AI Powered Storage Market Size & Share, by Storage System (Direct Attached Storage, Network Attached Storage, Storage Area Network); Storage Architecture (File, Object-Based Storage); End-user (Enterprises, CSP, Government, BFSI, Telecom) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3796
  • Published Date: Sep 19, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

AI Powered Storage Market size was over USD 23.04 billion in 2023 and is expected to exceed USD 414.76 billion by the end of 2036, witnessing over 24.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of AI powered storage is evaluated at USD 27.63 billion.

The growth of the market can be attributed to the mounting need among organizations to refresh their storage architecture, and increasing volumes of data generated across the globe. Along with these, growing usage of AI powered storage in BFSI industry to provide faster run-around time, and rising demand for AI in high computing centers are also expected to drive market growth in the near future. Furthermore, increasing adoption of cloud-based services, coupled with the escalating number of connected devices globally are projected to offer lucrative opportunities to the AI powered storage market in the near future. It is calculated that the total number of connected IoT devices in the world will grow by 9 percent by the end of 2021 to more than 12 billion active endpoints. There will be an estimated 25 billion connected devices by 2025


AI Powered Storage Market
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AI Powered Storage Sector: Growth Drivers and Challenges

Growth Drivers

  • Mounting Need Among Organizations to Refresh their Storage Architecture
  • Increasing Volumes of Data Generated

Challenges

  • Growing Concerns Associated with Data Privacy

AI Powered Storage Market: Key Insights

Base Year

2023

Forecast Year

2024–2036

CAGR

24.9%

Base Year Market Size (2023)

USD 23.04 billion

Forecast Year Market Size (2036)

USD 414.76 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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AI Powered Storage Segmentation

The AI powered storage market is segmented by end user into enterprises, CSP, government, BFSI and telecom, out of which, the BFSI segment is anticipated to hold the largest share in the market. This can be accounted to the error-free backend processes, personalized customer experience, and security and compliance provided by AI powered storage. Apart from these, decisions about loans are also being extensively made by software that take into account a variety of data of the borrower, which is also predicted to boost the growth of the market segment in the years to come. Additionally, on the basis of storage system, the storage area network (SAN) segment is assessed to acquire the largest share during the forecast period owing to the growing adoption of SAN among small and medium sized organizations as a result of their declining implementation costs. 

Our in-depth analysis of the global AI powered storage market includes the following segments:

           Storage System

  • Direct Attached Storage (DAS)
  • Network Attached Storage (NAS)
  • Storage Area Network (SAN)

             Storage Architecture

  • File
  • Object-Based Storage

 

 

           End User

  • Enterprises
  • CSP
  • Government
  • BFSI
  • Telecom

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AI Powered Storage Industry - Regional Synopsis

On the basis of geographical analysis, the AI powered storage market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is set to account for largest revenue share by 2036, driven by high adoption of latest technologies in the region. In addition, booming demand for connected devices, which is generating a large amount of data is also projected to drive market growth in the region in the coming years. Moreover, the market in North America is expected to gather the largest share during the forecast period, which can be credited to the growing trend of cloud computing, majorly in government sector, and strong footprint of prominent AI powered storage market players in the region. For instance, as of 2021, about 50 percent of government organizations in the United States are using cloud services, and their spending in the cloud sector is evaluated to grow by an average of more than 17 percent each year.

Research Nester
AI-Powered-Storage-Market-Share
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Companies Dominating the AI Powered Storage Landscape

    • Intel Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • NVIDIA Corporation
    • IBM Corporation
    • Cisco Systems, Inc.
    • Dell Technologies, Inc.
    • Toshiba Corporation
    • NetApp, Inc.
    • Samsung Electronics Co., Ltd.
    • Hitachi, Ltd.
    • The Hewlett Packard Enterprise Company

In the News

  • August 2021- NVIDIA announced that it has made NVIDIA Base Command Platform, a hosted AI development hub available in North America. It provides an instant access to powerful computing infrastructure wherever their data resides.

  • June 2021- Hewlett Packard Enterprise announced its breakthrough HPE GreenLake cloud platform for delivering on-premises offerings for scalable and secure cloud services.

Author Credits:  Abhishek Verma


  • Report ID: 3796
  • Published Date: Sep 19, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving market growth are mounting need among organizations to refresh their storage architecture, and increasing volumes of data generated.

The market is anticipated to attain a CAGR of ~27% over the forecast period, i.e., 2022 – 2030.

Asia Pacific will provide more business opportunities for market growth owing to the high adoption of latest technologies in the region, especially in the region.

The major factors driving market growth are mounting need among organizations to refresh their storage architecture, and increasing volumes of data generated.
AI Powered Storage Market Report Scope
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