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The AI-Powered Storage Market is experiencing impressive growth according to a recent SNS Insider report. Valued at USD 23.05 billion in 2023, the market is projected to reach USD 138.19 billion by 2031, exhibiting a remarkable CAGR of 25.1% during the forecast period (2024-2031).
Growing Demand for AI-Powered Storage
The digital transformation of industries has ignited a data explosion. This, combined with the need for enterprises to modernize their storage infrastructure, has fueled the demand for AI-powered storage solutions. These solutions offer the intelligence and automation to manage and optimize complex data environments effectively. Moreover, the rising adoption of cloud-based services across industries is further contributing to market growth. Cloud solutions provide unmatched scalability and flexibility, making them ideal for managing the ever-increasing volumes of data generated by modern businesses.
Market Analysis
The integration of AI management tools is transforming the way businesses manage their IT infrastructure. AI-powered storage solutions streamline operations by offering advanced governance capabilities across on-premise devices, data centers, and cloud deployments. This enhanced efficiency and adaptability are key driving factors in the market’s expansion.
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Top Companies Featured in AI-Powered Storage Market Report:
- Dell Technologies
- Advanced Micro Devices
- CISCO
- IBM
- Toshiba
- Intel Corporation
- Hitachi
- NVIDIA Corporation
- Samsung Electronics
- Data direct Network
Recent Developments
- In October 2023, Pure Storage, Inc. bolsters its Evergreen portfolio, offering to cover rack space and power costs for customers using Evergreen Flex subscriptions and One Storage-as-a-Service (STaaS). The company also introduced new guarantees and flexible upgrade options.
- In July 2023, Lenovo unveiled innovative data management solutions with its ThinkSystem DG and DM3010H Enterprise Storage Arrays, easing the deployment of AI workloads and driving value extraction from data.
- In June 2023, Dropbox enhanced productivity with its new suite of AI products, including Dropbox Dash and Dropbox AI, designed to optimize knowledge work and deliver a more personalized user experience.
- In March 2023, NVIDIA launched its DGX Cloud, an AI supercomputing platform providing enterprises immediate access to the infrastructure and software needed to train sophisticated AI models.
AI-Powered Storage Industry Segmentation as Follows:
BY OFFERING
- Hardware
- Software
BY STORAGE SYSTEM
- Direct-attached Storage
- Storage Area Network
- Network-attached Storage
Direct Attached Storage (DAS) held the largest market share in 2023 due to its high-performance capabilities, making it ideal for demanding data storage requirements and facilitating rapid AI model development.
BY STORAGE ARCHITECTURE
- Object-Based Storage
- File- Based Storage
The file-based segment led the market in 2023, attributed to the widespread use of common file protocols across organizations. However, file-based architectures have limitations in terms of scalability for large datasets.
BY STORAGE MEDIUM
- Solid State Drive
- Hard Disk Drive
Hard Disk Drives (HDDs) dominated the market in 2023, offering the speed and capacity to support the increasing demands of AI applications on large datasets.
BY END USER
- Enterprises
- Telecom Companies
- Government
- Cloud Service Providers
- Others
The enterprise segment held the largest market share in 2023 as AI-powered storage offers real-time updates and enables intelligent, automated operations for businesses.
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Impact of the Russia-Ukraine War
The ongoing Russia-Ukraine conflict has created both challenges and opportunities in the AI-powered storage market. Disruptions in supply chains and increased cybersecurity risks are challenges posed by the war. Conversely, the war has highlighted the importance of robust, secure data storage infrastructure. This has led to greater investment in AI-powered solutions to ensure data protection and business continuity, especially in critical sectors.
North America currently leads the global AI-powered storage market with a significant share of 36.53% in 2023.
The region boasts a strong presence of key players in the data storage industry, giving them a head start in developing and deploying AI-powered solutions. Secondly, there’s a heightened awareness and talent pool for these technologies, particularly within the booming financial sector that heavily relies on data analytics. Increasing technological advancements and digitization across various sectors are driving the overall demand for AI-powered storage systems in North America.
Asia Pacific region is poised for the fastest growth (CAGR) in the coming years. This is fueled by the region’s rapid adoption of robotics in various industries, increasing demand for cloud-based services, and rising internet penetration. Additionally, the widespread use of social media and the ongoing digitization of businesses across the Asia Pacific will further propel the market growth for AI-powered storage solutions.
Key Takeaways for the AI-Powered Storage Market Study
- The report underscores the skyrocketing growth of the AI-powered storage market, primarily driven by the massive increase in data generation and the widespread migration to cloud-based services.
- The study highlights the critical role of AI in optimizing data storage, streamlining infrastructure management, and enabling intelligent automation.
- Enterprises are at the forefront of AI-powered storage adoption, seeking real-time insights, operational efficiency, and enhanced data security. The report emphasizes the evolving needs of this segment.
- The study maps the regional landscape, demonstrating North America’s current leadership position and the rapidly growing market potential within the Asia Pacific region.
Table of Content – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. AI-Powered Storage Market Segmentation, By Offering
9. AI-Powered Storage Market Segmentation, By Storage System
10. AI-Powered Storage Market Segmentation, By Storage Medium
11. AI-Powered Storage Market Segmentation, By Storage Architecture
12. AI-Powered Storage Market Segmentation, By End-User
13. Regional Analysis
14. Company Profile
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion
Continued….
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