;slkjdf
COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.
The global AI-powered storage market is expected to attain USD XX million by 2028, at a CAGR of XX% from USD XX million in 2019. The key factors that are propelling the growth of the market for AI-powered storage include a largescale increase in data volume, need for global organization network to refresh the existing storage architecture, increased penetration of cloud-based services, and the growing demand for AI in HPC data centers.
AI-powered storage helps organizations easily analyze data and offer instant insights. It eliminates security issues, problems with availability, and drives higher efficiency out of the infrastructure. Building effective AI-powered storage often includes supporting insights into each of the three distinct stages, which are data ingestion (normalizing and ingesting data from separate environments to look at together), training (using machine learning to evaluate data to understand what is within it) and inference (providing insights phase).
Cross-industry alliances and collaborations, coupled with increased government support across the globe, are expected to generate attractive prospects for market participants in the coming years. For example, France initiated a national plan to speed up the technology industry in 2018 and invested USD 1.6 billion in AI research and funding for emerging start-ups. In addition, in 2018, Germany unveiled its national AI plan and invested EUR 3 billion in AI research and development.
The AI-powered storage market is segmented on the basis of offering, storage system, storage architecture, storage medium, and end-user. Based on offering, the market is divided into hardware and software. The hardware segment was estimated to dominate the market with a significant market share in 2019, and it is expected to grow with the highest CAGR during the forecast period. The hardware section has been further segmented into SSD, HDD, GPU, and CPU.
Based on the storage system, the market has been divided in direct-attached storage (DAS), network-attached storage (NAS), and storage area network (SAN). Among these, the storage area network (SAN) is anticipated to dominate the market during the forecast period. SAN storage systems promote storage pooling between data centers. Due to their declining implementation costs, the demand for all these systems is forecasted to expand among small and medium sized companies.
In addition, these also contribute to data center virtualization, which further contributes to a high demand for such types of storage systems. As several businesses have started using cloud-based services for storing their data using virtual servers, businesses are looking to extend their storage capabilities beyond current infrastructure capabilities to meet the demand for AI-enabled apps and work overload. For instance, with the launching of four new NAS devices, Synology, a Taiwanese provider of network-attached storage (NAS) systems, expanded its geographical presence in 2019.
Based on the storage architecture, the market is divided into file & object based storage and block storage. Among these, the file & object based storage segment is expected dominate and hold the largest market share during the forecast period. However, the block storage segment is expected to grow with the fastest CAGR during the forecast period. The block storage division offers data storage for special applications like virtual machine file systems, which is a key factor to contribute to the growth of the block storage segment.
Based on the storage medium, the market has been divided into hard disk drive (HDD) and solid state drive (SSD). Among them, the hard disk drive segment is poised to hold major market share during the forecast period. In 2018, Western Digital introduced a new line of Purple hard drives storage devices that offer Artificial Intelligence (AI) capabilities for forthcoming network video recorder systems and digital video recorders. The major reason for its widespread acceptance is the affordability of these storage devices. However, the solid state drive is also expected to hold significant market in the near future. The solid-state drive segment is further segmented into all-flash arrays and hybrid flash arrays.
Based on the end-user, the market has been divided into enterprises, government bodies, cloud service providers, telecom companies. Among these, the enterprises segment is expected dominate the market and grow with the highest CAGR during the forecast period. The enterprises segment is further divided into BFSI, healthcare, media and entertainment, retail, consumer goods, manufacturing, aerospace and defense, business and consulting, education and research, and energy.
In the BFSI sector, the key objectives of AI are to provide customized customer service, faster turn-around time, error-free rear processes that operate without human interference, and safety as well as enforcement. In the finance sector, software has been making loan decisions, as it can take into consideration a range of finely parsed details about a borrower, instead of just a credit score coupled with background check. In addition, robo-advisors that build custom investment portfolios are also available. The BFSI industry is adopting advanced analytics and at the same time, raising compliance with regulatory requirements, thereby increasing the need for elevated data storage capabilities and exploiting the AI-powered storage market.
Regional Outlook:
Region-wise, the worldwide AI-powered storage market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America was predicted to hold a significant position in the global AI-powered storage market in 2019. The major factors that are driving the market in the region include large percentage of data storage market players, the rapid expansion of proficient technological expertise, and increasing penetration of AI, mostly in manufacturing, banking, telecommunications, and healthcare industries.
However, Asia-Pacific is anticipated to witness the highest CAGR over the forecast period. The main reasons behind the exponential rise of AI-powered storage market are the introduction of AI technology by SMEs in the Asia-Pacific region, an increase in demand for cloud-based services, and the acceptance of robotics in the manufacturing industry.
Competitive Landscape
The competitive scenario highlights the performance of the major companies operating in the AI-powered storage market. This includes the detailed profiling of major companies and their competitive benchmarking. Product profiling provides key information including products/solutions offered, key developments, company performances, and the strategies adopted in recent years.
The major companies profiled in the market include Dell Technologies, Hewlett Packard Enterprise (HPE) Company, IBM, NVIDIA Corporation, Pure Storage, Intel Corporation, Netapp, Samsung Electronics, Micron Technology, Cisco, Advanced Micro Devices (AMD), Toshiba, Hitachi, and Lenovo, among others.
Additionally, the competitive landscape provides a detailed description of each company including future capacities, financial overview, key mergers & acquisitions, partnerships, collaborations, new product developments, new product launches, and other latest industrial developments.
What Does This Report Provide?
This report provides a detailed understanding of the global AI-powered storage market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
Market Segmentation:
By Offering
By Storage System
By Storage Architecture
By Storage Medium
By End User
By Region:
Reasons to Buy This Report:
Customization:
We provide customization of the study to meet specific requirements:
For more information, contact: [email protected]
Single User (PDF)
3850Multi User (PDF)
5150Enterprise User (PDF)
7650Avail customized purchase options to meet your exact research needs.
Detailed scope covering all the major segments in the market
In line data validations to ensure data precision
Market recommendations supporting decision making processes
Round the clock analyst support to resolve your queries
Up to 15% additional free customization to meet your specific requirements
IN +91 706 672 5858