PRESS RELEASE
Published January 25, 2023
Market analysts anticipate that the global AI-powered storage market will be worth US$ 16.8 billion in 2021 and US$ 21.3 billion in 2022. According to projections, the market would reach US$ 120 billion in 2032, growing at a robust CAGR of 18.9% between 2022 and 2032. Growing data volumes and the demand for effective storage architecture are both contributing to market growth.
Other significant aspects driving the market expansion in the anticipated period are the rising usage of cloud-based services and the expanding number of connected devices. Additionally, the industry is anticipated to grow in the future because to different innovations including 5G, cloud services, blockchain, and the Internet of Things, among others.
The industry’s economic growth and development are expected to be significantly aided by the ICT sector. ICT exports rose from 10.816 in 2015 to 11.536 in 2019, according to the United Nations Conference on Trade and Development. For instance, NVIDIA declared in August 2021 that it has made its hosted AI development hub, the NVIDIA Base Command Platform, available in North America. Wherever their data may be, it would provide rapid access to a robust computing infrastructure.
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With an estimated market value of US$ 39.3 Billion and a CAGR of 18.8%, the U.S is expected to make the most significant participation to develop the market in North America during the forecast period. The growth of the market can be credited to the surging investment in the data center and increasing demand for cloud computing. Also, players in the region make a significant contribution in expanding their reach, thereby, developing the market. For instance, in June 2021, Hewlett Packard Enterprise disclosed its breakthrough HPE GreenLake cloud platform for delivering on-premises offerings for reliable and scalable cloud services.
Key Takeaways:
- The global AI-Powered Storage market is estimated at US$ 16.8 Billion in 2021
- The global AI-Powered Storage market to procure US$ 120 Billion in 2032
- The global AI-Powered Storage market to expand at an 18.9% CAGR
- The Direct-attached Storage (DAS) segment to exhibit a 16.8% expansion rate
- The Hardware segment to record 16.7% CAGR in the forecast period.
- The U.S market to garner US$ 39.3 Billion, recording a CAGR of 18.8%
- The U.K market to value US$ 4.9 Billion, exhibiting an 18.8% growth rate
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Competition Analysis
Some key players in the global AI-Powered Storage market include
- Intel Corporation
- NVIDIA Corporation
- IBM
- Samsung Electronics
- Pure Storage
- NetApp
- Micron Technology
- CISCO
- Toshiba
- Hitachi
- Lenovo
- Dell
- HPE
Recent key developments among players include:
- In November 2019, Dell, Inc, launched Dell EMC PowerOne. PowerOne is an autonomous solution built to deploy, manage, and consume IT services. It integrates with PowerSwitch Networking, PowerEdge computes, PowerMax storage, and VMware virtualization into a centralized system with an in-built intelligence engine to automate processes.
- In April 2020, Microsoft Corporation and Blackrock partnered to host the Alladin infrastructure offered by Blackrock on the Azure cloud platform. By using the Microsoft Azure cloud platform, Blackrock will provide enhanced specifics to its Aladdin platform with improved computing scales.
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Key Segments Covered in the AI-Powered Storage Industry Survey
By Offering
By Storage System
- Direct-Attached Storage
- Network-Attached Storage
- Storage Area Network
By Storage Architecture
- Hard Disk Drives (HDD)
- Solid-State Drives (SSD).
By End User
- Enterprises
- Government Bodies
- Cloud Service Providers
- Telecom Companies
By Region
- North America
- Europe
- Asia-Pacific
- ROW
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