Software-Defined Storage Market by End-user and Geography - Forecast and Analysis 2020-2024
- Published: Apr 2020
- Pages: 120
- SKU: IRTNTR43505
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The software-defined storage market size has the potential to grow by USD 42.79 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (BFSI, telecom and IT, government, healthcare, and others) and geography (North America, APAC, Europe, South America, and MEA). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including Broadcom Inc., Cisco Systems Inc., Citrix Systems Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., NetApp Inc., and Oracle Corp.
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Market Competitive Analysis
The market is fragmented. The key vendors in the market are focusing on product development to expand their geographical reach and increase their market shares. Broadcom Inc., Cisco Systems Inc., and Citrix Systems Inc. are some of the major market participants. Although the surge in cloud adoption will offer immense growth opportunities, implementation challenges will restrict the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this software-defined storage market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this software-defined storage market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Broadcom Inc.
- Cisco Systems, Inc.
- Citrix Systems Inc.
- Dell Technologies Inc.
- Fujitsu Ltd.
- Hewlett Packard Enterprise Co.
- International Business Machines Corp.
- Microsoft Corp.
- NetApp Inc.
- Oracle Corp.
Software-Defined Storage Market: Segmentation by Geography
North America was the largest software-defined storage market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the increasing demand for data center connectivity networks from enterprises and the imminent launch of 5G will significantly drive software-defined storage market growth in this region over the forecast period.
35% of the market’s growth will originate from North America during the forecast period. The US is the critical market for software-defined storage market in North America. Market growth in this region will be slower than the growth of the market in APAC.
Software-Defined Storage Market: Segmentation by End-user
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The increasing demand for enhanced storage solutions will boost the demand for software-defined storage from the telecom and IT sector. The adoption of software-defined storage will help telecom and IT, service providers in terms of deployment, scalability, management, and cyber-security. The need for low latency services, a growing number of consumers, and the rising adoption of advanced technologies such as big data analytics will further boost the growth of the software defined storage market in this segment.
Market growth by the telecom and IT sector segment will be slower than the growth of the market by the government and healthcare segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the software-defined storage market size.
Software-Defined Storage Market: Key Drivers and Trends
The surge in cloud adoption is one of the significant factors driving the software defined storage market growth during the forecast period. Enterprises are increasingly adopting cloud solutions because of their several benefits, including a reduction in cost, enhanced scalability, and high efficiency. Software defined storage helps in overcoming the challenges of data management in cloud computing. It also aids in establishing compatibility between on-premise and cloud storage systems by facilitating centralized management of multiple storage systems and extending on-premise storage features to the cloud. Hence, the rising adoption of cloud solutions has encouraged market vendors to offer cloud software defined storage products and services.
- The increasing use of hyper-converged technology is one of the critical software defined storage market trends.
- Hyper converged infrastructure runs storage, compute, and networking systems in a virtualized environment to enhance resource utilization.
- The reduced power consumption and space optimization offered by hyper converged infrastructure will also help in increasing the agility, speed, and efficiency of data centers.
- Market vendors are actively promoting the use of hyper-converged infrastructure solutions for software-defined storage.
- During 2020-2024, the software-defined storage market will grow at a CAGR of almost 27%.
Software-Defined Storage Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive software-defined storage market growth during the next five years
- Precise estimation of the software-defined storage market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the software-defined storage industry across North America, APAC, Europe, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of software-defined storage market vendors
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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.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Surge in cloud adoption
- Growing number of collaborations and acquisitions
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