NEWARK, Del, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The AI-powered storage market size reached US$ 16.6 billion in 2022. Demand for AI-powered storage stood at US$ 21.0 billion in 2023. In the forecast period between 2023 and 2033, demand is poised to exhibit a 20.7% CAGR. Revenue is anticipated to cross around US$ 138.0 billion by the end of 2033.
The AI-powered storage industry is booming due to several crucial trends influencing data management's foreseeable future. One significant development is the growing use of cloud storage and hybrid systems.
Organizations are realizing the advantages offered by cloud storage, including flexibility, cost savings, and access, and are adopting it into their data retention strategy. Organizations can optimize cloud storage consumption, automate data transfer, and assure data security by employing AI technology.
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The rising need for speed analytics and data processing is another significant driver. Organizations require effective and rapid analytics capabilities to gain meaningful insights from the exponential rise in available data.
AI-powered storage solutions might speed up data processing, allowing enterprises to examine data more quickly and make educated choices in real-time. These systems can use machine learning algorithms to find patterns and trends in massive datasets, allowing firms to do predictive analytics.
Another significant development in the AI-powered storage business is the use of machine learning to enhance storage performance and minimize costs. By studying data consumption trends, AI-powered storage systems can dynamically distribute resources, enhance storage performance, and eliminate wasteful expenditures. This increases overall data storage efficiency and assures that enterprises are making the most use of their resources.
The effect of AI-powered storage on conventional storage facilities is a further important development. Artificial intelligence-powered storage solutions are upending the traditional storage landscape by enabling more intelligent and autonomous data management. This has the potential to increase overall data security and dependability by streamlining storage procedures and reducing the need for manual intervention.
As AI technologies improve, organizations will likely have increasingly more sophisticated capabilities for managing and storing data. The marriage of AI and storage will transform how businesses manage data, offering enhanced efficiency, cost savings, and efficiency. As the storage industry evolves, enterprises can remain far ahead of the competition by adopting AI-powered solutions for storage and realizing their revolutionary potential.
Organizations can effortlessly link their on-premises systems with the cloud with AI-powered storage options, ensuring data is kept and handled most effectively.
Organizations can also use these solutions to dynamically distribute resources, improve storage performance, and save needless expenses, resulting in a more simplified and cost-effective collection strategy.
Key Takeaways from the AI-powered Storage Market Report:
- The global AI-powered storage industry propelled at 26.7% CAGR during the historical period from 2018 to 2023.
- Demand from the enterprise segment is expected to achieve a CAGR of 20.5% in the assessment period.
- By storage system, the storage area network segment is expected to surpass at 20.6% CAGR over the forecast period 2023 to 2033.
- The United States is expected to showcase a 19.4% CAGR and attain a market size of US$ 45.3 billion in the review period.
- China is expected to exhibit a CAGR of 21.7% and reach a value of US$ 11.8 billion through 2033.
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“Astonishing demand for fast data processing and analytics is likely to stimulate demand for AI-powered storage solutions. Companies are focusing on developing AI-driven storage solutions that optimize performance through real-time.” - says a lead Future Market Insight (FMI) analyst.
Who is Winning?
Key manufacturers are offering scalable and flexible AI-powered storage solutions to meet the growing demand for storing and processing large volumes of data. Prioritizing data security and privacy with AI-enabled encryption, threat detection, and access control mechanisms to ensure the safe storage and management of sensitive data.
Manufacturers were tailoring AI-powered storage solutions to specific sector's needs and customer requirements, providing personalized and optimized storage solutions.
Drivers and Opportunities:
Artificial Intelligence (AI) has ushered in transformative changes across numerous industries, and the sphere of storage applications is no exception. AI-powered storage solutions have emerged as formidable tools designed to automate tasks, boost performance, and fortify data security.
AI-powered storage harnesses the power of machine learning algorithms to analyse data trends and make real-time data management decisions. Organizations stand to gain from enhanced scalability, flexibility, and reliability in their storage infrastructure through AI integration.
The benefits of AI-powered storage are manifold. They reduce the need for manual intervention, enhancing operational efficiency while mitigating the risk of human errors. These solutions enable more effective management of vast data volumes, leading to improved decision-making and accelerated time-to-market.
For instance,
- In June 2023, Pure Storage, situated in the United States, has revealed a variety of storage devices aimed primarily towards artificial intelligence projects during its yearly Pure/Accelerate 2023 conference.
- In June 2023, Rubrik announced a partnership with Microsoft's Sentinel service and Azure Open AI Services to expedite cyber recovery via the application of artificial intelligence (AI) and Natural Language Processing (NLP).
Get More Valuable Insights into AI-Powered Storage Market Study
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global AI-powered storage market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the AI-powered storage industry based on offering (hardware and software) storage systems (direct-attached storage, network-attached storage, and storage area network), storage architecture (file-and object-based storage and object storage), a storage medium (hard disk drive and solid-state drive), and end-user (enterprise, government bodies, could service providers, and telecom companies) across various regions.
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AI-Powered Storage Market Outlook by Category
By Offering:
- Hardware
- Software
By Storage System:
- Direct-attached Storage (DAS)
- Network-attached Storage (NAS)
- Storage Area Network (SAN)
By Storage Architecture:
- File-and Object-based Storage
- Object Storage
By Storage Medium:
- Hard Disk Drive (HDD)
- Solid State Drive (SDD)
By End User:
- Enterprises
- Government Bodies
- Cloud Service Providers
- Telecom Companies
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Authors:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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