The firm’s analysts think a steady rise in data volumes drives organisations to refresh their storage architecture.
Apparently, 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.
The report claims this will present numerous opportunities for the market, along with several challenges.
The report said: “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.”
However, 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 during the next five years.
The growing trend of cloud computing has increased the economic impact of data centre investments made by leading service providers such as Amazon, Google and Microsoft.
The report found that 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.”
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 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 adapting these NAS solutions, favouring their ease-of-use, automated data backup, simple server setup procedure and good collaboration, the report said.
ResearchAndMarket said the healthcare market for enterprises is expected to grow at the highest CAGR during the period. AI helps drive faster healthcare at a lower cost through task and analysis automation.