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AI-Powered Storage Market Research Report Information By Offerings (Hardware, Software, Storage System, Storage Architecture, and Storage Medium), By End-User (BFSI, Healthcare, Media & Entertainment, Retail, Manufacturing, Telecommunication) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“Market Forecast Till 2032.

ID: MRFR/SEM/7231-HCR | 100 Pages | Author: Aarti Dhapte| June 2024

Global AI-Powered Storage Market Overview:

AI-Powered Storage Market Size was valued at USD 15.1 Billion in 2023. The AI-Powered Storage market industry is projected to grow from USD 17.7 Billion in 2024 to USD 55.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.26% during the forecast period (2024 - 2032). Increased demand for cloud-based and customized financial services are the key market drivers enhancing market growth.

AI-Powered Storage Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

AI-Powered Storage Market Trends

  • Growing demand for cloud-based services is driving the market growth

Market CAGR for AI-powered storage is driven by the rising demand for cloud-based services. Massive growth in data volumes, the requirement for global business infrastructure to renew its storage architecture, the increasing acceptance of cloud-based services, and the rising need for AI in HPC data centers have all contributed to a tremendous demand for AI-powered storage solutions. The rising number of connected devices and the increasing use of cloud-based services and applications are the primary factors driving AI-Powered Storage market share.

Additionally, end-users increasingly favor personalized financial services due to the banks’ quick adoption of catboats and the fiercer competition among BFSI providers for the highest market share. Due to the large number of BFSI firms that provide machine learning-powered budget management apps that help users achieve their financial objectives and streamline their money management processes, the market for AI-powered storage is expanding. Robots advisors are another rapidly developing trend in personalized financial services that primarily target investors with little resources, such as individuals and small-to-medium-sized businesses, to manage their accounts. Machine learning-based robot advisors can also use traditional data processing techniques to create financial portfolios and solutions for their clients, such as retirement plans, investments, and trading.

Moreover, as usage-based insurance becomes more common, advanced artificial intelligence (AI) technologies (machine learning) are utilized to calculate the premium suitable for each individual, stimulating the development of AI-Powered Storage in the BFSI sector. As a result, it is anticipated that demand for AI powered storage system will increase throughout the estimated period due to the rising demand for AI in HPC data centers. Thus, driving the AI-Powered Storage market revenue.

AI-Powered Storage Market Segment Insights:

AI-Powered Storage Offerings Insights

The AI-Powered Storage Market segmentation, based on offerings, includes hardware, software, storage system, storage architecture, and storage medium. The storage system segment dominated the market, accounting for the maximum market revenue. The market is expanding due to small and medium-sized organizations’ widespread adoption of storage systems. It is a network of data storage systems that facilitates collaboration among data centers for storage. Storage systems have many benefits, including eliminating bandwidth bottlenecks caused by LAN-based server storage, high availability, centralized storage management, faster backups, global file systems, quick data migration, better data security and disaster recovery. As a result, demand for AI-powered storage and the AI-powered storage market is on the rise.

Figure 1: AI-Powered Storage Market, by Offerings, 2022 & 2032 (USD Billion)

AI-Powered Storage Market, by Offerings, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

AI-Powered Storage End-User Insights

The AI-Powered Storage Market segmentation, based on end-user, includes BFSI, healthcare, media & entertainment, retail, manufacturing, and telecommunication. The BFSI category generated the most income. Artificial Intelligence (AI) in the BFSI industry provides individualized customer service, faultless back-end operations, and quicker turnaround times that function without human interference, and security, all of which support the expansion of the AI-powered storage market. The BFSI industry uses AI to modernize and optimize processes, including credit decision-making, trading quantities, and financial risk management. Benefits of AI-powered storage include using messenger bots to facilitate communication between lenders and clients, evaluating credit risk, improving financial, operational efficiency, fraud detection, and AI combined with analytics. All of these factors are contributing to the growth of the AI-powered storage market.

AI-Powered Storage Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American AI-Powered Storage market area will dominate this market, owing to increasing technological advancement. In addition, the growing digitization, increased awareness, and the availability of trained talents will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: AI-Powered Storage Market SHARE BY REGION 2022 (USD Billion)

AI-Powered Storage Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's AI-Powered Storage market accounts for the second-largest market share due to rising technological advancement and digitization. Further, the German AI-Powered Storage market held the largest market share, and the UK AI-Powered Storage market was the fastest-growing market in the European region.

The Asia-Pacific AI-Powered Storage Market is expected to grow at the fastest CAGR from 2023 to 2032 due to increase demand for cloud-based services and the use of robotics in industries. Moreover, China’s AI-Powered Storage market held the largest market share, and the Indian AI-Powered Storage market was the fastest-growing market in the Asia-Pacific region.

AI-Powered Storage Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the AI-Powered Storage market, grow even more. Market participants are also undertaking several strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The AI-Powered Storage industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer’s use in the global AI-Powered Storage industry to benefit clients and increase the market sector. In recent years, the AI-Powered Storage industry has offered some of the most significant advantages to technologies. Major players in the AI-Powered Storage market, including 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 others, are attempting to increase market demand by investing in research and development operations.

Dell Technologies is a diverse group with distinctive viewpoints. Its headquarters is in Round Rock, Texas. Dell technology's main goals are approach and culture, motivated by its aspirations and the capacity of technology to advance humanity. Dell is unwavering in its dedication to mutual respect, equality, and advocacy. Dell’s narrative began with a conviction and a passion: that anybody, anywhere in the globe, should have simple access to the best technology. Today, Dell Technologies plays a significant role in changing the digital landscape globally. For Instance: In July 2022, Dell Technologies launched Dell PowerFlex, a cutting-edge storage option. Dell PowerFlex delivers unified block and file capabilities on a single platform that consolidates conventional and modern workloads by integrating a software-defined infrastructure with new file services. With the help of these developments, businesses can gain crucial insights that will help them develop in the digital age.

The International Business Machine (IBM) is sometimes known as Big Blue. Its headquarters are in Armonk, New York. It offers hosting and consulting services in various fields, including mainframe computers and nanotechnology. It is an expert in computer hardware, middleware, and software. With 19 research sites in over a dozen nations, IBM is the largest industrial research organization in the world. From 1993 to 2021, IBM held the record for the most annual US patents produced by a firm. The company has achieved progress in quantum computing, artificial intelligence, data infrastructure, and sophisticated computer processors. Six Nobel Prizes and six Turing Awards are among the numerous honors former IBM employees and alumni have received for their contributions to science and innovation. For Instance: In April 2021, IBM launched enhanced storage solutions called IBM Spectrum Fusion Hyper-Converged Infrastructure. The company planned to release new container-native software-defined storage solutions and simplify data accessibility and availability across hybrid clouds in addition to these goals.

Key Companies in the AI-Powered Storage market include

  • 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)

AI-Powered Storage Industry Developments

January 2023: Microsoft Corporation completed the acquisition of Fungible, a maker of modular infrastructure that will help it improve its data centers' network and storage performance. With the acquisition, the business would be better able to offload workloads, reduce latency, improve system density in data centers, and offer a wider choice of technologies and services.

September 2022: Google Cloud acquired Mandiant, a dynamic provider of incident response, threat intelligence, and cyber protection services. Thanks to the acquisition, the company could assist businesses in reinventing security by enhancing their threat, incident, and exposure management.

July 2022:, a renowned supplier of data observability software, was acquired by IBM. In addition to continuing to offer IBM’s clients and partners the tools they need to deliver reliable data and AI at scale, this acquisition aims to give IBM the most comprehensive set of observability offerings for IT across applications, data, and machine learning.

AI-Powered Storage Market Segmentation:

AI-Powered Storage Offerings Outlook

  • Hardware

  • Software

  • Storage System

  • Storage Architecture

  • Storage Medium

AI-Powered Storage End-User Outlook

  • BFSI

  • Healthcare

  • Media & Entertainment

  • Retail

  • Manufacturing

  • Telecommunication

AI-Powered Storage Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 15.1 Billion
Market Size 2024 USD 17.7 Billion
Market Size 2032 USD 55.3 Billion
Compound Annual Growth Rate (CAGR) 15.26% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Offerings, End-User, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled 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)
Key Market Opportunities Rising research and technology
Key Market Dynamics Increase in demand for cloud-based services Adoption of robotics in manufacturing industries

Frequently Asked Questions (FAQ) :

The AI-Powered Storage Market size was valued at USD 15.1 Billion in 2023.

The global market is projected to grow at a CAGR of 15.26% during the forecast period, 2024-2032.

North America had the largest share of the global market

The key players in the market are 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 others.

The Storage system category dominated the market in 2022.

The BFSI had the largest share of the global market.

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