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DUBLIN, Dec. 17, 2019 /PRNewswire/ -- The "AI-Powered Storage Market by Offering (Hardware, Software), Storage System (DAS, NAS, SAN), Storage Architecture (File & Object-Based Storage), Storage Medium, End User, and Region (North America, Europe, APAC, RoW) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global AI-powered storage market is expected to grow from USD 10.4 billion in 2019 to USD 34.5 billion by 2024; growing at a CAGR of 27.1%.

Massive growth in data volumes need for global enterprise infrastructure to refresh their storage architecture, increasing adoption of cloud-based services, and growing demand for AI in HPC data centers have created a demand for AI-powered storage solutions. Limited AI hardware experts and the lack of data security in cloud and server-based services can be a few restraints for the AI-powered storage market.

There are a lot of opportunities for the AI-powered storage market including the growing number of cross-industry partnerships and collaborations and the availability and rapid development of useful data analysis tools. The unreliability of AI algorithms and concerns regarding data privacy are the challenges for the AI-powered storage market.

Intel Corporation (US), NVIDIA Corporation (US), IBM (US), Samsung Electronics (South Korea), Pure Storage (US), NetApp (US), Micron Technology (US), CISCO (US), Toshiba (Japan), Hitachi (Japan), Lenovo (China), Dell Technologies (US), and HPE (US) are a few major players in the AI-powered storage market.

AI-powered storage market for Network-attached Storage (NAS) is expected to grow at highest CAGR during the forecast period

The demand for evolved NAS systems is increasing in order to cope with the growth of unstructured data. NAS is a dedicated storage device with multiple racks of storage media and is set up onto a dedicated network for storing the data. Scale-out is an improved technique in NAS devices, enabling capacity expansion based on end-users' requirements. This is achieved with the help of clustered nodes; as a result, there is a reduction in the upgrading cost. Small businesses and medium-sized enterprises are gradually adapting cloud-based NAS storage solutions owing to their features such as the ease of use, automated data backup, simple server setup procedure, and good collaboration.

Healthcare market for enterprises is expected to grow at the highest CAGR during the forecast period

AI in the healthcare ecosystem allows for a multitude of benefits, including automating tasks and analyzing patient data sets to deliver faster healthcare at a lower cost. Healthcare organizations have started improving the storage and management of their data for analytics and AI purposes. New healthcare offerings such as collaborative solutions through mobile devices, video conferencing, and built-in applications lead to the need for the adoption of AI-powered storage systems. The demand for AI-powered storage systems is driven by regulatory mandates for the use of electronic health records, increasing focus on precision medicine, and a strong presence of service providers engaged in developing AI solutions for healthcare.

AI-powered storage market in North America is projected to hold the largest share and market in APAC is expected to grow at the highest CAGR during the forecast period

This market in North America is further divided into the US, Canada, and Mexico. There is a growing trend of cloud computing, which has increased the economic impact of data center investments made by leading service providers such as Amazon (US), Google (US), and Microsoft (US). Enterprises in North America are increasing their spending on storage infrastructure for AI workloads to gain competitive advantage and increase their business productivity. The presence of other prominent AI technology providers including IBM, NVIDIA, and Intel, is boosting the growth of the AI-powered storage market in this region.

This market in APAC is further divided into China, Japan, India, South Korea and the Rest of APAC. The Rest of APAC primarily includes Australia, New Zealand, Vietnam, and Indonesia. Countries in this region are heavily reliant on manufacturing and can implement automated supply chain optimization, which will generate faster outputs. All these activities will help to generate greater economic output for the countries. Automated transportation can play an important role to boost this market as the elevated levels of congestion can be alleviated through fleet-wide traffic flow control.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights 4.1 Attractive Opportunities in AI-Powered Storage Market4.2 AI-Powered Storage Market, By Offering4.3 Market, By End User4.4 Market, By Storage System4.5 Market, By Region

5 Market Overview 5.1 Introduction5.2 Market Dynamics5.2.1 Drivers5.2.1.1 Massive Growth in Data Volumes5.2.1.2 Need for Global Enterprise Infrastructure to Refresh Their Storage Architecture5.2.1.3 Increasing Adoption of Cloud-Based Services5.2.1.4 Growing Demand for AI in HPC Data Centers5.2.2 Restraints5.2.2.1 Limited Expertise in AI Hardware5.2.2.2 Lack of Data Security in Cloud- and Server-Based Services5.2.3 Opportunities5.2.3.1 Growing Number of Cross-Industry Partnerships and Collaborations5.2.3.2 Availability and Rapid Development of Useful Data Analysis Tools5.2.4 Challenges5.2.4.1 Unreliability of AI Algorithms5.2.4.2 Concerns Regarding Data Privacy

6 AI-Powered Storage Market, By Offering 6.1 Introduction6.2 Hardware6.2.1 Storage Medium6.2.1.1 SSD6.2.1.2 HDD6.2.2 Other Hardware6.2.2.1 CPU6.2.2.2 GPU6.3 Software

7 AI-Powered Storage Market, By Storage System 7.1 Introduction7.2 Direct-Attached Storage Systems7.2.1 Existing Storage Architecture Can Be Easily Accessed Using DAS Systems7.3 Network-Attached Storage Systems7.3.1 Multiple Client Access Feature Increases Demand for Nas Storage Systems7.4 Storage Area Network7.4.1 San Storage Systems Provide Multinent Environment Through Storage Virtualization

8 AI-Powered Storage Market, By Storage Architecture 8.1 Introduction8.2 File- and Object-Based Storage8.2.1 File Storage8.2.1.1 File Storage Architecture Provides Benefits Including Uniformity While Storing Data and While Retrieving It8.2.2 Object Storage8.2.2.1 Object-Based Storage Can Be Retrieved Exactly in Same Way Irrespective of Their Location8.3 Block Storage8.3.1 Block Storage Architecture is Used to Store Files for Special Applications Such as Virtual Machine File Systems

9 AI-Powered Storage Market, By Storage Medium 9.1 Introduction9.2 Hard Disk Drive9.2.1 Lower Cost of HDD is Major Reason for Its High Adoption9.3 Solid State Drive9.3.1 All-Flash Arrays9.3.1.1 Low Maintenance and Faster Response are Key Features of All-Flash Arrays9.3.2 Hybrid Flash Arrays9.3.2.1 Balanced Cost and Good Performance are Main Reasons for High Adoption of Hybrid Flash Arrays

10 AI-Powered Storage Market, By End User 10.1 Introduction10.2 Enterprises10.2.1 BFSI10.2.1.1 BFSI Sector is Adopting AI Technology to Cut Short Tedious Tasks Including Loan Application Approvals10.2.2 Healthcare10.2.2.1 Healthcare Sector is Adopting This Technology to Automate Tasks and Analyse Patient Data Sets for Faster Delivery10.2.3 Media and Entertainment10.2.3.1 This Sector is Adopting AI-Powered Storage Systems for Storing, Managing, and Distributing Huge Data Collections10.2.4 Retail10.2.4.1 Retail Companies are Bridging Gap Between Virtual and Physical Sale Channels Through AI Technology10.2.5 Consumer Goods10.2.5.1 Consumer Goods Sector Adopts AI Technology Owing to Development in Smart Retailing10.2.6 Manufacturing10.2.6.1 This Sector Uses AI Technology to Optimize Manufacturing Supply Chains and Anticipate Market Changes10.2.7 Other Enterprises10.2.7.1 Aerospace and Defense10.2.7.2 Business and Consulting10.2.7.3 Education and Research10.2.7.4 Energy10.3 Government Bodies10.3.1 Government Bodies Use This Technology for Public Policy Objectives Including Health and Welfare and Emergency Services10.4 Cloud Service Providers10.4.1 Cloud Service Providers Use AI-Powered Storage for Data Management and Analysis10.5 Telecom Companies10.5.1 Telecom Companies Use AI Technology to Enhance Customer Experience and Improve Network Reliability

11 AI-Powered Storage Market, By Region 11.1 Introduction11.2 North America11.3 Europe11.4 APAC11.5 RoW

12 Competitive Landscape 12.1 Overview12.2 Market Ranking Analysis12.3 Competitive Leadership Mapping, 201812.3.1 Visionary Leaders12.3.2 Dynamic Differentiators12.3.3 Innovators12.3.4 Emerging Companies12.4 Competitive Scenario12.4.1 Product Launches and Developments12.4.2 Partnerships, Contracts, Acquisitions, and Agreements

13 Company Profiles 13.1 Key Players13.1.1 Dell Technologies13.1.2 Hewlett Packard Enterprise (HPE) Company13.1.3 IBM13.1.4 NVIDIA Corporation13.1.5 Pure Storage13.1.6 Intel Corporation13.1.7 Netapp13.1.8 Samsung Electronics13.1.9 Micron Technology13.1.10 Cisco13.1.11 Advanced Micro Devices (AMD)13.1.12 Toshiba13.1.13 Hitachi13.1.14 Lenovo13.2 Right-To-Win13.3 Other Key Players13.3.1 Datadirect Network13.3.2 Seagate Technology PLC13.3.3 Flextronics International13.3.4 Western Digital13.3.5 Fujitsu13.3.6 Tintri

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Originally posted here:
Global AI-Powered Storage Market Forecasts to 2024: A $34.5 Billion Opportunity, Driven by Massive Growth in Data Volumes & Increasing Adoption of...