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The software-defined storage market's growth momentum will accelerate at a CAGR of 24.69% and the market share will increase by USD 44.01 billion from 2021 to 2026.
This software-defined storage market research report extensively covers software-defined storage market segmentation by:
The software-defined storage market vendors are - Avaya Holdings Corp., Broadcom Inc., Cisco Systems Inc., Citrix Systems Inc., DataCore Software Corp., DataDirect Networks Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Vantara LLC, Huawei technologies Co. Ltd., International Business Machines Corp., Lenovo Group Ltd., Microsoft Corp., NetApp Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Telefonaktiebolaget LM Ericsson, and VMware Inc. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The surge in cloud adoption is notably driving the software-defined storage market growth, although factors such as the high costs associated with software-defined storage may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the software-defined storage industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Software-Defined Storage Market Driver
One of the key factors driving growth in the software-defined storage market is the surge in cloud adoption. Cloud computing is the practice of sharing a network of remote servers that are hosted on the Internet to store, process, share, and manage data rather than on a local server or a personal computer. With the deployment of cloud services, organizations can save more than 35% of their annual operating costs. The other factor includes all the functional capabilities which boost the business performances of the organizations. In addition to this, the upsurge in demand for cloud services due to the COVID-19 pandemic boosted the growth of the market. The growth of the global software-defined storage market is primarily driven by the increasing adoption of cloud solutions by enterprises. Vendors in the cloud market are increasing their investments in the construction of cloud data centers to meet the growing demand from enterprises. Thus, the rising adoption of cloud-based services in different organizations will help in the growth of the global software-defined storage market in the upcoming years.
Key Software-Defined Storage Market Trend
The rise of hyper-converged technology is a software-defined storage market trend that is expected to have a positive impact in the coming years. Hyperconverged infrastructure (HCI) is a software-defined, unified system that combines all the elements of a traditional data center: storage, computing, networking, and management. It avoids enterprises dependence on multiple storages, computing, and networking systems as all three components can be run in a virtualized environment to enhance resource utilization. Hyper-converged infrastructure is ideal for small and medium-sized enterprises as computing, storage, and networks can be managed centrally. The technology helps in the reduction of capital expenditure by using a scale-up/scale-out architecture that requires only industry-standard x86 servers, not expensive, purpose-built networking. The rising demand for hyper-converged infrastructure is expected to contribute to the growth of the global software-defined storage market during the forecast period.
Key Software-Defined Storage Market Challenge
The high costs associated with software-defined storage will be a major challenge for the software-defined storage market during the forecast period. Datacenter consolidation enables enterprises to reduce CAPEX and operational expenditure by consolidating multiple components of the data center using technologies such as virtualization, containerization, and hyper-converged infrastructure. Storage consolidation is one of the key challenges for enterprises, which need to purchase multiple software-defined storage solutions depending on their requirements. Some vendors demand upfront licensing fees based on storage capacity requirements. In cases where software-defined storage solutions fail to completely utilize the existing storage infrastructure, enterprises may end up incurring significant losses. Therefore, vendors and buyers in the global software-defined storage market are actively working on addressing these growing concerns through innovations and collaborations. With the growing applications of advanced technologies such as AI and IoT, huge volumes of structured and unstructured data will pose data storage and management challenges to enterprises.
This software-defined storage market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global software-defined storage market as a part of the global information technology (IT) spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the software-defined storage market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the software-defined storage market encompasses successful business strategies deployed by the key vendors. The software-defined storage market is fragmented and the vendors are deploying growth strategies such as focusing on expanding their customer bases across other geographical locations to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The software-defined storage market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the software-defined storage market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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38% of the market's growth will originate from North America during the forecast period. The US is he key market for software-defined storage in North America. Market growth in this region will be faster than the growth of the market in other regions.
The increasing demand for data center connectivity networks from enterprises will facilitate the software-defined storage market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 has had a drastic impact on the global economy, including North America. It has led to the shutdown of several companies and industries as the disease is spreading through community transfer as well as causing deaths. However, the software-defined storage market will witness positive growth during the forecast period in the region because of the rise in the adoption of software storage data centers by IT companies
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The software-defined storage market share growth by the BFSI segment will be significant during the forecast period. The global software-defined storage market is driven by the increasing demand for storage services from enterprises in the BFSI sector. Datacenter and cloud solution providers are heavily investing in data centers, owing to various factors such as the growing number of customers, high bandwidth requirements, cost advantages, and the demand for low latency.
This report provides an accurate prediction of the contribution of all the segments to the growth of the software-defined storage market size and actionable market insights on post COVID-19 impact on each segment.
Software-defined Data Center (SDDC) market - The market share is expected to increase by USD 84.59 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 24.31%.
Software-defined Compute market - The market share is expected to increase to USD 8.43 billion by 2026, and the market's growth momentum will accelerate at a CAGR of 13.36%.
Software-defined Networking (SDN) market - The market share is expected to increase by USD 25.97 billion from 2020 to 2025, at a CAGR of 25.18%.
Software-defined Perimeter (SDP) market - The market share is expected to increase by USD 14.65 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 36.37%.
Software-defined Wide Area Network (SD-WAN) market - The market share is expected to increase by USD 9.99 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 30.07%.
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Software-Defined Storage Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 24.69% |
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Market growth 2022-2026 |
$ 44.01 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
23.47 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key consumer countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Avaya Holdings Corp., Broadcom Inc., Cisco Systems Inc., Citrix Systems Inc., DataCore Software Corp., DataDirect Networks Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Vantara LLC, Huawei technologies Co. Ltd., International Business Machines Corp., Lenovo Group Ltd., Microsoft Corp., NetApp Inc., Nutanix Inc., Oracle Corp., Pure Storage Inc., Telefonaktiebolaget LM Ericsson, and VMware Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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