Pune, March 15, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, as more businesses move their data and applications to the cloud, there is a growing need for storage solutions that can seamlessly integrate with cloud platforms and provide a high degree of flexibility and scalability.
The AI-Powered Storage Market has been rapidly growing in recent years, and it is expected to continue its upward trajectory for the foreseeable future. According to SNS Insider, the market was valued at USD 21.46 billion in 2022, and it is projected to reach USD 145.25 billion by 2030, which represents a remarkable CAGR of 27% over the forecast period from 2023 to 2030.
AI-Powered Storage Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 21.46 Billion |
| Market Size by 2030 | US$ 145.25 Billion |
| CAGR | CAGR of 27% From 2023 to 2030 |
| Key Segments | • By Offering (Hardware, Software) • By Storage System (Direct-Attached Storage, Storage Area Network, Network-Attached Storage) • By Storage Medium (Solid State Drive, Hard Disk Drive) • By Storage Architecture (Object Storage, File- And Object-Based Storage) • By End-User (Enterprises, Telecom Companies, Government, Cloud Service Providers, Others) |
| Company Profiles | Sumitomo Electric Industries, Robert Bosch, Toshiba Corporation, Infineon Technologies, Microchip Technology, Raytheon Company, STMicroelectronics, Mitsubishi Electric Corporation, Panasonic Corporation, and NXP Semiconductor. |
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Market Report Scope
AI-powered storage is a cutting-edge technology that utilizes artificial intelligence (AI) and machine learning (ML) algorithms to optimize data storage and management processes. Unlike traditional storage solutions that rely on manual configuration and management, AI-powered storage systems can automatically analyze data usage patterns, identify bottlenecks, and adjust storage and retrieval processes to ensure optimal performance.
Market Analysis
The growth of the AI-powered storage market can be attributed to several factors. One of the main drivers is the increasing amount of data that companies and organizations need to store and manage. With the proliferation of digital devices and the rise of the internet of things (IoT), the volume of data generated is growing exponentially, and traditional storage solutions are struggling to keep up. Another factor driving the growth of the market is the increasing demand for advanced analytics and machine learning.
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Impact of Recession
A recession may lead to decreased demand for new storage solutions, as companies and organizations may be more focused on cost-cutting measures than on investing in new technologies. However, on the other hand, a recession may also drive increased interest in AI-powered storage solutions, as companies seek to improve efficiency and reduce costs in order to weather the economic downturn. As AI-powered storage can help identify and remove unnecessary data, optimize storage and retrieval processes, and reduce the need for additional hardware, it may become an attractive option for businesses looking to streamline their operations and cut costs.
Key Regional Development
The AI-powered storage market is expected to continue its growth trajectory, with North America leading the way as the dominant player in the industry. This is largely due to the presence of major market players and the availability of skilled talent, as well as the increasing awareness of the benefits of AI storage. The United States and Canada are two of the driving forces behind this growth, with a significant presence in the data storage market. With a wealth of expertise in areas such as machine learning, data science, and artificial intelligence, the region has been able to stay at the forefront of innovation in this field.
Recent Developments Related to AI-Powered Storage Market
- Informatica, a leading data integration company, has recently launched a new freemium AI-powered integrator. This innovative solution is designed to help organizations simplify their data integration processes, allowing them to accelerate their digital transformation initiatives and achieve better business outcomes.
- Provenir and Investree Philippines have announced their collaboration to improve the lending experiences for small and medium-sized enterprises (SMEs). The partnership aims to leverage Provenir's cutting-edge decisioning technology and Investree Philippines' extensive experience in the local SME lending market to offer innovative lending solutions to their clients.
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Key Takeaway from AI-Powered Storage Market Study
- The storage area network (SAN) segment has emerged as a dominant force in the market for data storage devices, and is expected to maintain its lead in the coming years. A SAN is essentially a network of storage devices that enables multiple data centers to work together seamlessly on storage-related tasks.
- The BFSI industry segment is projected to experience significant growth in the coming years, with a higher CAGR during the forecast period. By leveraging AI, these organizations can offer individualized customer service, streamline back-end operations, reduce turnaround times, and enhance security.
About SNS Insider
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