Global AI Powered Storage Market Highlights 2022 – 2030
The global AI powered storage market is estimated to garner a large amount of revenue and grow at a CAGR of ~27% over the forecast period, i.e., 2022 – 2030. 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 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.
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The 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 global AI powered storage 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.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global AI Powered Storage Market Regional Synopsis
On the basis of geographical analysis, the global 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 is estimated to witness noteworthy growth over the forecast period on the back of the high adoption of latest technologies in the region, especially 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 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.
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The global AI powered storage market is further classified on the basis of region as follows:
Our in-depth analysis of the global AI powered storage market includes the following segments:
By Storage System
By Storage Architecture
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
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 players in the market are Intel Corporation, NVIDIA Corporation, IBM Corporation, Cisco Systems, Inc., Dell Technologies, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by storage system, storage architecture, end user, and by region.
The BFSI segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Growing concerns associated with data privacy are estimated to hamper the market growth.
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