Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 3.9 Billion

CAGR (2024-2029)

6.80%

Fastest Growing Segment

BFSI

Largest Market

North America


Market Overview

Global AI Powered Storage Market was valued at USD 3.9 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 6.80% through 2029. 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. 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.

Key Market Drivers

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

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 customized 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.

Due to the rapid adoption of Chatbots by banks & increased rivalry among BFSI providers for the largest possible market share, end consumers are increasingly favoring personalized 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.

Increasing Demand for Customized Financial Services.

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.

 

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Key Market Challenges

Understanding AI Powered Storage

AI-powered storage refers to the integration of artificial intelligence and machine learning technologies into traditional data storage systems. This incorporation allows organizations to manage, optimize, and extract valuable insights from their data with greater efficiency and accuracy. AI-powered storage solutions leverage AI algorithms to enhance data management, improve data retrieval, reduce storage costs, and ensure data security. Let's delve into the key components and features of AI-powered storage.

Key Components of AI-Powered Storage

Data Management: AI-powered storage systems use machine learning algorithms to classify, categorize, and tag data, making it easier to search, retrieve, and organize. These algorithms can automatically sort data based on content, relevance, or other user-defined criteria.

Predictive Analytics: AI-powered storage solutions can predict future storage needs based on historical data usage patterns. This helps organizations proactively manage storage resources and avoid potential shortages or overprovisioning.

Data Security: AI is used to identify and respond to security threats in real-time. It can detect anomalies and unauthorized access, protecting data from breaches and cyberattacks.

Automation: AI-powered storage automates routine storage management tasks such as data backup, archiving, and data lifecycle management, freeing up IT staff for more strategic initiatives.

Key Market Trends

Growing demand for cloud-based services is driving the market growth.

Market CAGR for AI-powered storage is driven by the rising demand for cloud-based services. Massive growth in data volumes, the requirement for global business infrastructure to renew its storage architecture, the increasing acceptance of cloud-based services, and the rising need for AI in HPC data centers have all contributed to a tremendous demand for AI-powered storage solutions. The rising number of connected devices and the increasing use of cloud-based services and applications are the primary factors driving AI-Powered Storage market share. Additionally, end-users increasingly favor personalized financial services due to the banks’ quick adoption of catboats and the fiercer competition among BFSI providers for the highest market share. Due to the large number of BFSI firms that provide machine learning-powered budget management apps that help users achieve their financial objectives and streamline their money management processes, the market for AI-powered storage is expanding. Robots advisors are another rapidly developing trend in personalized financial services that primarily target investors with little resources, such as individuals and small-to-medium-sized businesses, to manage their accounts. Machine learning-based robot advisors can also use traditional data processing techniques to create financial portfolios and solutions for their clients, such as retirement plans, investments, and trading.Moreover, as usage-based insurance becomes more common, advanced artificial intelligence (AI) technologies (machine learning) are utilized to calculate the premium suitable for each individual, stimulating the development of AI-Powered Storage in the BFSI sector. As a result, it is anticipated that demand for AI powered storage system will increase throughout the estimated period due to the rising demand for AI in HPC data centers. Thus, driving the AI-Powered Storage market revenue.

Segmental Insights

End User Insights

The BFSI category generated the most income. Artificial Intelligence (AI) in the BFSI industry provides individualized customer service, faultless back-end operations, and quicker turnaround times that function without human interference, and security, all of which support the expansion of the AI-powered storage market. The BFSI industry uses AI to modernize and optimize processes, including credit decision-making, trading quantities, and financial risk management. Benefits of AI-powered storage include using messenger bots to facilitate communication between lenders and clients, evaluating credit risk, improving financial, operational efficiency, fraud detection, and AI combined with analytics. All of these factors are contributing to the growth of the AI-powered storage market.

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.

Offering Insights

The storage system segment dominated the market, accounting for the maximum market revenue. The market is expanding due to small and medium-sized organizations’ widespread adoption of storage systems. It is a network of data storage systems that facilitates collaboration among data centers for storage. Storage systems have many benefits, including eliminating bandwidth bottlenecks caused by LAN-based server storage, high availability, centralized storage management, faster backups, global file systems, quick data migration, better data security and disaster recovery. As a result, demand for AI-powered storage and the AI-powered storage market is on the rise.

 

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Regional Insights

The North America AI-Powered Storage market area will dominate this market, owing to increasing technological advancement. In addition, the growing digitization, increased awareness, and the availability of trained talents will boost market growth in this region. 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. North America held the major market share in the year 2022 and is expected maintain its dominance 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.

Europe's AI-Powered Storage market accounts for the second-largest market share due to rising technological advancement and digitization. Further, the German AI-Powered Storage market held the largest market share, and the UK AI-Powered Storage market was the fastest-growing market in the European region.The Asia-Pacific AI-Powered Storage Market is expected to grow at the fastest CAGR from 2023 to 2032 due to increase demand for cloud-based services and the use of robotics in industries. Moreover, China’s AI-Powered Storage market held the largest market share, and the Indian AI-Powered Storage market was the fastest-growing market in the Asia-Pacific region.

Recent Developments

  • January 2023:Microsoft Corporation completed the acquisition of Fungible, a maker of modular infrastructure that will help it improve its data centers' network and storage performance. With the acquisition, the business would be better able to offload workloads, reduce latency, improve system density in data centers, and offer a wider choice of technologies and services.
  • September 2022:Google Cloud acquired Mandiant, a dynamic provider of incident response, threat intelligence, and cyber protection services. Thanks to the acquisition, the company could assist businesses in reinventing security by enhancing their threat, incident, and exposure management.
  • July 2022:Datatband.ai, a renowned supplier of data observability software, was acquired by IBM. In addition to continuing to offer IBM’s clients and partners the tools they need to deliver reliable data and AI at scale, this acquisition aims to give IBM the most comprehensive set of observability offerings for IT across applications, data, and machine learning.
  • In March 2023, HPE announced a USD 100 million investment in its AI-powered storage platform, HPE GreenLake.
  • In February 2023, IBM acquired Instana, an AI-powered application performance management company, for USD 3.6 billion.
  • In January 2023, Pure Storage announced a USD 100 million investment in its AI-powered storage platform, FlashArray//X
  • In December 2022, NetApp announced a USD 40 million investment in its AI-powered storage platform, Cloud Data ONTAP.
  • These investments are a sign of the growing confidence in the AI-powered storage market. As AI and ML continue to become more widely adopted, the demand for AI-powered storage solutions is expected to continue to grow. The AI-powered storage market is still in its early stages of development, but it is growing rapidly. The investments that are being made in this market are a sign of the growing confidence in the potential of AI-powered storage to revolutionize the way that data is stored and managed.

Key Market Players

  • Intel Corporation
  • NVIDIA Corporation
  • IBM
  • Samsung Electronics
  • Pure Storage
  • NetApp
  • Micron Technology
  • CISCO
  • Toshiba
  • Hitachi

By Offerings

By End-User

By Region

 

  • Hardware
  • Software
  • Storage System
  • Storage Architecture
  • Storage Medium
  • BFSI
  • Healthcare
  • Media & Entertainment
  • Retail
  • Manufacturing Telecommunication
  • North America
  • Europe
  • South America
  • Middle East & Africa
  • Asia Pacific

 

 

Report Scope:

In this report, the Global AI Powered Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • AI Powered Storage Market, By Offerings:

o   Hardware

o   Software

o   Storage System

o   Storage Architecture

o   Storage Medium

  • AI Powered Storage Market, By End-User:

o   BFSI

o   Healthcare

o   Media & Entertainment

o   Retail

o   Manufacturing Telecommunication

  • AI Powered Storage Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Indonesia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Russia

§  Spain

o   South America

§  Brazil

§  Argentina

o   Middle East & Africa

§  Saudi Arabia

§  South Africa

§  Egypt

§  UAE

§  Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global AI Powered Storage Market.

Available Customizations:

Global AI Powered Storage Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global AI Powered Storage Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Global AI Powered Storage Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Offerings (Hardware, Software, Storage System, Storage Architecture, and Storage Medium)

5.2.2.    By End-User (BFSI, Healthcare, Media & Entertainment, Retail, Manufacturing, Telecommunication)

5.2.3.    By Region

5.3.  By Company (2023)

5.4.  Market Map

6.    North America AI Powered Storage Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Offerings

6.2.2.    By End-User

6.2.3.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States AI Powered Storage Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Offerings

6.3.1.2.2.           By End-User

6.3.2.    Canada AI Powered Storage Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Offerings

6.3.2.2.2.           By End-User

6.3.3.    Mexico AI Powered Storage Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Offerings

6.3.3.2.2.           By End-User

7.    Asia-Pacific AI Powered Storage Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Offerings

7.2.2.    By End-User

7.2.3.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China AI Powered Storage Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Offerings

7.3.1.2.2.           By End-User

7.3.2.    India AI Powered Storage Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Offerings

7.3.2.2.2.           By End-User

7.3.3.    Japan AI Powered Storage Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Offerings

7.3.3.2.2.           By End-User

7.3.4.    South Korea AI Powered Storage Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Offerings

7.3.4.2.2.           By End-User

7.3.5.    Indonesia AI Powered Storage Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Offerings

7.3.5.2.2.           By End-User

8.    Europe AI Powered Storage Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Offerings

8.2.2.    By End-User

8.2.3.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany AI Powered Storage Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Offerings

8.3.1.2.2.           By End-User

8.3.2.    United Kingdom AI Powered Storage Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Offerings

8.3.2.2.2.           By End-User

8.3.3.    France AI Powered Storage Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Offerings

8.3.3.2.2.           By End-User

8.3.4.    Russia AI Powered Storage Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Offerings

8.3.4.2.2.           By End-User

8.3.5.    Spain AI Powered Storage Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Offerings

8.3.5.2.2.           By End-User

9.    South America AI Powered Storage Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Offerings

9.2.2.    By End-User

9.2.3.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil AI Powered Storage Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Offerings

9.3.1.2.2.           By End-User

9.3.2.    Argentina AI Powered Storage Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Offerings

9.3.2.2.2.           By End-User

10. Middle East & Africa AI Powered Storage Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Offerings

10.2.2. By End-User

10.2.3. By Country

10.3.             Middle East & Africa: Country Analysis

10.3.1.  Saudi Arabia AI Powered Storage Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Offerings

10.3.1.2.2.         By End-User

10.3.2. South Africa AI Powered Storage Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Offerings

10.3.2.2.2.         By End-User

10.3.3. UAE AI Powered Storage Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Offerings

10.3.3.2.2.         By End-User

10.3.4. Israel AI Powered Storage Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Offerings

10.3.4.2.2.         By End-User

10.3.5. Egypt AI Powered Storage Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Value

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By Offerings

10.3.5.2.2.         By End-User

11. Market Dynamics

11.1.   Drivers

11.2.   Challenge

12. Market Trends & Developments

13. Company Profiles

13.1.             Intel Corporation.

13.1.1. Business Overview

13.1.2. Key Revenue and Financials

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2.             NVIDIA Corporation.

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3.             IBM.

13.3.1. Business Overview

13.3.2. Key Revenue and Financials

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4.             Samsung Electronics.

13.4.1. Business Overview

13.4.2. Key Revenue and Financials

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5.             Pure Storage.

13.5.1. Business Overview

13.5.2. Key Revenue and Financials

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6.             NetApp.

13.6.1. Business Overview

13.6.2. Key Revenue and Financials

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7.             Micron Technology.

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8.             CISCO.

13.8.1. Business Overview

13.8.2. Key Revenue and Financials

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9.             Toshiba.

13.9.1. Business Overview

13.9.2. Key Revenue and Financials

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10.          Hitachi.

13.10.1.              Business Overview

13.10.2.              Key Revenue and Financials

13.10.3.              Recent Developments

13.10.4.              Key Personnel

13.10.5.              Key Product/Services

14. Strategic Recommendations

About Us & Disclaimer        

Figures and Tables

Frequently asked questions

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The market size of the Global AI Powered Storage Market was USD 3.9 Billion in 2023.

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The Global AI Powered Storage Market was dominated by the BFSI segment in 2023.

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In the era of Big Data, the volume of data generated by individuals, organizations, and machines is growing at an unprecedented rate. AI-powered storage is crucial in handling this massive influx of information efficiently.

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The AI-powered storage market is growing rapidly, driven by the increasing adoption of artificial intelligence and machine learning across a wide range of industries. This is leading to a growing demand for storage solutions that can handle the massive volumes of data generated by AI and ML applications.

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Sakshi Bajaal

Business Consultant
Press Release

BFSI Sector is Expected to Dominate the Global AI Powered Storage Market

Feb, 2024

One of the key drivers of Al-powered storage market is the growth in adoption of cloud-based applications & services.