Key Emerging Trends in AI-powered Storage Market

Northbrook, USA, 2020-Jan-07 — /EPR Network/ —

The global AI-powered storage market is expected to grow from USD 10.4 billion in 2019 to USD 34.5 billion by 2024; growing at a CAGR of 27.1%. Major factors driving the AI-powered storage market growth are massive growth in data volumes, need for global enterprise infrastructure to refresh their storage architecture, increasing adoption of cloud-based services, and growing demand for AI in HPC data centers, which have created a high demand for AI-powered storage solutions. Limited AI hardware experts and the lack of data security in cloud and server-based services can be a few restraints for the AI-powered storage market. There are a lot of opportunities for the AI-powered storage market including the growing number of cross-industry partnerships and collaborations and the availability and rapid development of useful data analysis tools. The unreliability of AI algorithms and concerns regarding data privacy are the challenges for the AI-powered storage market.

The market based on offering has been segmented into hardware and software. On the basis of storage system, the AI-powered storage market has been segmented into direct-attached storage (DAS), network-attached storage (NAS), and storage area network (SAN). Based on storage architecture, it has been segmented into file- and object-based storage (FOBS), and block storage. On the basis of storage medium, it has been segmented into solid-state device (SSD) and hard disk drive (HDD). On the basis of end user, the AI-powered storage market has been segmented into enterprises, government bodies, cloud service providers, and telecom companies. The market based on region has been segmented into North America, Europe, APAC, and RoW.

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The AI-powered storage market for cloud service providers is expected to record the highest CAGR during the forecast period. The growth of the AI-powered storage market in APAC can be attributed to increased productivity and economic consumption in countries such as China and India. The budget allocation in these countries is aligned toward developments in AI technology such as Digital India, umbrella initiative to promote AI, machine learning, and Made in China 2025. North America is the largest market for AI-powered storage solutions since major companies are from the US, which include IBM, HPE, Dell Technologies, Pure Storage, and Intel. The markets in Europe and the Rest of the World are projected to grow at rapid rates during the forecast period. AI-powered storage systems are built for artificial intelligence workloads for data science productivity and IT simplicity. The difference between structured and unstructured data creates a varied set of requirements on the storage system underlying; both in terms of size of the data and the number of files in the dataset. Hence, AI-powered storage systems are converged systems, which provide a platform for the storage of a huge amount of data generated from various data sources.

The market for SSD as a storage medium holds the largest size and is expected to grow at the highest CAGR during the forecast period. SSDs are continuously evolving with the increasing requirements for scalability and high performance. Emerging SSDs are highly adopted in enterprises and datacenters, along with high-end computing applications. SSD consumption is driven by all-flash arrays and hybrid-flash arrays. As flash is becoming increasingly integral for both data center operators and storage vendors, it is driving the market for SSDs.

APAC is expected to be the second-largest AI-powered storage system market after North America during the forecast period. The market in APAC has been further classified into Germany, France, the UK, and the Rest of Europe (RoE). The market in North America primarily includes the US, Canada, and Mexico. Countries in North America are early adopters of AI to achieve significant benefits of increased efficiency, cost reduction, improved customer experience, revenue growth and more. Due to the early adoption of this technology, the region holds the largest size of the AI-powered storage market.

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