AI Powered Storage Market Expected to Generate $162.5 billion by 2031, Register at a CAGR of 26.7%
WILMINGTON, DE, UNITED STATES, November 2, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “AI Powered Storage Market, By Component (Hardware, Software), By Storage System (Direct Attached Storage, Network Attached Storage, Storage Area Network), By Storage Architecture (File And Object Based Storage, Object Storage), By Storage Medium (Hard Disk Drive, Solid State Drive), By End User (Enterprises, Government Bodies, Cloud Service Providers, Telecom Companies): Global Opportunity Analysis And Industry Forecast, 2022-2031″.
The ai powered storage market size was valued at $15.6 billion in 2021, and is estimated to reach $162.5 billion by 2031, growing at a CAGR of 26.7% from 2022 to 2031.
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Rising demand of secured data storage and real-time updating from different sources has increased the adoption of AI powered storage. AI powered storage optimizes and automates the workflow making it easier for enterprises to store huge amount of critical data. Moreover, the scalability offered by AI can easily fulfill the rising demand of real-time data processing. This further propels the Artificial Intelligence Powered Storage Market growth.
Furthermore, rise in adoption of cloud-based application and services and adoption of robotics in warehousing is boosting the growth of the global AI powered storage market. However, lack of professionals in AI hardware and irregularity of AI algorithms is hampering the AI powered storage market growth. On the contrary, increase in demands of Al for high performance computing data is expected to offer remunerative opportunities for expansion during the AI powered storage market forecast.
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Competitive Analysis:
The competitive environment of AI Powered Storage Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, AI Powered Storage Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Advanced Micro Devices
Amazon Web Services
CISCO
Dell Technologies
Fujitsu
Google
Hitachi
HPE
Intel Corporation
Lenovo
Micron Technology
Microsoft
NetApp
IBM
Pure Storage
Samsung Electronics
Toshiba and Many More
Region wise, North America dominated the market in 2021. This is attributed to growing developments in technology and digitalization of market in this region leading to adoption of AI powered storage to protect critical data of organizations. However, Asia-Pacific is expected to witness highest growth in the upcoming years, owing to increased cyber threats and rapid shift toward cloud-based platforms in this region.
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COVID -19 outbreak has significantly impacted the AI powered storage market. COVID-19 outbreak has significantly impacted the AI powered storage market for good. It led to complete shutdown of manufacturing and production across the globe. The global economy was also severely impacted by this pandemic which further generated hurdles for many industries and businesses globally.
However, the demand for advanced technologies to ease the remote working conditions increased. This further propelled new innovative approaches of utilizing machine learning and artificial intelligence. Further, many enterprises extensively adopted AI powered storage for real-time data storage to enhance their business model and reduce the turnaround time. Moreover, this upsurge has driven significant investments in this market globally.
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Allied Market Research
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