AI-Powered Storage Market Worth $34.5 Billion by 2024

CHICAGO, Dec. 9, 2019 /PRNewswire/ —  According to the new market research report 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″, published by MarketsandMarkets™, the 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%. Major factors driving the AI-powered storage market growth are the massive growth in data volumes, the 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.

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In Terms of Offering, AI-Powered Storage Market for Hardware is Expected to Hold Largest Market Size in 2024

The market for the hardware segment has been further segmented into storage medium and other hardware. Storage medium include solid-state drive (SSD) and hard disk drive (HDD). Other hardware includes processors, including CPU and GPU. NVIDIA (US), Intel (US), Micron (US), and Samsung (South Korea) are a few of the companies that develop hardware needed for AI applications. The segment is expected to continue to lead the AI-powered storage market, in terms of size, in the coming years owing to the rising demand for hardware devices with high computing power to run various AI algorithms/solutions.

Market for File- and Object-Based Storage (Fobs) Holds Largest Size and is Expected to Grow at Highest Cagrduring Forecast Period

File-based architecture stores information in a hierarchical structure. This storage shows uniformity while storing the data as well as retrieving it in the form of files and folders. File storage manages the layout, structure of files, and directories— cataloging structure, which…

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