New York, USA, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “AI-powered Storage Market information by Offerings, by Storage System, by End-Use and Region – forecast to 2027” market size to reach USD 25.05 billion, growing at a compound annual growth rate of 25.05% by 2025.
Market Scope:
AI-powered storage solutions are being integrated by large companies in order to glean insights from the cloud. The shift to application-centric approaches as well as reliance on next-generation technologies can drive its demand. The global AI-powered storage market report by Market Research Future (MRFR) contains drivers, opportunities, trends, and hurdles to be faced by industry leaders for the forecast period (2020-2027). The COVID-19 pandemic and its effect on the industry are being expounded in the report.
Dominant Key Players on AI-powered Storage Market Covered are:
- Dell Technologies
- Intel Corporation
- Pure Storage
- Hitachi
- Western Digital
- Lenovo
- Advanced Micro Devices
- IBM
- CISCO
- Micron Technology
- HPE Company
- Samsung Electronics
- NetApp
- NVIDIA Corporation
- Toshiba
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Market USP Exclusively Encompassed:
Market Drivers
Goals of developed and developing nations to increase food production by 70% by 2050 can drive the market demand significantly. Introduction of subsidies to farmers and loan schemes for adapting modern methods can bode well for the market. Farm mechanization that refers to use of modern vehicles for irrigation of and harvesting of crops can favor the market. This can increase the output while keeping labor costs low. Government efforts to bring in farmers to the industrial fold by assuring timely assistance with fertilizers, crop seeds, and right prices for their crops can influence farmers greatly. This is exemplified by release of funds to states by the central government of India through its Sub-Mission on Agricultural Mechanisation scheme for establishment of farm machinery banks, distribution centers for machines, and custom hiring centers.
Lack of arable land, need of fresh water, and climate change are challenges posed to the market.
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Segmentation of Market Covered in the Research:
By offerings, the market has been divided into hardware and software. The hardware segment has been further divided into HDD, SSD, CPU, and GPU. The hardware segment dominated the market in 2018. It is also expected to register the highest CAGR during the forecast period.
By storage system, the market has been segmented into direct-attached storage systems, network-attached storage systems, and storage area network. The storage area network segment is expected to account for the largest market share. However, the network-attached storage systems segment is expected to register the highest CAGR during the forecast period. In 2019, Synology—a Taiwanese provider of network-attached storage (NAS) systems—broadened its geographic presence with the launch of four new NAS products.
By storage architecture, the market has been segmented into block storage, file storage, and object storage. The file storage segment is expected to account for the largest market share. However, the block storage segment is expected to register the highest CAGR during the forecast period.
By storage medium, the market has been segmented into hard disk drive and solid-state drive. The hard disk drive segment is expected to account for the largest market share. In 2018, western digital launched a new range of hard drive—Purple—for upcoming Digital Video Recorder and Network Video Recorder systems that feature Artificial Intelligence (AI) capabilities. The affordability of these storage devices is the key reason for its wide adoption. The solid-state drive segment has been further bifurcated into all-flash array and hybrid flash arrays.
By end use, the market has been segmented into retail, BFSI, media & entertainment, manufacturing, healthcare, telecommunication, and others. The BFSI segment is projected to hold the largest market share. However, the telecommunication segment is expected to register a significant CAGR during the forecast period. Telecom communication companies are widely adopting AI technology to enhance customer experience and improve network reliability.
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Regional Analysis
APAC is touted to lead the global market owing to increased demand for food by the large population residing in China and India coupled with need for sustainable practices. Government support for enabling modern equipment for resident farmers and rising export of cereals from the region can bolster market demand. Indonesia has also vouched for local production of farm equipment with the government setting aside a fund for increasing yields and investing in rice science. Huge demand for tractors and investments to reduce harvest losses can drive the market.
North America has assumed the second position in the AI-powered storage market owing to huge demand for tractors. Used farm equipment is another niche segment sprouting in the region owing to assurance on these products given by certified preowned programs. In addition, leasing of equipment to farmers in Canada and the U.S. may also bolster market revenues.
COVID-19 Impact on the Global AI-powered Storage Market
The COVID-19 outbreak has affected the supply chain of agriculture equipment which has in extent foiled the plans of procurement of additional arable land for cultivation. Focus of companies for producing crops locally and sell to farm outlets is expected to drive the market demand significantly. New farm laws enabling companies to tie-up with large farmers to gain stocks of viable crops in respect to customer demand may be suitable to the market. This is evident by establishment of centers housing fresh farm produce.
Competitive Landscape
New product launches and initiatives taken by equipment manufacturers to create public awareness and sell their products are prime strategies of market players. Partnerships and collaborations to improve existing technologies can also be witnessed during the forecast period.
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Industry News
Huawei Corporation has integrated AI-powered storage for its FusionSolar All-scenario Smart PV & Storage Solution. The AI can prevent fire hazards and detects overheating of solar panels in grids.
Industry Trends
Introduction of smart equipment capable of providing accurate metrics on soil quality and other parameters vital for a good harvest can disrupt the AI-powered storage market. This is exemplified by Caterpillar launching skid-steer loaders with room for attachment for other equipment for multi-tasking purposes. The tools in the machine can recognize new equipment and assign controls accordingly.
Farm monitoring platforms have gained prominence with the evolution of internet of things and use of data for improving farming practices. Recently, FarmMicro has launched a farm control monitoring system, SmartFarm, for allowing farmers overall control of their equipment. Examples of applications are livestock monitoring and control of irrigation gates, rain gauges, and farm gates. The company has even partnered with John Deere to provide real-time data for proving insights into operations.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
