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
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
24.9% |
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Base Year Market Size (2023) |
USD 23.04 billion |
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Forecast Year Market Size (2036) |
USD 414.76 billion |
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Regional Scope |
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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:
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Storage System |
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Storage Architecture |
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End User |
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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.
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
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