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.
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.
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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.
Depending on storage architecture, file and object storage segment is dominating the AI Powered Storage Market Share in 2021 and is expected to do so during the forecast period, as owing to increase in amount of data in developing economies in Asia-Pacific including China, Japan, and India.
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The AI-powered storage market presents a range of opportunities for players looking to establish themselves in this emerging field. Some of the opportunities include:
- Product Innovation: Players can invest in research and development to create innovative AI-powered storage solutions that offer enhanced performance, scalability, and efficiency compared to traditional storage systems.
- Partnerships: Players can establish partnerships with other technology providers to offer comprehensive solutions that integrate AI-powered storage with other technologies such as cloud computing, edge computing, and machine learning.
- Enhanced Security: AI-powered storage solutions can offer advanced security features, including encryption, authentication, and threat detection, to protect against cyber threats and data breaches. Players can focus on developing and offering these security features to attract security-conscious customers.
- Cloud-Based Services: Cloud-based AI-powered storage solutions offer flexible pricing models, scalability, and cost-effectiveness, which can appeal to customers looking for a cost-effective way to store and process data.
- Data Analytics: AI-powered storage solutions can provide advanced data analytics capabilities, including predictive analytics, real-time analytics, and machine learning, to help customers gain insights and improve decision-making.
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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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