New York, U.S., Jan. 18, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “AI powered storage market information by Offers, by Storage System, through End use and region – forecast to 2027” the market size to reach USD 25.05 billion, growing at a compound annual growth rate of 25.05% by 2025.
AI-powered storage solutions are being integrated by large enterprises to glean insights from the cloud. The shift to application-centric approaches as well as the use of next-generation technologies can boost its demand. Market Research Future (MRFR) Global AI-Powered Storage Market report contains the drivers, opportunities, trends and barriers faced by industry leaders during the forecast period (2020-2027) ). The COVID-19 pandemic and its effects on the industry are exposed in the report.
The Dominant Key Players in the AI-Powered Storage Market Covered Are:
- Dell Technologies
- intel company
- Pure storage
- western digital
- Advanced micro-systems
- Micron Technology
- HPE Company
- Samsung Electronics
- NVIDIA Corporation
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Exclusively encompassed USP market:
Goals in developed and developing countries to increase food production by 70% by 2050 can significantly boost market demand. The introduction of farmer subsidies and loan schemes for the adaptation of modern methods can bode well for the market. Agricultural mechanization which refers to the use of modern vehicles for irrigation and crop harvesting can promote the market. This can increase production while keeping labor costs low. Government efforts to bring farmers into the industrial fold by ensuring timely assistance with fertilizers, crop seeds and correct prices for their crops can greatly influence farmers. This is exemplified by the release of funds to the states by the central government of India through its agricultural mechanization sub-mission program for the establishment of agricultural machinery banks, machinery distribution centers and centers personalized hiring.
The lack of arable land, the need for fresh water and climate change are challenges facing the market.
Browse the in-depth market research report (100 pages) on the AI-powered storage market:
Market Segmentation Covered by Research:
By offers, the market has been divided into hardware and software. The hardware segment has been divided into HDD, SSD, CPU, and GPU. The hardware segment dominated the market in 2018. It is also expected to register the highest CAGR during the forecast period.
By storage system, the market has been segmented into direct attached storage systems, network attached storage systems, and storage area network. The storage area network segment is expected to account for the largest market share. However, network attached storage systems segment is expected to register the highest CAGR during the forecast period. In 2019, Synology, a Taiwanese network-attached storage (NAS) provider, expanded its geographical presence with the launch of four new NAS products.
By storage architecture, the market has been segmented into block storage, file storage, and object storage. The file storage segment is expected to account for the largest market share. However, the block storage segment is expected to register the highest CAGR during the forecast period.
By storage medium, the market has been segmented into HDD and SSD. The hard drive segment is expected to account for the largest market share. In 2018, western digital launched a new line of hard drives – Violet – for future DVR and NVR systems with artificial intelligence (AI) capabilities. The affordability of these storage devices is the main reason for their wide adoption. The SSD segment has been further divided into all-flash arrays and hybrid flash arrays.
By end use, the market has been segmented into retail, BFSI, media & entertainment, manufacturing, healthcare, telecommunications, and others. The BFSI segment is expected to hold the largest market share. However, the telecommunications segment is expected to register a significant CAGR during the forecast period. Telecom companies are widely adopting AI technology to improve customer experience and improve network reliability.
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APAC is considered to be the global market leader due to the increase in food demand from the large population residing in China and India coupled with the need for sustainable practices. Government support for the provision of modern equipment to resident farmers and increased grain exports from the region can stimulate market demand. Indonesia has also vouched for the local production of agricultural equipment, with the government setting aside a fund to increase yields and invest in rice science. Huge demand for tractors and investments to reduce crop losses can boost the market.
North America ranks second in the AI-powered storage market owing to the huge demand for tractors. Used farm equipment is another growing niche segment in the region due to the assurance on these products given by Certified Pre-Owned programs. Additionally, leasing equipment to farmers in Canada and the United States can also increase market revenue.
Impact of COVID-19 on the Global AI-Powered Storage Market
The COVID-19 outbreak has affected the agricultural equipment supply chain, which has to some extent thwarted plans to purchase additional arable land for cultivation. Business focus on local crop production and sale to agricultural outlets is expected to significantly boost market demand. New farm laws that allow corporations to partner with large farmers to build viable crop stocks based on customer demand could fit the market. This results in the creation of centers housing farm-fresh produce.
New product launches and initiatives taken by OEMs to raise awareness and sell their products are the major strategies of market players. Partnerships and collaborations to improve existing technologies can also be seen during the forecast period.
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Huawei Corporation has integrated AI-powered storage for its Smart PV & Storage FusionSolar All-scenario solution. AI can prevent fire risks and detect overheating of solar panels in networks.
The introduction of smart equipment capable of providing accurate measurements of soil quality and other parameters essential for a good harvest may disrupt the AI-powered storage market. This is exemplified by Caterpillar launching skid steer loaders with room for attaching other equipment for multitasking purposes. Machine tools can recognize new equipment and assign commands accordingly.
Agricultural monitoring platforms have grown in importance with the evolution of the Internet of Things and the use of data to improve farming practices. Recently, FarmMicro launched an agricultural control monitoring system, SmartFarm, to allow farmers to comprehensively control their equipment. Examples of applications are monitoring livestock and controlling irrigation valves, rain gauges and farm gates. The company has even partnered with John Deere to provide real-time data to provide operational insights.
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