AI Powered Storage Market Statistics, 2031
The global AI powered storage market size was valued at $15.6 billion in 2021, and is projected to reach $162.5 billion by 2031, growing at a CAGR of 26.7% from 2022 to 2031.
Rise in adoption of cloud-based application and services and adoption of robotics in warehousing is boosting the growth of the global market. However, lack of professionals in AI hardware and irregularity of AI algorithms is hampering the AI powered storage market growth. On the contrary, increase in demands of Al for high performance computing data is expected to offer remunerative opportunities for expansion during the AI powered storage market forecast.
The AI-powered storage is gaining popularity due to growing demand of artificial intelligence and machine learning. AI-powered storage utilizes advanced analytics which creates increased demand for business infrastructure. Moreover, it plays a crucial role in digitization and adoption of connected devices. Furthermore, the AI powered storage market is anticipated to grow at a significant rate due to increased data volumes and rise in adoption of artificial intelligence services.
The AI powered storage market share is segmented into component, it is bifurcated into hardware and software. By storage system it is segmented into direct attached storage, network attached storage, and storage area network. By storage architecture, it is bifurcated into file and object based storage, and object storage. By storage medium, it is bifurcated into hard disk drive and solid state drive. By end-user, it is segregated into enterprises, government bodies, cloud service providers and telecom companies. By enterprise, it is divided into BFSI, healthcare, media and entertainment, retail, consumer goods, manufacturing, and others. By manufacturing, it is categorized into food & beverages, industrial machinery & heavy equipment, high-tech & consumer electronics, automotive, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Players in the ai powered storage industry are Advanced Micro Devices, Amazon Web Services, CISCO, Dell Technologies, Fujitsu, Google, Hitachi, HPE, Intel Corporation, Lenovo, Micron Technology, Microsoft, NetApp, IBM, Pure Storage, Samsung Electronics, and Toshiba.
On the basis of component, the hardware segment dominated the AI Powered Storage Industry growth in 2021 and is expected to maintain its dominance in the upcoming years due to digitalization is expected to evolve and boost up in the aftermath of the COVID-19 pandemic. Furthermore, various organizations are adopting AI-powered storage for protection and safety purposes as a backup. However, the software segment is expected to witness highest growth owing to it saves money and time and decreases danger, which is anticipated to offer profitable increase and opportunities for the market in the imminent years.
By Component
The software segment is expected to witness highest growth owing to it saves money and time and decreases danger, which is anticipated to offer profitable increase and opportunities for the market in the imminent years.
Depending on region, North America dominated the Artificial Intelligence Powered Storage Market in 2021. This is attributed to growing developments in technology and digitalization of market in this region leading to adoption of AI-powered storage to protect critical data of organizations. However, Asia-Pacific is expected to witness highest growth in the upcoming years, owing to increased cyber threats and rapid shift toward cloud-based platforms in this region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud native countries like Japan.
By Region
The Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud native countries like Japan.
Top Impacting Factors
Rise in Adoption of Cloud-based Application and Services
One of the major drivers of AI powered storage market is the rise in adoption of cloud-based applications and services. Cloud based applications have brought a massive revolution in the business industry, especially during COVID-19 pandemic. Many enterprises are adopting cloud-based platforms as it offers unlimited flexibility and reliability. Moreover, it offers great adaptability and is environment friendly which further drives the market growth. The AI-powered storage is extensively adopted owing to the digitalization of the markets after the pandemic. Enterprises are shifting all their workload to cloud based applications to ease remote working.
Adoption of Robotics in Warehousing
Enterprise warehouses have been striving to maintain pace with the huge growth in online shopping in the course of the COVID-19 pandemic, however warehouse automation robotics could assist. Enterprises have confronted diverse troubles in the wake of the pandemic, which includes exertions shortages, manufacturing shutdowns and delayed transit times. Thus, many enterprises have adopted robotics to eliminate these challenges. This in turn drives the market as these robotic devices stores the information to streamline the warehousing process efficiently reducing the turnaround time.
Impact of COVID-19
COVID -19 outbreak has significantly impacted the Artificial Intelligence Powered Storage Market. This is mainly attributed due to complete shutdown of manufacturing and production across the globe. The global economy was also severely impacted by this pandemic which further generated hurdles for many industries and businesses globally. However, the demand for advanced technologies to ease the remote working conditions increased. This further propelled new innovative approaches of utilizing machine learning and artificial intelligence. Further, many enterprises extensively adopted AI-powered storage for real-time data storage to enhance their business model and reduce the turnaround time. Moreover, this upsurge has driven significant investments in this market globally.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the AI powered storage market analysis from 2021 to 2031 to identify the prevailing AI powered storage market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the AI powered storage market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global AI powered storage market trends, key players, market segments, application areas, and market growth strategies.
AI Powered Storage Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 162.5 billion |
 Growth Rate | CAGR of 26.7% |
 Forecast period | 2021 - 2031 |
 Report Pages | 343 |
 By Component |
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 By Storage System |
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 By Storage Architecture |
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 By Storage Medium |
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 By End User |
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 By Region |
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 Key Market Players | Amazon Web Services, Advanced Micro Devices, Cisco Systems Inc., Fujitsu, Micron Technology, IBM Corporation, Lenovo, Alphabet (Google Inc.), Dell Technologies Incorporated, Samsung Electronics, Toshiba, Microsoft Corporation, Pure Storage, NetApp, Hitachi, Intel Corporation, hpe |
Analyst Review
Based on insights of various CXOs of leading companies, the AI-powered storage market is witnessing high growth in recent years. The industry is undergoing enormous adoption of AI-powered storage due to increased adoption of artificial intelligence and process automation. However, high costs of creation and deployment is challenging the growth of the market. Regardless of upcoming challenges, the market is growing faster than ever owing to increased utilization of cloud storage. As a result of this, a lot of investments are being made in the market to meet the rising demand which is further propelling the market growth.
Moreover, adoption of robotics in warehousing optimizes the process automation further drives the market growth. In addition, improved data security and dependability enabled by smart features reduces loss of any data. These factors are fuelling the market growth.
For instance, in March 2022, HPE announced significant advancements to HPE GreenLake, the company’s flagship offering that enables organizations to modernize all their AI driven applications and data, from edge to cloud.
Furthermore, rise in adoption of cloud-based application and services and adoption of robotics in warehousing is boosting the growth of the global AI powered storage market.
Depending on region, North America dominated the market in 2021. This is attributed to growing developments in technology and digitalization of market in this region leading to adoption of AI-powered storage to protect critical data of organizations.
The global AI powered storage market was valued at $15,589.63 million in 2021, and is projected to reach at $162,483.55 million by 2031, growing at a CAGR of 26.7% from 2021 to 2031.
The key market players operating in AI-powered storage market are Advanced Micro Devices, Amazon Web Services, CISCO, Dell Technologies, Fujitsu, Google, Hitachi, HPE, Intel Corporation, Lenovo, Micron Technology, Microsoft, NetApp, IBM, Pure Storage, Samsung Electronics, and Toshiba.
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