market has been segmented into hardware and software. The hardware segment is projected to account for the largest share during the review period. The hardware segment has further been sub-segmented into SSD, HDD, CPU, and GPU.

Based on the storage system, the market has been segmented into direct-attached storage systems, network-attached storage systems, and storage area networks. The storage area network segment dominated the market in 2018. This type of storage system provides a multi-tenant environment through storage virtualization. However, the network-attached storage systems segment is expected to register the highest CAGR during the forecast period from 2023 to 2032 owing to the multiple client access feature that it provides.

Based on storage architecture, the market has been segmented into file storage, object storage, and block storage. The file storage segment dominated the market in 2018. In April 2019, Pure Storage acquired Compuverde—a file software solution developing firm—to expand its file-based storage offerings. The block storage segment is expected to register the highest CAGR during the forecast period from 2023 to 2032. Block storage is exhibiting high demand for virtual machine file system applications.

Based on the storage medium, the market has been segmented into the hard disk drive and solid-state drive. The hard disk drive segment dominated the market in 2018 owing to comparatively low cost than a solid-state drive. In 2018, western digital launched a new range of hard drive—Purple—for upcoming Digital Video Recorder and Network Video Recorder systems that feature Artificial Intelligence (AI) capabilities. However, the solid-state drive segment is expected to register the highest CAGR during the forecast period from 2023 to 2032. The solid-state drive is further bifurcated into an all-flash array and hybrid flash array. The hybrid flash array is witnessing high demand as they are cost-effective and provide high performance.

Based on end-use, the market has been segmented into BFSI, healthcare, media & entertainment, retail, manufacturing, telecommunication, and others. The BFSI segment is expected to dominate the review period, whereas the telecommunication segment is expected to register the highest CAGR.

Regional Analysis

The Global AI-Powered Storage Market has been segmented by region into North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to be the largest market in the forecast period, followed by Europe, owing to the high concentration of data storage market players, easy availability of proficient technical expertise, and growing penetration of AI in manufacturing, banking, telecom, and healthcare industries. Asia-Pacific is expected to register the highest CAGR in the AI-Powered Storage market owing to the adoption of AI technology by small and medium enterprises in the region, rise in demand for cloud-based services, and adoption of robotics in manufacturing industries. China is expected to dominate the Asia-Pacific AI-powered storage market.

Key Players

The Prominent Players in the Global AI-Powered Storage Industry are Dell Technologies (US), Advanced Micro Devices (US), CISCO (US), HPE Company (US), IBM (US), Toshiba (Japan), Intel Corporation (US), Pure Storage (US), Hitachi (Japan), NVIDIA Corporation (US), Lenovo (China), Samsung Electronics (South Korea), Micron Technology (US), Western Digital (US), and NetApp (US), Datadirect Network (US), Seagate Technology (US), Flextronics International (Singapore), Fujitsu (Japan), and Tintri, Inc. (US).