Software Defined Storage Market 2024-2033: Global Outlook, Industry Share, Latest Trends And Major Players

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 growth in the historic period can be attributed to rapidly growing volume of data across enterprises, amorphous data quantities are rapidly increasing, growing adoption of technology to boost market growth, demand for data management, 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 growth in the forecast period can be attributed to increased demand for industrial mobility for remotely managing the process industry, data growth, cost efficiency, agility and flexibility, data mobility. Major trends in the forecast period include software storage solutions, hybrid cloud adoption, containerization, edge computing, open source SDS.

Market Overview -
Software defined storage (SDS) is a storage management approach that separates storage software from hardware, allowing for more flexible and scalable data storage solutions. SDS enables the dynamic allocation of storage resources and simplifies data management across diverse storage infrastructures.

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Growth In Data Volume Fuels Growth In The Software Defined Storage Market
The rapidly growing volume of data is expected to propel the growth of the software defined storage market going forward. The volume of data refers to the amount or quantity of data that is generated, collected, processed, or stored within a given system or context. The rapidly growing volume of data is primarily driven by the increasing digitization of various aspects of life, including business transactions and social interactions, leading to a continuous generation of digital information. Software-defined storage efficiently manages and virtualizes extensive data volumes, enhancing scalability and adaptability for modern storage environments. Organizations can use SDS to extend storage on-demand to meet growing data volumes and performance requirements while lowering upfront hardware costs, maintenance expenses, and administration complexity compared to traditional storage systems. For instance, in December 2022, according to the Linux Foundation, a US-based non-profit consortium, an end-user organization with a storage capacity of up to 20 petabytes witnessed an annual data growth of 566 terabytes (TB) in 2021, escalating to 1,746 TB in 2022. Similarly, annual data growth for organizations with a storage capacity of up to 25 petabytes reached a significant 2,208 terabytes (TB) in 2022, three times more than in 2021 (700 TB). Therefore, the rapidly growing volume of data will drive the growth of the software defined storage market.

Competitive Landscape -
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.

Innovative On-Premise Storage Solutions In The Software-Defined Storage Market
Major companies operating in the software defined storage market are developing innovative technology, such as on-premise storage solutions, to gain a competitive edge. On-premise storage solutions refer to data storage systems and infrastructure that are physically located within an organization's premises, providing direct control and management over data storage without relying on external cloud services. On-premise storage solutions serve 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, launched Cloud Native Obsidian (CNO), an on-premise storage solution designed to provide enterprises with a cost-effective alternative to public cloud storage platforms. CNO uses cloud-native technology and an object-and-file storage architecture, giving businesses full control over their data storage. The Cloud Native Obsidian (CNO) framework streamlines storage management, provides local storage capacity with lower latency performance, and eliminates traditional RAID (Redundant Array of Independent Disks) hardware limits by enabling the addition of qualified storage nodes to CNO clusters. It helps address challenges like unpredictable fees, performance issues, and the need for more control over data.

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Key Segments -
The software defined storage market covered in this report is segmented -
1) By Component: Management And Monitoring Tools, Networking Infrastructure, Software Controllers, Storage Devices
2) By Size Of Enterprise: Small And Medium Enterprise, Large Enterprise
3) By Usage: Data Backup And Disaster Recovery, Surveillance, Storage Provisioning, Other Usage
4) By End-User Industries: Banking, Financial Services And Insurance, Telecommunication And Information Technology (IT), Government, Other End-User Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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