Software Defined Storage (SDS) Market Size,Share,Growth,Competition,Trends,Growth Opportunities and Forecast (2024-2031)

The exponential growth of data, driven by trends like IoT, big data and digital transformation, has created a demand for flexible and scalable storage solutions. SDS allows organizations to efficiently manage and scale their storage infrastructure to accommodate growing data volumes. SDS is frequently less expensive than traditional storage systems. With the advent of the digital economy, data has become an increasingly important component of the banking industry. Software-defined infrastructure and storage choices enable multinational banks to swiftly access, analyse and share on-premises data in the cloud, from front to back office operations. Approximately 85% of deposits at Bank of America are made via banking apps, ATMs and automated processes. Over 70 percent of Bank of America clients, comprising 72% of consumer and small business clients, will be actively utilising digital channels for all of their needs by the beginning of July 2021.

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The exponential growth of data generated by individuals and organizations necessitates more advanced storage solutions. SDS offers scalability to accommodate these increasing data volumes.The widespread adoption of virtualization technologies and cloud computing has driven the need for flexible and scalable storage solutions, which SDS provides and these factors boosts the market.For instance, on 19 September 2023, Seagate Technology introduced its Exos Corvault 5U84 mass storage system, targeting media and entertainment (M&E) organizations and this solution aims to help reduce carbon emissions and operating costs by extending the service life of drives. It can reduce the overall power consumption of CPU, RAM and networking resources in software-defined data center architecture by up to 50%.

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Segment Analysis

Software solutions are expected to cover about 1/3rd of the global software defined storage market during the forecast period 2023-2030. SDS solutions offer scalability that can easily adapt to changing storage requirements. Organizations can add or remove storage capacity without significant disruptions, making it suitable for businesses of all sizes. SDS often utilizes commodity hardware and allows organizations to make the most of their existing infrastructure and this reduces the need for expensive, proprietary storage solutions.For instance, on 22 August 2023, Tintri introduced a software-only version of its VMstore product, allowing customers more flexibility in storage solutions. The VMstore software, now called Tintri Cloud Engine (TCE), is decoupled from Tintri's hardware, making it available for use independently. Additionally, Tintri offers VMstore through a managed infrastructure service called Tintri Cloud Platform (TCP).

Competitive Landscape

The major global players in the market include IBM Corporation, NetApp Inc., Dell Technologies Inc., Citrix Systems, Inc., Fujitsu Limited, Seagate Technology PLC, International Business Machines Corporation, Hewlett Packard Enterprise Co, Redapt and Scality.

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