Market Size of Software-Defined Storage Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 25.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Software Defined Storage Market Analysis
The software-defined storage market is expected to grow at a CAGR of 25.8% over the forecast period (2022 - 2027). The need to improve the efficiency and business processing with data drives the demand for SDS solutions in small and medium-sized enterprises.
- Due to the competitive environment, companies have shifted their focus toward new technology to have a competitive edge. SDS usage helps minimize the cost by automating process controls and replacing traditional hardware with software.
- The booming volume of unstructured data across various enterprises augments the demand for a scalable storage architecture to be reliable and secure. In addition, with the proliferation of IoT globally, the data generated at the edge is also rapidly increasing. The SDS model addresses these needs by increasing deployment flexibility and enabling organizations to use the software with any storage platform through a single interface.
- Enterprises or IT organizations undergoing digital transformation are likely to adopt SDS for their data storage needs, owing to the advantages this technology offers over the traditional storage methods. However, the lack of skilled operators to manage the transition toward SDS and security concerns are projected to hinder the market's growth.
- The key vendors in the market have been rolling out SDS software solutions with enhanced data protection and reliability, owing to the growing requirements of large companies in the banking and telecom sectors.
- The COVID-19 pandemic resulted in private and public sectors shifting from traditional channels to digital channels to enable citizens, businesses, and public sector staff to access public services and securely share data from remote locations. Software-defined storage has proven its importance for businesses during the pandemic that continued to see unabated growth in data storage.
