PUBLISHER: The Business Research Company | PRODUCT CODE: 1465907
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465907
Software Defined Storage (SDS) is an approach to storage management that separates storage software from hardware, providing more adaptable and scalable data storage solutions. SDS facilitates the dynamic allocation of storage resources and streamlines data management across diverse storage infrastructures.
The primary components of software-defined storage include management and monitoring tools, networking infrastructure, software controllers, and storage devices. Management and monitoring tools are specifically designed to oversee and regulate the performance, health, and utilization of various network and computing resources. These tools find application in enterprises of varying sizes, including small and medium enterprises (SMEs) and large enterprises, serving diverse purposes such as data backup and disaster recovery, surveillance, storage provisioning, and others. End-user industries benefiting from SDS include banking, financial services and insurance (BFSI), telecommunications and information technology (IT), government, and others.
The software defined storage market research report is one of a series of new reports from The Business Research Company that provides software defined storage market statistics, including software defined storage industry global market size, regional shares, competitors with a software defined storage market share, detailed software defined storage market segments, market trends and opportunities, and any further data you may need to thrive in the software defined storage industry. This software defined storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The software defined storage market size has grown exponentially in recent years. It will grow from $22.05 billion in 2023 to $27.89 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. The expansion witnessed during the historical period can be attributed to the rapidly growing volume of data across enterprises, the swift increase in amorphous data quantities, the growing adoption of technology to enhance market growth, and the escalating demand for data management and cloud integration.
The software defined storage market size is expected to see exponential growth in the next few years. It will grow to $70.55 billion in 2028 at a compound annual growth rate (CAGR) of 26.1%. The anticipated growth in the forecast period can be attributed to an increased demand for industrial mobility, facilitating the remote management of the process industry, along with factors such as data growth, cost efficiency, agility, flexibility, and data mobility. Key trends expected in the forecast period encompass the adoption of software storage solutions, the prevalence of hybrid cloud solutions, containerization, the rise of edge computing, and the prominence of open-source Software Defined Storage (SDS).
The software-defined storage market is poised for significant growth due to the exponential increase in data volume. This surge in data volume refers to the quantity of data generated, collected, processed, or stored within a specific system or context. The escalating data volume is primarily fueled by the widespread digitization of various aspects of life, including business transactions and social interactions, leading to a continuous stream of digital information. Software-defined storage efficiently manages and virtualizes extensive data volumes, enhancing scalability and adaptability for modern storage environments. Organizations leverage SDS to dynamically expand storage capacity to meet escalating data volumes and performance demands while reducing upfront hardware costs, maintenance expenses, and administrative complexities compared to traditional storage systems. For example, in December 2022, as reported by the Linux Foundation, an end-user organization with a storage capacity of up to 20 petabytes experienced an annual data growth of 566 terabytes (TB) in 2021, which surged to 1,746 TB in 2022. Similarly, the annual data growth for organizations with a storage capacity of up to 25 petabytes reached a substantial 2,208 terabytes (TB) in 2022, tripling from 2021's 700 TB. Thus, the rapid expansion of data volume is expected to be a key driver of the software-defined storage market.
Major players in the software-defined storage market are leveraging innovative technologies, such as on-premise storage solutions, to gain a competitive advantage. On-premise storage solutions entail data storage systems and infrastructure physically located within an organization's premises, providing direct control and management over data storage without reliance on external cloud services. These solutions function as software-defined storage, offering flexible and scalable data management within localized infrastructure. For instance, in April 2022, Viking Enterprise Solutions, a US-based provider of advanced data center products, introduced Cloud Native Obsidian (CNO), an on-premise storage solution offering enterprises a cost-effective alternative to public cloud storage platforms. CNO utilizes cloud-native technology and an object-and-file storage architecture, granting businesses full control over their data storage. The CNO framework streamlines storage management, delivers local storage capacity with lower latency performance, and eliminates traditional RAID (Redundant Array of Independent Disks) hardware limitations by enabling the addition of qualified storage nodes to CNO clusters. It addresses challenges such as unpredictable fees, performance issues, and the need for greater data control.
In November 2021, DataCore Software, a US-based software company, acquired MayaData Inc. for an undisclosed sum. This acquisition is anticipated to bolster DataCore Software's position in the storage solutions market and enhance its capabilities to meet the evolving needs of enterprises adopting container technology. MayaData Inc., a US-based software company, specializes in software-defined storage solutions.
Major companies operating in the software defined storage market are Microsoft Corporation, Dell Inc., Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Fujitsu Limited, Hewlett Packard Enterprise, NVIDIA Corporation, Western Digital Corporation, Seagate Technology PLC, NetApp Inc., Juniper Networks Inc., OpenText Corporation, Citrix Systems Inc., Hitachi Vantara Corp., Pure Storage Inc., Nutanix Inc., Inspur Systems Inc., Redapt Inc., Infinidat Limited, Actifio Inc., Nexenta Systems Inc., Maxta Inc., FalconStor Software Inc., Scality Inc., Promise Technology Inc.
North America was the largest region in the software defined storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the software defined storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the software defined storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The software defined storage market includes revenues earned by entities by providing services such as storage virtualization, data replication, data tiering, application programming interface (API) integration, and automation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Software Defined Storage Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on software defined storage market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for software defined storage ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The software defined storage market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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