AI-Powered Storage Market to Boom

This market report ($5,000, 250 pages), published on December 7, 2023, was written by Sudip Saha, MD and co-founder, Future Market Insights, Inc., a market research and consulting firm.

AI-Powered Storage Market Set for Remarkable 20.7% CAGR,
Envisioned at $138.0 Billion by 2033

The AI-powered storage market size reached $ 16.6 billion in 2022. Demand for the market stood at $21.0 billion in 2023. In the forecast period between 2023 and 2033, demand is poised to exhibit a 20.7% CAGR. Revenue is anticipated to cross around $138.0 billion by the end of 2033.

This market is booming due to several crucial trends influencing data management’s foreseeable future. One significant development is the growing use of cloud storage and hybrid systems.

Organizations are realizing the advantages offered by cloud storage, including flexibility, cost savings, and access, and are adopting it into their data retention strategy. Organizations can optimize cloud storage consumption, automate data transfer, and assure data security by employing AI technology.

The rising need for speed analytics and data processing is another significant driver. Organizations require effective and rapid analytics capabilities to gain meaningful insights from the exponential rise in available data.

AI-powered storage solutions might speed up data processing, allowing enterprises to examine data more quickly and make educated choices in real-time. These systems can use ML algorithms to find patterns and trends in massive datasets, allowing firms to do predictive analytics.

Another significant development in the AI-powered storage business is the use of ML to enhance storage performance and minimize costs. By studying data consumption trends, AI-powered storage systems can dynamically distribute resources, enhance storage performance, and eliminate wasteful expenditures. This increases overall storage efficiency and assures that enterprises are making the most use of their resources.

AI-driven storage solutions revolutionize traditional storage, enhancing data security and reliability through intelligent, autonomous management, reducing manual intervention.

As AI technologies improve, organizations will likely have increasingly more sophisticated capabilities for managing and storing data. The marriage of AI and storage will transform how businesses manage data, offering enhanced efficiency, cost savings, and efficiency. As the storage industry evolves, enterprises can remain far ahead of the competition by adopting AI-powered solutions for storage and realizing their revolutionary potential.

AI-enhanced storage seamlessly integrates on-premises systems with the cloud, optimizing efficient data management.

These solutions enable organizations to optimize resource allocation, enhance storage performance, and streamline cost-effective data management.

Key takeaways:

The global AI-powered storage industry propelled at 26.7% CAGR during the historical period from 2018 to 2023.
Demand from the enterprise segment is expected to achieve a CAGR of 20.5% in the assessment period.
By storage system, the SAN segment is expected to surpass at 20.6% CAGR over the forecast period 2023 to 2033.
USA is expected to showcase a 19.4% CAGR and attain a market size of $45.3 billion in the review period.
China is expected to exhibit a CAGR of 21.7% and reach a value of $11.8 billion through 2033.

“The AI-powered storage market is poised for significant growth, driven by the increasing demand for advanced data management solutions, the AI-Powered Storage Market is witnessing a transformative surge, with artificial intelligence playing a pivotal role in optimizing storage infrastructure and enhancing data accessibility,” says Saha.

Drivers and opportunities:

AI has revolutionized various industries, including storage applications, with powerful solutions that automate tasks, enhancing performance, and strengthening data security.
Smart storage with AI adapts in real time, boosting scalability and reliability. Enjoy flexible data management with machine learning insights!

Leading players:

Intel
Nvidia
IBM
Samsung Electronics
Pure Storage

For instance,

In June 2023, Pure Storage, in USA, revealed a variety of storage devices aimed primarily towards AI projects during its yearly Pure/Accelerate 2023 conference.
In June 2023, Rubrik announced a partnership with Microsoft’s Sentinel service and Azure Open AI Services to expedite cyber recovery via the application of AI and Natural Language Processing (NLP).

Have a look at the related reports of the technology domain:

AI (chipsets) market growth: It is anticipated to reach U$287 billion by 2033, with a 26.4% CAGR growth from 2023 to 2033.
SAN market analysis: The global market is set to expand at a CAGR of 3.7% to reach $30,800 million by the year 2033.