Global Artificial Intelligence (AI) Powered Storage Market 2023-2030

Global Artificial Intelligence (AI) Powered Storage Market 2023-2030

Global Artificial Intelligence (AI) Powered Storage Market Size, Share & Trends Analysis Report by Component (Hardware, and Software), by Storage System (Direct attached Storage, Network attached Storage, and Storage Area Network), by Storage Architecture (File-based storage, and Object-Based storage), by Storage Medium (Hard Disk Drive, and Solid State Drive), Forecast Period (2023-2030)

The global Artificial Intelligence (AI) Powered Storage market is anticipated to grow at a CAGR of 37.3% during the forecast period (2023-2030). The market’s growth is attributed to increasing complexity of AI models. As AI models grow more intricate and data-intensive, there is an increasing need for high-performance storage options that can accommodate AI supercomputing. For instance, in March 2023, NVIDIA launched NVIDIA DGX Cloud, an AI supercomputing service that gives enterprises immediate access to the infrastructure and software needed to train advanced models for generative AI and other groundbreaking applications. The service eliminates the complexity of obtaining, deploying, and managing on-premises technology by enabling every business to access its own AI supercomputer using a simple web browser.

Segmental Outlook

The global artificial intelligence (AI) powered storage market is segmented on the component, storage system, storage architecture, storage medium, and end-user. Based on the component, the market is sub-segmented into hardware, and software. Based on the storage system the market is sub-segmented into direct attached storage, network attached storage, and storage area network. Based on the storage architecture, the market is sub-segmented into file-based storage, and object-based storage. . Based on the storage medium, the market is sub-segmented into Hard Disk Drive, and Solid State Drive. Furthermore, on the basis of end user, the market is sub-segmented into enterprises and corporations, government and defense, cloud service providers, telecommunications, and others. The software subcategory is expected to capture a significant portion of the market share within the component segment. This is attributed to the reduces risk, saves time and money, and all of the foregoing variables are expected to aid in the market grow effectively over the coming years.

The Hard Disk Drive Sub-Segment is Anticipated to Hold a Considerable Share of the Global Artificial Intelligence (AI) Powered Storage Market

Among the storage medium, the hard disk drive sub-segment is expected to hold a considerable share of the global artificial intelligence (AI) powered storage market. The segmental growth is attributed to the growing remote monitoring and surveillance. HDDs' remote access and video monitoring capabilities improve security management and situational awareness. For instance, in March 2022, Seagate Technology, launched the new SkyHawk AI 20TB hard disk drive (HDD), that adds to the company’s leading line of video imaging and analytics (VIA) devices. Seagate's SkyHawk AI 20TB HDD, developed for network video recorders (NVRs) equipped with AI for edge security applications, adapts swiftly to the size of the user's AI environment while supporting up to 64 HD video streams and 32 AI streams.

Regional Outlook

The global artificial intelligence (AI) powered storage market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the rapid adoption of cloud-based technologies in the region and an increase in security risks.

The North America Region is Expected to Grow at a Significant CAGR in the Global Artificial Intelligence (AI) Powered Storage Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the rising cost effectiveness across the region. By optimizing storage usage and avoiding redundancy, AI can assist in lowering storage costs. For instance, in Sep 2023 EY launched artificial intelligence platform EY.ai following US$1.4b investment. The investments contributed to a number of EY technology acquisitions with supporting cloud and automation technologies, in addition to the integration of AI into proprietary EY technologies such as EY Fabric, used by 60,000 EY clients and more than 1.5 million unique client users.

Market Players Outlook

The major companies serving the artificial intelligence (AI) powered storage market include Dell International Services India Pvt. Ltd., Fujitsu Ltd., Google, Hewlett Packard Enterprise Co., Hitachi, Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2023,launched HCLTech Advantage Analytics, a business intelligence solution powered by artificial intelligence that utilizes Snowflake's Data Cloud to provide businesses with a variety of services by merging BI (business intelligence) and AI (artificial intelligence) for improved customer experiences and business results.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global artificial intelligence (AI) powered storage market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market