Software-Defined Storage Market (By Component: Services, Platform/Solution; By Usage: Surveillance, Data Backup and Disaster Recovery, Storage Provisioning and High Availability, Others (DevOps); By Enterprise Size: Small and Medium Enterprise, Large Enterprise; By End-user: BFSI, Telecom and IT, Government, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global software-defined storage market size was exhibited at USD 31.35 billion in 2022 and is projected to hit around USD 683.63 billion by 2032, growing at a CAGR of 36.1% during the forecast period 2023 to 2032.

Key Takeaways:

• North America dominated the global market in 2022.
• Asia Pacific is expected to expand at the fastest CAGR from 2023 to 2032.
• By Enterprise Size, the large enterprise segment dominated the market in 2022.
• By Component, the services segment has generated the largest market share in 2022.
• By Usage, the data backup and disaster recovery segment is expected to expand a the fastest CAGR between 2023 and 2032.
• By End-user, the BFSI segment is predicted to grow quickly During the projected period of 2023–2032.

Software-Defined Storage Market Report Scope

Software Defined Storage (SDS) is a computer program that manages data storage resources & functionality and has no dependency on the underlying physical storage hardware. Unlike traditional Network Attached Storage (NAS) or Storage Area Network (SAN) systems, SDS is generally designed to perform on any industry-standard or x86 system that removes the software’s dependence on proprietary hardware. Factors that contribute to the increase in SDS products include exponential growth of unstructured data to create a greater need for a scale-out storage architecture. Furthermore, rise in cloud infrastructure adoption and numerous benefits provided by it, such as cost effectiveness, better flexibility, automation, and booming value of unstructured, are expected to drive the growth of the SDS market.

Impact of COVID-19 on Software Defined Storage Market

The outbreak of COVID-19 and its development into a pandemic have led governments across the world to take extraordinary measures to protect their residents. Corporates are also required to implement unusual measures to safeguard their employees and extended workforce. In this regard, the collection of personal data by corporates will be undertaken in compliance with the requirements of data protection laws.

Massive generation of data in the past few years is expected to drive the growth of the SDS market. The COVID-19 outbreak has led to the growing investments in cloud-based infrastructure, which will generate the need for the adoption of SDS. Moreover, rise in the adoption of virtualization technologies by small & medium-sized enterprises due to the coronavirus outbreak will impact positively on the market. 

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis 

Due to the competitive environment, companies have shifted their focus toward new technology to have a competitive edge. The usage of SDS helps to minimize the cost by automating process controls and replacing the traditional hardware with software. The need to improve the efficiency and business processing data centers drives the demand for SDS solutions in small & medium-sized enterprises. Other attributes, such as increase in cost saving, flexibility, IT cost reduction, automation needs, & the value of instructed data, are also some factors that drive the adoption of SDS. However, lack of skilled resources to handle the effective SDS environment hampers the growth of the market.

Increasing use of hyper-converged technology 

The adoption of hyper-converged technology is increasing significantly as it helps enterprises to avoid dependency on multiple storage, compute, and networking systems as these systems can be run in a virtualized environment to enhance resource utilization. Furthermore, it reduces power consumption and optimizes space that lead to increased speed and efficiency of data centers. Thus, the rise of hyper-converged technology is expected to be one of the key trends that will fuel the growth of the software defined storage market during the forecast period.  

Some of the prominent players in the Software-Defined Storage Market include:

• Open Text Corp.
• Microsoft Corp.
• IBM Corp.
• Oracle Corp
• Net App, Inc.
• Fujistu, Inc.
• VMWare, Inc.
• FalcoStor Software, Inc.
• Nvidia
• StarWind Software, Inc
• Juniper Networks
• others

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Software-Defined Storage market.

By Component

• Services
• Platform/Solution

By Usage

• Surveillance 
• Data Backup and Disaster Recovery
• Storage Provisioning and High Availability
• Others (DevOps)

By Enterprise Size

• Small and Medium Enterprise
• Large Enterprise

By End-user

• BFSI
• Telecom and IT
• Government
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)