AI Powered Storage Market Global Industry Analysis, Market Size, Share, Dynamics, Competitive Landscape, Competitive Benchmarking, MMR Commutation Matrix and Forecast to 2029

AI Powered Storage Market was valued at USD 2.35 Billion in 2022, and is expected to reach USD 3.59 Billion by 2029, exhibiting a CAGR of 6.20 % during the forecast period (2023-2029).

Massive volumes of data are required for artificial intelligence, which the cloud environment must process in real time and store for later use. This requires a high performance, adaptable, and flexible data storage system. The popularity of AI-powered storage is rising as demand for machine learning and artificial intelligence rises. Advanced analytics are used by AI-powered storage, which raises the demand for corporate infrastructure. Additionally, it is important for the uptake of connected devices and digitization.
AI Powered Storage Market Dynamics:
Surge in the usage of cloud-based services and applications.

One of the key drivers of Al-powered storage market is the growth in adoption of cloud-based applications & services. Cloud based applications have carried a massive revolution in the business industry, particularly during COVID-19 pandemic. Many companies are adopting cloud-based platforms as it bids limitless flexibility & reliability. Moreover, it proposals great adaptability & is eco-friendly which further pushes the AI powered storage market growth. The Al- powered storage is widely adopted due to the digitalization of the markets after the covid-19. Companies are shifting all their workload to cloud based applications to ease distant working. Over the past few years, cloud migration has seen widespread global adoption, but recent trend to remote working has caused companies to rely more than ever on cloud services & apps.

Companies are shifting to the cloud

1. Lowered capital expenditures: With cloud computing, all of the hardware, which user would typically have to buy & maintain themself, is provided by the cloud provider. By switching to the cloud, user can get rid of these ongoing capital expenses.

2. Reduced operating costs: User need fewer personnel & fewer resources to maintain the cloud since it takes less infrastructure to do it. Long-term operating cost reduction is a benefit of moving to the cloud.

3. Reduced opportunity costs: There is an opportunity cost associated with large capital investments. User cannot invest $50,000 in other projects when they invest it in a new on-premises server solution. Large capital costs are replaced by regular monthly payments when moving to the cloud.

4. Increased agility: Scaling up & down is much simpler when user move to the cloud. User don't worry about long-term changes because they only pay for what they need right now. Now that user have the ability to quickly & effectively scale up if their demands change, they no longer need to plan capacity for the next five years.

5. Improved availability & reliability: Data loss & downtime are decreased when data is moved to the cloud. The majority of cloud service providers have SLAs that promise an uptime rate of 99% or higher. When infrastructure is handled by a cloud provider that offers redundancy and high-speed connectivity, maintaining availability and reliability is considerably simpler.

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Warehousing Robotics Adoption:

Enterprise warehouses have been attempting to keep up with the rapid growth of online shopping during the COVID-19 epidemic, but robotic warehouse automation may be able to help. Following the pandemic, enterprise have faced a variety of issues, including labour shortages, factory halts, and delayed shipping. As a result, several enterprises have employed robotics to overcome these difficulties. This in turn propels the AI powered storage market as these automated devices store the data to efficiently simplify the warehousing process & shorten turnaround times.



If warehouse automation continues to use blockchain technology, supply chain transparency may be increased. The adoption rate of technology was just 8% in 2019, but it has the potential to increase to 45% by 2030.
Impact of COVID-19:
The COVID-19 outbreak had a big influence on AI Powered Storage Market. This is primarily attributable to the worldwide total halt of production & manufacturing. This pandemic had a significant negative influence on the world economy, which created additional challenges for numerous industries and businesses all over the world. However, there has been an increase in demand for cutting-edge solutions to make remote working more comfortable. This further encouraged the development of new, creative methods that make use of artificial intelligence and machine learning. Additionally, a lot of businesses have implemented AI-powered storage for real-time data storage to improve their business models and speed up turnaround. Additionally, this growth has sparked large investments in AI Powered Storage Market across the globe.

An Increase in BFSI Companies' Investments in AI & Machine Learning

In order to improve customer service & enhance the administration of fintech, BFSI organisations are boosting their investments in AI & machine learning solutions. Additionally, as the BFSI sector became more complicated and competitive, the need for solutions tailored to the sector's needs grew. As a result, numerous banking institutions and fintech companies are investing in artificial intelligence solutions to meet client demand, which in turn is fueling the AI Powered Storage growth.

Additionally, AI & machine learning can help financial institutions at several stages of the risk management process, including risk exposure identification, measurement, estimation, and effect assessment. Additionally, BFSI companies are implementing & developing machine learning techniques to analyse vast amounts of data and provide insightful information to clients. The industry is also expected to rise as a result of banks and fintech companies investing more money in artificial intelligence & advanced machine learning to improve automation and provide more streamlined and customised consumer experiences. Additionally, major financial institutions like Bank of America, JPMorgan, and Morgan Stanley are heavily investing in machine learning technology in order to create automated investment advisors and train systems to detect red flags like money laundering techniques, which can be stopped by financial monitoring, thereby accelerating AI powered storage market growth.
AI Powered Storage Market Trends:
Increasing Demand for Customized Financial Services.

Due to the rapid adoption of Chatbots by banks & increased rivalry among BFSI providers for the largest possible market share, end consumers are increasingly favouring personalised financial services. The AI Powered Storage Market is growing as a result of the numerous BFSI companies offering machine learning-powered budget management apps that assist users in meeting their financial goals and streamlining their money management techniques.

Additionally, robot-advisors, which primarily target investors with little resources like individuals and small- to medium-sized organisations for managing their accounts, are one of the other quickly rising trends in personalised financial services and machine learning-based robot-advisors can use conventional data processing methods to develop financial portfolios and solutions for their clients, including retirement plans, investments, and trading. Additionally, as usage-based insurance becomes more prevalent, machine learning and advanced artificial intelligence (AI) technologies are used to compute the premium that is appropriate for each individual, which in turn drives the growth of AI Powered Storage in the BFSI industry.

The number of SKUs are Increasing: Due to the frequent introduction of new items, an increasing number of SKUs (stock-keeping units) is rather typical in the business. With an array of options and styles at the disposal of the e-commerce retailers for delivery on demand, the luxury of customization & the increasing number of customer choices through the e-commerce platform have driven the demand for an enlarged inventory. The quantity of large-pallet orders that distributors receive is declining, as a result of just-in-time ordering, direct-to-consumer distribution & changing retailer-wholesaler partnerships. In response, the rise in small orders with numerous SKUs is putting pressure on warehouses to automate.

This market difficulty is addressed by automated, effective mini-load storage and retrieval systems (AS/RS), which use lightweight cranes to sort individual totes, cases, trays, and crates while improving storage and freeing up valuable labour & transportation resources. These systems optimise supply chain efficiency by automating crucial steps. Companies are turning to warehouse automation hardware & software solutions in order to maintain their competitiveness in an unstable & difficult economic environment, as warehouses are simultaneously experiencing long-term labour shortages and rising demand due to the booming e-commerce industry. Furthermore, due to the significant investment in the transit of goods through the world's warehouses, security is likely to become increasingly popular in the coming years. Which in turn increasing the demand for AI Powered Storage market during the forecast period.
AI Powered Storage Market Segment Analysis:
Based on storage system AI-powered storage market is segmented by Direct-attached Storage 

(DAS),Network-attached Storage (NAS), Storage Area Network (SAN). The storage area network segment dominated the market in the year 2022 and is expected to keep leading with a CAGR of 6.20% during the forecast period. The market is growing because to the high adoption of storage area networks in small and medium-sized businesses. It is a network of data storage devices that makes it easier for data centres to work together on storage.

Storage area networks have several advantages, including the elimination of bandwidth bottlenecks caused by LAN-based server storage, high availability, centralised storage management, faster backups, global file systems, quick data migration, better data security, improved storage utilisation, greater scalability, and enhanced data protection and disaster recovery, all of which are increasing demand for AI-powered storage and, consequently, the AI powered storage market growth.

Based on end user segment AI Powered Storage Market is segmented by BFSI, Enterprises, Government 

Bodies, Cloud Service Providers, Telecom Companies and Others. The BFSI segment is expected to grow rapidly, with a CAGR of 6.20% during the forecast period. In the BFSI sector, artificial intelligence offers individualised customer service, flawless back-end operations, speedier turnaround times, which operate without human intervention, and security, all of which contribute to the AI-powered storage market growth. AI is also assisting the BFSI sector in modernising & optimising operations, including credit decision-making, quantitative trading, and financial risk management. The usage of messenger bots to provide smooth communication between lenders & clients, credit risk assessment, enhanced financial operational efficiency, fraud detection, and AI combined with analytics are all benefits of AI-powered storage that are further enhancing AI-powered storage market growth.
AI Powered Storage Market Regional Insights:
North America held the major market share in the year 2022 and is expected maintain its dominance at CAGR of 6.20% during forecast period. The US & Canada are two of the main forces driving AI Powered Storage market growth. The growth is attributable to the significant presence of participants in the data storage market, improved awareness & the availability of skilled skills, as well as the expanding use of AI storage in the region's financial industry. The AI Powered Storage market is growing as a result of key players' expanding market tactics, such as partnerships, agreements, acquisitions, and mergers, to offer effective AI powered storage. For instance, IBM and Nvidia collaborate on AI-powered storage to create a brand-new storage solution for AI workloads.
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AI Powered Storage Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US 2.35 Bn.


Forecast Period 2023 to 2029 CAGR:
6.20 %
Market Size in 2029:
US 3.59 Bn.


 Segments Covered:
by Storage System
Direct-attached Storage (DAS)
Network-attached Storage (NAS)
Storage Area Network (SAN)


by Storage Architecture
File- and Object-Based Storage
Object Storage


by Storage Medium
Hard Disk Drive (HDD)
Solid State Drive (SSD)


by End User
BFSI
Enterprises
Government Bodies
Cloud Service Providers
Telecom Companies
Others.



By Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. Intel Corporation
2. NVIDIA Corporation
3. IBM
4. Samsung Electronics
5. Pure Storage
6. NetApp
7. Micron Technology
8. CISCO
9. Toshiba
10.Hitachi
11.Lenovo
12.Dell Technologies
13.HPE
14.Advanced Micro Devices
15.Western Digital
16.Flextronics International
17.Tintri
18.Seagate Technology PLC
19.Datadirect Network
20.Others.

Frequently Asked Questions:

1] What is the growth rate of the Global AI Powered Storage Market?
Ans. The Global AI Powered Storage Market is growing at a significant rate of 6.20 % during the forecast period.

2] Which region is expected to have the highest growth rate in the Global AI Powered Storage Market?
Ans. The North America region is expected to hold the highest growth rate in the AI Powered Storage Market during the forecast period.

3] What is the market size of the Global AI Powered Storage Market by 2029?
Ans. The market size of the AI Powered Storage Market by 2029 is expected to reach USD 3.59 Bn.

4] What are the major key players of the Global AI Powered Storage Market?
Ans. The major key players of the Global AI Powered Storage Market are Intel Corporation
NVIDIA Corporation, IBM, Samsung Electronics, Pure Storage, NetApp and Others.

5] What is the study period of this market?
Ans. The Global AI- Powered Storage Market is studied from 2022 to 2029.