Global AI-Powered Storage Market Forecasts to 2024: A $34.5 Billion Opportunity, Driven by Massive Growth in Data Volumes & Increasing Adoption of Cloud-based Services

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Dec 17, 2019, 10:15 ET

DUBLIN, Dec. 17, 2019 /PRNewswire/ -- The "AI-Powered Storage Market by Offering (Hardware, Software), Storage System (DAS, NAS, SAN), Storage Architecture (File & Object-Based Storage), Storage Medium, End User, and Region (North America, Europe, APAC, RoW) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global AI-powered storage market is expected to grow from USD 10.4 billion in 2019 to USD 34.5 billion by 2024; growing at a CAGR of 27.1%.

Massive growth in data volumes need for global enterprise infrastructure to refresh their storage architecture, increasing adoption of cloud-based services, and growing demand for AI in HPC data centers have created a demand for AI-powered storage solutions. Limited AI hardware experts and the lack of data security in cloud and server-based services can be a few restraints for the AI-powered storage market.

There are a lot of opportunities for the AI-powered storage market including the growing number of cross-industry partnerships and collaborations and the availability and rapid development of useful data analysis tools. The unreliability of AI algorithms and concerns regarding data privacy are the challenges for the AI-powered storage market.

Intel Corporation (US), NVIDIA Corporation (US), IBM (US), Samsung Electronics (South Korea), Pure Storage (US), NetApp (US), Micron Technology (US), CISCO (US), Toshiba (Japan), Hitachi (Japan), Lenovo (China), Dell Technologies (US), and HPE (US) are a few major players in the AI-powered storage market.

AI-powered storage market for Network-attached Storage (NAS) is expected to grow at highest CAGR during the forecast period

The demand for evolved NAS systems is increasing in order to cope with the growth of unstructured data. NAS is a dedicated storage device with multiple racks of storage media and is set up onto a dedicated network for storing the data. Scale-out is an improved technique in NAS devices, enabling capacity expansion based on end-users' requirements. This is achieved with the help of clustered nodes; as a result, there is a reduction in the upgrading cost. Small businesses and medium-sized enterprises are gradually adapting cloud-based NAS storage solutions owing to their features such as the ease of use, automated data backup, simple server setup procedure, and good collaboration.

Healthcare market for enterprises is expected to grow at the highest CAGR during the forecast period

AI in the healthcare ecosystem allows for a multitude of benefits, including automating tasks and analyzing patient data sets to deliver faster healthcare at a lower cost. Healthcare organizations have started improving the storage and management of their data for analytics and AI purposes. New healthcare offerings such as collaborative solutions through mobile devices, video conferencing, and built-in applications lead to the need for the adoption of AI-powered storage systems. The demand for AI-powered storage systems is driven by regulatory mandates for the use of electronic health records, increasing focus on precision medicine, and a strong presence of service providers engaged in developing AI solutions for healthcare.

AI-powered storage market in North America is projected to hold the largest share and market in APAC is expected to grow at the highest CAGR during the forecast period

This market in North America is further divided into the US, Canada, and Mexico. There is a growing trend of cloud computing, which has increased the economic impact of data center investments made by leading service providers such as Amazon (US), Google (US), and Microsoft (US). Enterprises in North America are increasing their spending on storage infrastructure for AI workloads to gain competitive advantage and increase their business productivity. The presence of other prominent AI technology providers including IBM, NVIDIA, and Intel, is boosting the growth of the AI-powered storage market in this region.

This market in APAC is further divided into China, Japan, India, South Korea and the Rest of APAC. The Rest of APAC primarily includes Australia, New Zealand, Vietnam, and Indonesia. Countries in this region are heavily reliant on manufacturing and can implement automated supply chain optimization, which will generate faster outputs. All these activities will help to generate greater economic output for the countries. Automated transportation can play an important role to boost this market as the elevated levels of congestion can be alleviated through fleet-wide traffic flow control.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in AI-Powered Storage Market
4.2 AI-Powered Storage Market, By Offering
4.3 Market, By End User
4.4 Market, By Storage System
4.5 Market, By Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Massive Growth in Data Volumes
5.2.1.2 Need for Global Enterprise Infrastructure to Refresh Their Storage Architecture
5.2.1.3 Increasing Adoption of Cloud-Based Services
5.2.1.4 Growing Demand for AI in HPC Data Centers
5.2.2 Restraints
5.2.2.1 Limited Expertise in AI Hardware
5.2.2.2 Lack of Data Security in Cloud- and Server-Based Services
5.2.3 Opportunities
5.2.3.1 Growing Number of Cross-Industry Partnerships and Collaborations
5.2.3.2 Availability and Rapid Development of Useful Data Analysis Tools
5.2.4 Challenges
5.2.4.1 Unreliability of AI Algorithms
5.2.4.2 Concerns Regarding Data Privacy

6 AI-Powered Storage Market, By Offering
6.1 Introduction
6.2 Hardware
6.2.1 Storage Medium
6.2.1.1 SSD
6.2.1.2 HDD
6.2.2 Other Hardware
6.2.2.1 CPU
6.2.2.2 GPU
6.3 Software

7 AI-Powered Storage Market, By Storage System
7.1 Introduction
7.2 Direct-Attached Storage Systems
7.2.1 Existing Storage Architecture Can Be Easily Accessed Using DAS Systems
7.3 Network-Attached Storage Systems
7.3.1 Multiple Client Access Feature Increases Demand for Nas Storage Systems
7.4 Storage Area Network
7.4.1 San Storage Systems Provide Multinent Environment Through Storage Virtualization

8 AI-Powered Storage Market, By Storage Architecture
8.1 Introduction
8.2 File- and Object-Based Storage
8.2.1 File Storage
8.2.1.1 File Storage Architecture Provides Benefits Including Uniformity While Storing Data and While Retrieving It
8.2.2 Object Storage
8.2.2.1 Object-Based Storage Can Be Retrieved Exactly in Same Way Irrespective of Their Location
8.3 Block Storage
8.3.1 Block Storage Architecture is Used to Store Files for Special Applications Such as Virtual Machine File Systems

9 AI-Powered Storage Market, By Storage Medium
9.1 Introduction
9.2 Hard Disk Drive
9.2.1 Lower Cost of HDD is Major Reason for Its High Adoption
9.3 Solid State Drive
9.3.1 All-Flash Arrays
9.3.1.1 Low Maintenance and Faster Response are Key Features of All-Flash Arrays
9.3.2 Hybrid Flash Arrays
9.3.2.1 Balanced Cost and Good Performance are Main Reasons for High Adoption of Hybrid Flash Arrays

10 AI-Powered Storage Market, By End User
10.1 Introduction
10.2 Enterprises
10.2.1 BFSI
10.2.1.1 BFSI Sector is Adopting AI Technology to Cut Short Tedious Tasks Including Loan Application Approvals
10.2.2 Healthcare
10.2.2.1 Healthcare Sector is Adopting This Technology to Automate Tasks and Analyse Patient Data Sets for Faster Delivery
10.2.3 Media and Entertainment
10.2.3.1 This Sector is Adopting AI-Powered Storage Systems for Storing, Managing, and Distributing Huge Data Collections
10.2.4 Retail
10.2.4.1 Retail Companies are Bridging Gap Between Virtual and Physical Sale Channels Through AI Technology
10.2.5 Consumer Goods
10.2.5.1 Consumer Goods Sector Adopts AI Technology Owing to Development in Smart Retailing
10.2.6 Manufacturing
10.2.6.1 This Sector Uses AI Technology to Optimize Manufacturing Supply Chains and Anticipate Market Changes
10.2.7 Other Enterprises
10.2.7.1 Aerospace and Defense
10.2.7.2 Business and Consulting
10.2.7.3 Education and Research
10.2.7.4 Energy
10.3 Government Bodies
10.3.1 Government Bodies Use This Technology for Public Policy Objectives Including Health and Welfare and Emergency Services
10.4 Cloud Service Providers
10.4.1 Cloud Service Providers Use AI-Powered Storage for Data Management and Analysis
10.5 Telecom Companies
10.5.1 Telecom Companies Use AI Technology to Enhance Customer Experience and Improve Network Reliability

11 AI-Powered Storage Market, By Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 APAC
11.5 RoW

12 Competitive Landscape
12.1 Overview
12.2 Market Ranking Analysis
12.3 Competitive Leadership Mapping, 2018
12.3.1 Visionary Leaders
12.3.2 Dynamic Differentiators
12.3.3 Innovators
12.3.4 Emerging Companies
12.4 Competitive Scenario
12.4.1 Product Launches and Developments
12.4.2 Partnerships, Contracts, Acquisitions, and Agreements

13 Company Profiles
13.1 Key Players
13.1.1 Dell Technologies
13.1.2 Hewlett Packard Enterprise (HPE) Company
13.1.3 IBM
13.1.4 NVIDIA Corporation
13.1.5 Pure Storage
13.1.6 Intel Corporation
13.1.7 Netapp
13.1.8 Samsung Electronics
13.1.9 Micron Technology
13.1.10 Cisco
13.1.11 Advanced Micro Devices (AMD)
13.1.12 Toshiba
13.1.13 Hitachi
13.1.14 Lenovo
13.2 Right-To-Win
13.3 Other Key Players
13.3.1 Datadirect Network
13.3.2 Seagate Technology PLC
13.3.3 Flextronics International
13.3.4 Western Digital
13.3.5 Fujitsu
13.3.6 Tintri

For more information about this report visit https://www.researchandmarkets.com/r/kz163y

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