The global AI-powered storage market has been tipped to grow by 27.1% by 2024, as a steady rise in data volumes drives organisations to refresh their storage architecture.
According to a new report by ResearchAndMarket.com, the market will expand from 10.4 billion in 2019 to 34.5 billion in five years' time, thanks to the resulting increase in adoption of cloud-based services, as well as AI in HPC data centres.
This will present numerous opportunities for the market, the research firm says – although there will also be several challenges to overcome along the way.
"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 research firm said in a release. "The unreliability of AI algorithms and concerns regarding data privacy are the challenges for the AI-powered storage market."
North America is projected to hold the largest market share, while the APAC region is forecast to grow at the highest compound annual growth rate (CAGR) over the coming five years.
The growing trend of cloud computing has also increased the economic impact of data centre investments made by leading service providers such as Amazon, Google and Microsoft, according to the report.
"Enterprises in North America are increasing their spending on storage infrastructure for AI workloads to gain competitive advantage and increase their business productivity," the firm explained. "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."
In APAC, countries reliant on manufacturing can implement automated supply chain optimisation, which will generate faster outputs and, as a result, help to generate greater economic output.
The report also found that the market for Network-attached storage (NAS) is expected to expand at the highest CAGR during the period as demand for the systems increases to cope with the growth of unstructured data.
A reduction in upgrading cost means small and medium-sized enterprises are gradually adapting these NAS solutions, favouring their ease-of-use, automated data backup, simple server setup procedure and good collaboration.
The healthcare market for enterprises is also expected to grow at the highest CAGR during the period, ResearchAndMarket revealed, as AI helps drive faster healthcare at a lower cost through task and analysis automation.
