The rising application of AI across various industries globally and other major driving factors is expected to favour the rise in the global AI-powered storage market
Reports & Insights has published a new report titled, “AI-Powered Storage Market: Opportunity Analysis and Future Assessment 2020-2028”
Global AI-Powered Storage Market, By Offering (Hardware, Software), 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 (Enterprises, Government Bodies, Cloud Service Providers, Telecom Companies) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global AI-powered storage market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
When it comes to present day’s requirements for advanced technologies and innovations, Artificial Intelligence (AI) is becoming prominent at a lightning speed. McKinsey, in a recent survey, revealed that more or less half of the industries in the present day are using AI in certain capacity and the immense majority estimate their investments in AI to escalate in the following years. AI-powered storage can be understood as a smart storage system that employs AI technology to persistently ascertain and adapt to its hybrid cloud environment for improving managing and serving data.
AI-enabled storage is majorly implemented as a virtual contrivance or as a cloud service or hardware on premises. Optimizing data through its life span and driving data where it is required is feasible with the employment of AI powered storage. Thus, the AI-powered storage market is projected to rise substantially in the forthcoming years.
In addition to that, it also offers data protection and encryption to eradicate potential security threats, which increases its application across industries like BFSI, Telecom, Entertainment, Government, and Cloud Service providers. Owing to which, AI-powered storage is further expected to witness significant growth in the near future.
However, factors such as rising concerns associated with data confidentiality in server and cloud-based services as well as lack of technically proficient workforce in AI hardware are some of the significant hindering factors that are likely to hold back the growth of the market over the forecast period.
Reports & Insights Study identifies some of the key participating players in the AI-powered storage market globally are Intel Corporation, NVIDIA Corporation, IBM, Samsung Electronics, Pure Storage, NetApp, Micron Technology, CISCO, Toshiba, Lenovo, Dell Technologies, and HPE, among others.
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