AI-Powered Storage Market Projected to Gain $162.5 Billion by 2031: Says Allied Market Research
The global AI-powered storage market is expected to observe significant growth owing to the rise in data volumes and the increasing acceptance of artificial intelligence services. Regionally, the North America region held the highest market share in 2021, contributing to more than two-fifths of the global AI-powered storage market share, and is predicted to continue steady growth during the analysis timeframe.
Wilmington, DE, Nov. 15, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global AI-powered storage market is anticipated to garner $162.5 billion by 2031. The market accounted for $15.6 billion in 2021 and is expected to grow at a fascinating CAGR of 26.7% over the analysis timeframe from 2022 to 2031. The report offers a thorough analysis of the key investment pockets, value chain, evolving market trends, market size and estimations, top winning strategies, key investment pockets, drivers & opportunities, regional analysis, and competitive landscape. The report also offers information for new entrants, stakeholders, and frontrunners. It also includes the introduction of essential strategies by the shareholders for the future and how these steps significantly strengthen their position in the market.
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Report coverage & details:
|Market Size in 2021||$15.6 Billion|
|Market Size in 2031||$162.5 Billion|
|No. of Pages in Report||343|
|Segments Covered||Component, Storage System, Storage Architecture, Storage Medium, End User, and Region|
|Drivers||Rise in acceptance of artificial intelligence services and surging data volumes.|
|Increase in acceptance of connected devices, cloud-based applications, and robotics in warehousing activities.|
|Opportunities||A prominent rise in demand for AI for high performance computing data.|
|Restraints||Lack of accuracy of AI algorithms and low availability of AI hardware skilled personnel.|
The report also presents a detailed segmentation of the global AI-powered storage market based on components, storage systems, storage architecture, storage medium, end user, and region. The report provides a thorough analysis of every segment and their respective sub-segments with a statistical representation. This analysis can necessarily help market players, investors, and new entrants in identifying and devising strategies based on the fastest-growing segments and highest revenue generation that is explained in the report.
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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.
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.
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The key players evaluated in the global AI-powered storage market report include Toshiba Corporation, Advanced Micro Devices, Inc., Samsung Electronics Co., Ltd., Amazon Web Services, Inc., Pure Storage, Cisco Systems, Inc., The International Business Machines Corporation, Dell Technologies Inc., Fujitsu Limited, NetApp, Inc., Google, Inc., Microsoft Corporation, Hitachi, Ltd., Micron Technology, Inc., Lenovo Group Limited, Intel Corporation, The Hewlett Packard Enterprise Company.
The report evaluates these leading players in the global AI-powered storage market. These market players have undergone various strategies such as mergers, partnerships, expansion, new product launches, collaborations, and others to expand their foothold and gain a leading position in the global industry. The report also summarizes recent developments, business performance, product portfolio, and the financial performance of prominent players in the market.
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 DGX™ 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.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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