AI Powered Storage Market Size Surpasses Milestone, Indicating Industry Transformation | Growing at CAGR of 26.7%
Exponential growth of data volume & complexity and the need for intelligent automation & optimization are driving the growth of AI-powered storage market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 24, 2023 /EINPresswire.com/ — The market for AI-powered storage was valued at $15.6 billion in 2021, and it is anticipated to increase to $162.5 billion by 2031, at a CAGR of 26.7%.
The popularity of AI-powered storage has expanded in response to the rising demand for secure data storage and real-time updating from various sources. Enterprises can store vast quantities of important data more easily thanks to AI-powered storage, which automates and optimizes the workflow. Additionally, AI’s scalability makes it simple to meet the growing demand for real-time data processing. The expansion of the artificial intelligence-powered storage market is further fueled by this.
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The exponential growth of data volume and complexity is a major driver for AI-powered storage solutions. With the proliferation of IoT devices, edge computing, and digital transformation initiatives, organizations are generating massive amounts of data. AI-powered storage solutions offer efficient data management, real-time analytics, and intelligent data processing capabilities to handle this data deluge effectively.
AI-powered storage solutions leverage machine learning algorithms to automate storage management tasks, optimize storage resource utilization, and improve overall system performance. By intelligently analyzing data access patterns, AI algorithms can identify hot and cold data, automate data tiering, and dynamically allocate storage resources based on workload demands. This leads to improved efficiency, reduced costs, and enhanced system performance.
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AI-powered storage solutions incorporate predictive analytics capabilities to detect anomalies, anticipate failures, and enable proactive maintenance. By analyzing historical data and system behavior patterns, AI algorithms can identify potential issues, predict failures, and trigger proactive measures such as data replication, data backup, or hardware replacement. This helps in minimizing downtime, improving data availability, and enhancing overall system reliability.
AI-powered storage solutions enable intelligent data management by extracting valuable insights and metadata from stored data. AI algorithms can automatically classify, tag, and categorize data based on content, context, and relevance. This enables organizations to efficiently search, retrieve, and analyze data, facilitating data-driven decision-making and unlocking the value of their data assets.
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Overall, the AI-powered storage market is driven by the increasing data complexity, the need for automation and optimization, predictive analytics for proactive maintenance, and intelligent data management requirements. As organizations continue to grapple with growing data volumes and seek ways to extract value from their data, the adoption of AI-powered storage solutions will continue to rise, shaping the future of storage technology.
This report gives an in-depth profile of some key AI Powered Storage Industry players in the AI powered storage market include 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, and Toshiba. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the AI powered storage industry globally.
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Allied Analytics LLP
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