The global AI-powered storage market is likely to witness significant revenue growth. The rapidly changing enterprise environment and the significant demand for data management solutions would drive market growth. Market Research Future (MRFR) states that the global AI-powered storage market is poised to escalate from USD 12.9 BN in 2022 to USD 55.3 BN by 2032, growing at a 17.56% CAGR throughout the assessment period (2023-2032).
The decision to build an AI foundation with far-reaching implications impacts business outcomes and every step of the organizational growth journey. That is why having AI-powered data storage becomes important for businesses. Besides, the vast market penetration of consumer and wearable electronics boosts market demand. The demand for computational power is increasing faster than ever, creating unparalleled opportunities and challenges for the s AI-powered storage industry. Citing,
AI-powered storage is more than a set of storage products and solutions. AI infrastructure and technology can offer efficient big data storage solutions, accelerating data science to modernize application development, simplify DevOps, and optimize large videos, images, and other object data types. AI- Infused data platforms offer faster access to more data to power game-changing AI initiatives, unifying storage from edge to core to cloud.
Major Players
Active AI-powered storage market players are CISCO (US), Advanced Micro Devices (US), HPE Company (US), Toshiba (Japan), IBM (US), Intel Corporation (US), Hitachi (Japan), Pure Storage (US), NVIDIA Corporation (US), Samsung Electronics (South Korea), Lenovo (China), Micron Technology (US), and Western Digital (US), among others.
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Global AI-Powered Storage Market – Segments
The market report is segmented into offerings, end-users, and regions. The offering segment is sub-segmented into hardware, software, storage system, storage architecture, and storage medium. The end-user segment is sub-segmented into BFSI, healthcare, media & entertainment, retail, manufacturing, and telecommunication. By region, the AI-powered storage market is segmented into North America, Europe, MEA, Asia-Pacific, and the rest of the world.
Global AI-Powered Storage Market – Regional Analysis
North America holds the largest AI-powered storage market share. The region witnesses higher demand for AI-powered storage, with a vast base of data-storage users, market participants, and expertise. Besides, the rising adoption of AI-powered data storage in banking, telecom, healthcare, and manufacturing drives market growth.
The increasing demand for high-performance AI-powered storage solutions impacts market size positively, attracting vast investments in this region. Also, the large presence of electronics manufacturers offers high growth. The US is the largest market for AI-powered storage due to the large presence of key consumer electronics manufacturers. Canada is another key contributor to the regional market growth.
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Global AI-Powered Storage Market – Competitive Analysis
The market appears fiercely competitive and fragmented, with the presence of various notable players. These players increasingly focus on product development and incorporate strategic approaches, such as collaboration, mergers & acquisitions, expansions, and product launches, to gain a larger competitive share.
Industry/ Innovation/ Related News:
July 18, 2022 — PTC India announced signing an MoU with AutoGrid to provide AI and ML technology-based storage solutions to the Indian power market. The collaboration would enable PTS to meet the demands of distribution companies and large commercial and industrial consumers by focusing on flexible management processes, such as response for distribution utilities and optimization of distributed renewable energy resources like wind, solar, and battery storage assets for generators.
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