AI-Powered Storage Market to Hit $162.5 Billion by 2031: Allied Market Research

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Allied Market Research

Rising acceptance of artificial intelligence services and rising data volumes to drive global AI-powered storage market trends. Regionally, the North American region held the leading market share in 2021, holding more than two-fifths of the global AI-powered storage market share and is expected to maintain its leading status during the period of forecast.

Portland, OR, Nov. 09, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the AI powered storage market generated $15.6 billion in 2021 and is expected to reach $162.5 billion by 2031, growing at a CAGR of 26.7% from 2022 to 2031. changing market trends, market size and estimates, value chain, key investment pockets, drivers and opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, early adopters and stockholders in introducing necessary strategies for the future and taking essential actions to significantly strengthen and increase their position in the market.

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Report coverage and details:

Report cover

Details

Forecast period

2022–2031

base year

2021

Market size in 2021

$15.6 billion

Market size in 2031

$162.5 billion

CAGR

26.7%

Number of pages in the report

343

Segments Covered

Component, storage system, storage architecture, storage medium, end user, and region

Drivers

Increased acceptance of artificial intelligence services and increased data volumes.

Increased acceptance of connected devices, cloud-based applications and robotics in warehousing operations.

Opportunities

A surge in AI demand for high performance computing data.

Constraints

Lack of precision of AI algorithms and low availability of skilled AI hardware personnel.

COVID-19 scenario:

  • The outbreak of the COVID-19 pandemic has negatively impacted the growth of the global AI-powered storage market, owing to the complete shutdown of manufacturing units across the globe.

  • However, a large number of companies have adopted AI-powered storage systems for real-time data storage to grow their business while reducing turnaround times. This has led to massive growth in the global market during the COVID-19 pandemic.

The report offers a detailed segmentation of the global AI-powered storage market based on component, storage system, storage architecture, storage medium, end-user, and region. The report provides a comprehensive analysis of each segment and their respective sub-segment using graphical and tabular representation. This analysis can essentially help market players, investors and new entrants to determine and design strategies based on the fastest growing and highest revenue generating segments mentioned in the report.

Based on components, the hardware segment held the leading market share in 2021, holding nearly three-fifths of the global AI-powered storage market share, and is expected to maintain its leading status during the period. forecast. However, the software segment is expected to quote the fastest CAGR of 28.2% during the forecast period.

Based on storage architecture, the file and object-based storage segment held the largest market share in 2021, accounting for nearly two-thirds of the global AI-powered storage market share, and is expected to maintain its leading status over the forecast period. Nevertheless, the object storage segment is expected to quote the highest CAGR of 28.1% during the forecast period.

In terms of end-user, the enterprise segment held the major market share in 2021, contributing nearly two-fifths of the global AI-powered storage market share, and is expected to maintain its leading position over the course of the forecast period. However, the government agencies segment is expected to quote the fastest CAGR of 28.9% during the forecast period.

Based on the storage medium, the hard drive segment held the major share of the market in 2021, contributing more than half of the global AI-powered storage market share. However, SSD is expected to maintain its leading position in terms of revenue and register the highest CAGR of 28.0% during the forecast period.

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Regionally, the North American region held the leading market share in 2021, holding more than two-fifths of the global AI-powered storage market share and is expected to maintain its leading status during the period of forecast. However, the Asia-Pacific AI-powered storage market is expected to register the fastest CAGR of 28.3% during the assessment period. The report also analyzes other regions such as Europe and LAMEA.

Key players analyzed in the Global AI-Powered Storage Market report include Advanced Micro Devices, Inc., Amazon Web Services, Inc., Cisco Systems, Inc., Dell Technologies Inc., Fujitsu Limited, Google, Inc. ., Hitachi, Ltd. , The Hewlett Packard Enterprise Company, Intel Corporation, Lenovo Group Limited, Micron Technology, Inc., Microsoft Corporation, NetApp, Inc., The International Business Machines Corporation, Pure Storage, Samsung Electronics Co., Ltd. and Toshiba Corporation.

The report analyzes these key players in the global AI-powered storage market. These market players have effectively used strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is useful for analyzing recent developments, product portfolio, business performance, and operating segments of major market players.

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About Us

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market research reportsand “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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