AI-Powered Storage Market Trends
AI-powered storage is observed to gain traction on account of rise in data center establishments. The rise in demand for AI-powered storage in high performance compute (HPC) data centers is identified, which is expected to boost the expansion of the global AI-powered storage market. The surge in data generation and upscaling adoption of data analytics by sectors to aid in better and effective decision makings are drivers that can promote global AI-powered storage market. Additional growth impellers are better compliances and government guidelines with regards to generation of data. In addition, several enterprises are running on cloud-based services, such as virtual servers that can store data, which can be a boost for the expansion of the AI-powered storage market, worldwide.
Market Research Future (MRFR), studied dynamics of the global AI-powered storage market. In its revised “AI-Powered Storage Market” report, prepared by our experienced analysts, discusses forces that can alter the course of the market progress. MRFR study states that the global market of AI-powered storage is expected to surge at 17.56% CAGR from 2018 to 2025. In 2018, the AI-powered market was valued at USD 10.71 Bn. Rise in storage area network application of AI-powered storage is expected to cause the market size to increase. By 2025, the market is can touch USD 25.05 Bn.
The AI-powered storage market study was based on storage system, offerings, storage medium, storage architecture, and end use. The offerings-based segments of the market are software and hardware. The hardware segments are HDD, SSD, GPU, and CPU. The hardware segment can dominated in years to come. It is supposed to register a decent growth pace across the forecast span. The storage system-based segments are network-attached storage systems, direct-attached storage systems, and storage area network. The storage area network segment is lucrative and can win high profits for the market. The high utility of network-attached storage systems can prompt the AI-powered storage market growth.
Innovations in NAS systems can favor the market growth. For instance, in 2019, Synology, a Taiwan-based supplier of network-attached storage systems, observed its four new products gain international popularity, thereby prompting the expansion of the market. The storage architecture-based segments of the market are object storage, file storage, and block storage. The file storage segment can attain high valuation. The block storage segment appears a promising segment for the market expansion. The storage medium-based segments of the market are solid-state drive and hard disk drive.
The rising adoption of technologies such as artificial intelligence, machine learning, and data analytics has led to an increase in data that need high storage capacity. The enterprises are registering a need for a refreshed AI-based storage architecture. Factors such as the growing implementation of cloud-based services, a rise in the number of hyperscale data centers, and the deployment of data analytics tools across small and medium enterprises have positively impacted the demand for AI-powered storage. However, the concerns regarding data privacy are estimated to impede market growth. As many companies have started utilizing cloud-based services to store their data with the usage of virtual servers, companies aim to enlarge their storage capacities beyond existing infrastructural capabilities to meet the demand for AI-enabled applications and workloads. In the finance sector, decisions about loans are now being made by software that can take into account a variety of finely construed data about a borrower, rather than merely a credit score and a background check. In addition, there are also robot-advisors that create personalized investment portfolios. The BFSI sector is incorporating advanced analytics and, simultaneously, growing compliances and government regulations, thereby raising the demand for high-level data storage capabilities and leveraging the AI-powered storage market.
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