Software Defined Storage Market: Uncovering Share Trends and Growth Forecast for 2033

The Business Research Company recently released a comprehensive report on the Global Software Defined Storage Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

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.

Software Defined Storage Market 2024 Key Insights:

• The software defined storage market size is expected to grow to $70.55 billion in 2028 at a compound annual growth rate (CAGR) of 26.1%.
•  Growth In Data Volume Fuels Growth In The Software Defined Storage Market
• Innovative On-Premise Storage Solutions In The Software-Defined Storage Market
• North America was the largest region in the software defined storage market in 2023

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