AI-powered Storage Market Size can Reach USD 25.05 Billion

NEW YORK, USA, January 18, 2022 (GLOBE NEWSWIRE) – Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “AI-powered storage market Information by presentations, by storage system, by End Use and Area – Outlook to 2027“The market size is US$25.05 billion, with a compound annual growth rate of 25.05% by 2025.

Market Scope:
AI-powered storage solutions are being integrated by large enterprises in order to gain insights from the cloud. Shifting to application-centric approaches as well as relying on next-generation technologies can increase demand. Global AI-Powered Storage Market Report by Market Research Future (MRFR) contains drivers, opportunities, trends, and hurdles that industry leaders must face during the forecast period (2020-2027). The COVID-19 pandemic and its impact on the industry are explained in the report.

The major players that dominate in AI-assisted storage market are:

  • Dell Technologies
  • Intel Corporation
  • pure storage
  • Hitachi
  • Western Digital
  • Lenovo
  • Advanced Micro Devices
  • IBM
  • Cisco
  • micron technology
  • HP . Company
  • Samsung Electronics
  • net app
  • NVIDIA Corporation
  • Toshiba

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Market Drivers
Developed and developing countries’ targets to increase food production by 70% by 2050 could drive market demand significantly. Providing subsidies to farmers and loan schemes to adapt modern methods could bode well for the market. Farm mechanization, which refers to the use of modern vehicles to irrigate and harvest crops, could be in the market’s favor. This can increase production while keeping labor costs low. Government efforts to bring farmers into the industrial fold by ensuring timely assistance with regard to fertilizers, crop seeds and appropriate prices for their crops can greatly affect the farmers. This is exemplified by the release of funds to states by the Central Government of India through its Agricultural Mechanization Scheme sub-mission to establish agricultural machinery banks, machinery distribution centers and dedicated employment centres.

Lack of arable land, need for fresh water and climate change present challenges for the market.

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Market segmentation covered by the research:
By offerings, the market has been segmented into hardware and software. The hardware sector is divided into HDD, SSD, CPU and GPU. The hardware segment dominated the market in 2018. It is also expected to register the highest compound annual growth rate (CAGR) during the forecast period.

By storage system, the market has been segmented into direct attached storage systems, network attached storage systems, and network storage area. The Storage Area Network segment is expected to account for the largest market share. However, the Network Attached Storage Systems segment is expected to register the highest compound annual growth rate (CAGR) during the forecast period. In 2019, Synology – a Taiwanese provider of Network Attached Storage Systems (NAS) – expanded its geographic presence with the launch of four new NAS products.

By storage structure, the market has been segmented into mass storage, file storage, and object storage. The file storage segment is expected to account for the largest market share. However, the mass storage segment is expected to register the highest compound annual growth rate (CAGR) during the forecast period.

By storage medium, the market has been segmented into hard disk drive and solid state drive. The hard disk drive segment is expected to capture the largest market share. In 2018, Western Digital launched a new line of hard drives – purple – for upcoming DVRs and NVRs featuring artificial intelligence (AI) capabilities. The affordability of these storage devices is the main reason for their widespread adoption. The solid-state drive sector has been further divided into full-flash arrays and hybrid flash arrays.

By end use, the market has been segmented into retail, BFSI, media and entertainment, manufacturing, healthcare, telecommunications, and others. The BFSI segment is expected to hold the largest market share. However, the telecom segment is expected to register a significant compound annual growth rate (CAGR) during the forecast period. AI technology is widely adopted by telecommunications companies to enhance customer experience and improve network reliability.

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Regional Analysis
APAC is described as leading the global market due to the increased demand for food by the large populations residing in China and India along with the need for sustainable practices. Government support to enable modern equipment for resident farmers and increase grain exports from the region can boost market demand. Indonesia also supported domestic production of agricultural equipment with the government allocating a fund to increase yields and investment in rice science. The huge demand for tractors and investments to reduce harvest losses can drive the market.

North America ranked second in the AI-assisted storage market due to the huge demand for tractors. Used farm equipment is another specialized part that is spreading in the region due to the emphasis on these products offered by pre-certified programs. Additionally, leasing equipment to farmers in Canada and the United States may boost market returns.

Impact of COVID-19 on the global AI-powered storage market
The COVID-19 outbreak has affected the supply chain for agricultural equipment which has to some extent thwarted plans to purchase additional arable land for cultivation. The companies’ focus on producing crops locally and selling them to farm outlets is expected to drive market demand significantly. New farm laws that enable companies to associate with large farmers for stock of viable crops in relation to customer demand may be market-appropriate. This is evidenced by the establishment of centers housing fresh agricultural products.

Competitive scene
New product launches and initiatives taken by equipment manufacturers to create public awareness and sell their products are key strategies for market players. Partnerships and collaborations to improve existing technologies can also be observed during the forecast period.

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Industry news
Huawei Corporation has integrated AI-powered storage for its FusionSolar All-ario Smart PV & Storage solution. Artificial intelligence can prevent fire hazards and detect overheating of solar panels in grids.

Industry trends
The introduction of smart equipment capable of providing accurate measures of soil quality and other parameters vital to a good harvest could disrupt the AI-assisted storage market. This is evidenced by Caterpillar’s launch of skid steer loaders with mounting space for other equipment for multi-tasking purposes. The tools in the equipment can learn about new equipment and set the controls accordingly.

Farm monitoring platforms have gained prominence with the development of the Internet of Things and the use of data to improve farming practices. Recently, FarmMicro launched its farm monitoring monitoring system, SmartFarm, to allow farmers to have comprehensive control over their equipment. Examples of applications include livestock monitoring and control of irrigation gates, rain gauges, and farm gates. The company even partnered with John Deere to provide real-time data to demonstrate insights into operations.

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