The global software-defined storage market size is expected to grow by USD 42.79 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced the latest market research report titled Global Software-Defined Storage Market 2020-2024 (Graphic: Business Wire)
The adoption of cloud solutions has increased significantly, owing to their benefits including a reduction in costs, enhanced scalability, and higher efficiency. This increases the demand for software-defined storage as it simplifies storage management, and addresses data management challenges in cloud computing. Thus, the increasing adoption of cloud solutions will fuel the growth of the software-defined storage market during the forecast period.
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As per Technavio, the rise of hyper-converged technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Software-Defined Storage Market: Rise of Hyper-Converged Technology
The adoption of hyper-converged technology is increasing significantly as it helps enterprises avoid dependency on multiple storage, compute, and networking systems as all three systems can be run in a virtualized environment to enhance resource utilization. Furthermore, it reduces power consumption and optimizes space, resulting in increased speed, and efficiency of data centers. Software-defined storage is available via multiple options, such as hyper-converged infrastructure software, hypervisor, scale-out storage, containers, and distributed file systems. Thus, the rise of hyper-converged technology is expected to be one of the key trends that will fuel the growth of the software-defined storage market during the forecast period.
“Factors such as the growing number of collaborations and acquisitions, and the rise in digital transformation will have a significant impact on the growth of the software-defined storage market value during the forecast period,” says a senior analyst at Technavio.
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Software-Defined Storage Market: Segmentation Analysis
This market research report segments the software-defined storage market by end-user (BFSI, telecom and IT, government, healthcare, and others) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the software-defined storage market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing demand for data center connectivity network from enterprises, the imminent launch of 5G, and the adoption of advanced technologies.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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