Dublin, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The "Storage Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global storage software market has achieved substantial growth, reaching a market size of US$ 24.4 Billion in 2022. Experts anticipate further expansion, projecting a Compound Annual Growth Rate (CAGR) of 8% from 2023 to 2028, ultimately reaching an estimated US$ 38.9 Billion.
Storage Software: Streamlining Data Management
Storage software, an application-based storage architecture, plays a pivotal role in managing data storage across data centers, private clouds, and virtualization platforms. This software enables users to monitor and manage existing data storage requirements while predicting future needs. It is primarily utilized for data protection and recovery, device management, storage replication, virtualization, and archiving.
Storage software can autonomously make necessary adjustments based on user capacity requirements, perform tasks, create new connections, and operate hardware without the need for administrator intervention. Compared to traditional tools such as network-attached (NAS) and storage area network (SAN) systems, Software-Defined Storage (SDS) reduces software's dependency on proprietary hardware. Consequently, it finds extensive applications across industries including telecommunications, information technology (IT), banking, financial services and insurance (BFSI), manufacturing, and retail.
Digitization and Cloud Adoption Fuel Market Growth
The rise of digitization and the increasing adoption of cloud-based storage software are key drivers of market growth. The surge in digital data volume generated by organizations has led to widespread adoption of storage software for managing unstructured and disorganized data.
The integration of automation across industries is also a significant contributor to market growth. Technological advancements, such as the Internet of Things (IoT), have enabled organizations to store data in the cloud and access it remotely, further boosting market expansion. The advent of hyper-converged infrastructure technology, which optimizes space and resource utilization by running storage, computational activities, and networking systems in a virtualized environment, is another major growth-inducing factor.
Key Market Segmentation
The global storage software market report offers an analysis of trends within each sub-segment and provides forecasts at the global, regional, and country levels from 2023 to 2028. The market is categorized based on software type, deployment type, organization size, and vertical.
Software Type Insights:
- Data Protection and Recovery
- Storage and Device Management
- Storage Replication
- Archiving
- Storage Virtualization
- Software Defined Storage
- Storage Infrastructure
- Others
Deployment Type Insights:
- Cloud-based
- On-premises
Organization Size Insights:
- Small and Medium Enterprises
- Large Enterprises
Vertical Insights:
- BFSI
- Healthcare
- Manufacturing
- Retail
- IT and Telecom
- Government
- Others
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape
The report provides a comprehensive analysis of the competitive landscape within the market, featuring key players such as Broadcom Inc., Citrix Systems, Inc., Dell Technologies, Inc., Fujitsu Limited, Hewlett Packard Enterprise Development LP, Hitachi Vantara LLC, Huawei Technologies Co. Ltd, International Business Machines Corporation, NetApp, Inc., Oracle Corporation, and Western Digital Technologies, Inc.
Key Questions Answered in This Report:
- How has the global storage software market performed, and what is its future outlook?
- What are the key regional markets for storage software?
- What impact has COVID-19 had on the global storage software market?
- How is the market segmented based on software type, deployment type, organization size, and vertical?
- What are the driving factors and challenges in the industry?
- Who are the key players in the global storage software market?
- What is the degree of competition within the industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $24.4 Billion |
| Forecasted Market Value (USD) by 2028 | $38.9 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/nlkps5
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