New York, US, March 20, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Software-Defined Storage Market Research Report: By Component, Application, Organization Size, and Region- Forecast Till 2030, the market was valued at USD 9.2 Billion in 2021.and is anticipated to acquire a valuation of approximately USD 30 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 30% during the assessment timeframe.
Software-Defined Storage Market Overview:
Software-defined storage (SDS) solutions aggregate and pool storage resources from disparate mediums. Software-defined storage platforms offer flexible deployment options to deliver data orchestration services and efficiently store, manage, govern, protect, mobilize, and integrate data & applications in various environments. Integrated and transformative software-defined storage platforms designed to meet AI application needs are trending.
Also, object software-defined storage platforms designed for AI, ML, and high-performance computing workloads are garnering significant prominence. Container-native storage exposes the underlying storage services to containers and microservices. On the other hand, unified and open-source software-defined storage platforms are designed to address general-purpose workloads' crises and file & object needs.
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Key players involved in the software-defined storage market are
- Microsoft Corp.
- Open Text Corp.
- IBM Corp.
- Net App, Inc.
- Oracle Corp,
- Nvidia
- FalcoStor Software, Inc.
- VMWare, Inc.
- StarWind Software, Inc
- Juniper Networks
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 30 Billion |
| Growth Rate | CAGR of 30.00% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing use of hyper-converged technology |
| Key Market Drivers | Growing adoption of technology |
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Industry Trends
The growing awareness of software-defined storage technology among organizations is a major factor boosting market growth. Besides, continuously evolving IoT and smart technologies boost market growth, increasing the adoption of private cloud computing services. The growing adoption of private cloud and software-defined data centers influences market growth.
The rising demand to support real-time integration across multiple servers, services, clouds, and data stores can enable mobile devices to initiate requests from anywhere in the world and process huge volumes of internal and external data. The software-defined storage market has witnessed a constant uptick over the past few months.
The recent COVID-19 pandemic fostered digitization and automation across industries globally. Besides, the lockdown and physical distancing mandates imposed to control the virus spread forced many organizations to digitize their business processes. The increased agility IT departments experience in responding to rising business demands due to automation fostered the adoption of software-defined storage technology.
Growing demand to minimize IT expenditures and changing business environments are major trends boosting the software-defined storage market size. Additionally, major advantages of software-defined storage, such as low maintenance cost optimization to manage hardware and development of IoT and cloud computing infrastructure, add to the market growth.
The shift to cloud services from traditional data centers offers robust opportunities to market players. The rising adoption of software-defined technologies in telecom and information technology-enabled services (ITES) industries pushes market growth. Conversely, privacy and security issues impede the software-defined storage market growth.
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Segments
The software-defined storage market is segmented into components, applications, organization size, and region. The component segment is sub-segmented into solutions/platforms and services. The application segment is sub-segmented into telecom & ITES, logistics & warehouse, healthcare, media, and others. The organization size segment is sub-segmented into large enterprises and small & medium enterprises. The region segment is sub-segmented into Europe, North America, Asia-Pacific, and Rest-of-the-World.
Regional Analysis
North America dominates the global software-defined storage market. The growing adoption of software-defined concepts and cloud services among enterprises increases the region's software-defined storage market share. Besides, increasing technological developments and the presence of leading technology providers drive market growth, allowing the early adoption of software-defined storage technology.
Europe stands second in the global software-defined storage market. This market is mainly driven by the booming IT and telecommunication industry in the region. The UK, Germany, and Italy are the major software-defined storage markets in the region. Moreover, the increasing adoption of cloud computing fosters the region's software-defined storage market share, enabling enterprises to scale up their businesses.
The Asia Pacific region is a prominent market for software-defined storage solutions globally. Factors such as the rising data center traffic and growing adoption of advanced technologies drive the software-defined storage industry in the region. Additionally, the increasing awareness about software-defined infrastructure and the adoption of software-defined storage technology influence market growth.
Competitive Landscape
Software-defined storage providers are increasing investments to foster R&D activities. The software-defined storage market would witness increasing strategic approaches like collaboration, mergers & acquisitions, expansion, and technology launches. Leading SDS solutions providing companies make strategic investments in driving research and development activities and expansion plans.
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For instance, on Mar. 03, 2023, IBM unveiled a new data protection offering, Storage Defender, showcasing its refined storage strategy, including rebranding and simplification. The new Storage Defender is developed in partnership with Cohesity, integrating DataProtect, a backup and recovery software of Cohesity. IBM is heavily investing in open-source-based CEPH for its software-defined storage platform.
The defender uses AI to monitor events across storage platforms and efficiently detect malicious actors like ransomware and mistakes. IBM Storage Defender is expected to be available in the second half of 2023. Combining its data protection solutions and working with a new partner, IBM is set to address the biggest challenge for customers with this new storage strategy.
Over the past year, IBM has been continually working on changing its storage software portfolio to simplify navigating and understanding product offerings. IBM Spectrum has become IBM Storage, reducing the number of products and focusing on software-defined, open, and consumable services. Toward the end of 2022, IBM announced that it has combined the Red Hat Storage software portfolio with its storage solutions to create a comprehensive storage software portfolio.
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