AI Powered Storage Market Expected to Reach $162.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “AI Powered Storage Market, By Component (Hardware, Software), By Storage System (Direct Attached Storage, Network Attached Storage, Storage Area Network), By Storage Architecture (File And Object Based Storage, Object Storage), By Storage Medium (Hard Disk Drive, Solid State Drive), By End User (Enterprises, Government Bodies, Cloud Service Providers, Telecom Companies): Global Opportunity Analysis And Industry Forecast, 2022-2031". The ai powered storage market size was valued at $15.6 billion in 2021, and is estimated to reach $162.5 billion by 2031, growing at a CAGR of 26.7% from 2022 to 2031.

Rising demand of secured data storage and real-time updating from different sources has increased the adoption of AI powered storage. AI powered storage optimizes and automates the workflow making it easier for enterprises to store huge amount of critical data. Moreover, the scalability offered by AI can easily fulfill the rising demand of real-time data processing. This further propels the Artificial Intelligence Powered Storage Market growth.

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. 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.

Depending on storage architecture, file and object storage segment is dominating the AI Powered Storage Market Share in 2021 and is expected to do so during the forecast period, as owing to increase in amount of data in developing economies in Asia-Pacific including China, Japan, and India.

However, object-based storage segment is anticipated to have the highest growth in the forecast period due to, owing to rise in complexity, data organization, threat in business system, and demand of smooth technique, which leads to excessive opposition throughout industries..

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. 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. 

COVID -19 outbreak has significantly impacted the AI powered storage market. COVID-19 outbreak has significantly impacted the AI powered storage market for good. It led 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 FINDINGS OF THE STUDY

• By component, the hardware segment dominated the AI powered storage market in 2021. However, the software segment is expected to exhibit significant growth during the forecast period.

• On the basis of storage system, the direct attached storage segment dominated the AI powered storage market in 2021.However, the network attached storage segment is expected to witness the highest growth rate during the forecast period.

• On the basis of storage architecture, the file and object based storage segment dominated the AI powered storage market in 2021.However, the object storage segment is expected to witness the highest growth rate during the forecast period.

• On the basis of storage medium, the hard disk drive segment dominated the AI powered storage market in 2021.However, the solid state drive segment is expected to witness the highest growth rate during the forecast period.

• On the basis of end-user, enterprise segment dominated the AI powered storage market in 2021.However, the government bodies segment is expected to witness the highest growth rate during the forecast period.

• Region-wise, the AI powered storage market analysis was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.

This report gives an in-depth profile of some key AI Powered Storage Industry players in the AI powered storage market include 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. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the AI powered storage industry globally.