The storage software market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The growing volume of unstructured data, along with the increasing consciousness among organizations for storage virtualization are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as proliferation of internet of things (IoT) across the world which has increased the data generated at the edge considerably. It is estimated that more than 72% of the global enterprises will shift to cloud storage from on-premise data centers, by 2022.
The market is segmented based on software type into storage replication, archiving, software defined storage and others, out of which, the software defined storage segment is anticipated to grab the largest share by the end of 2021 on account of its multiple usage and capacity of storing data independently of the hardware platform. Moreover, software defined storage provides greater flexibility, efficiency and faster scalability to use the storage resources, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of end-user type, the BFSI segment in the global storage software market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that financial organizations require highly secure and highly available storage capabilities to scale up with appliances that link together across sites. CLICK TO DOWNLOAD SAMPLE
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising demand for automation in the countries of the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to rising demands for data center connectivity networks from enterprises, accompanied by the presence of leading companies in the region. Along with this, the North America also leads in terms of early adoption of advanced technologies, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the storage software market on account of rapid adoption of software storage solutions and services by enterprises in the region. The European Commission, in 2020, had put forward a European Data Strategy whose ambition is to enable the European Union to become the most attractive, most secure and most dynamic data-agile economy in the world.
The global storage software market is further classified on the basis of region as follows:
Our in-depth analysis of the global storage software market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing volume of unstructured data and the increasing consciousness among organizations for storage virtualization are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Rising concerns about data privacy and governance and shortage of skilled manpower to manage the transition towards storage software technology are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the rising demand for automation in the countries of the region.
The major players dominating the storage software market are Red Hat, EMC, IBM, and NetApp among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by software type, end-user and region.
With respect to end-user, the BFSI segment is anticipated to hold the largest market share owing to the reason that financial organizations require highly secure and highly available storage capabilities to scale up with appliances that link together across sites.
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