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$ 42.79 Billion Growth in Software-Defined Storage Market During 2020-2024 | 35% Growth to Come from North America | Technavio

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NEW YORK, Feb. 25, 2021 /PRNewswire/ -- Amid the COVID-19 pandemic, the global software-defined storage market registered a YOY growth of 27.45% in 2020 and the market is estimated to expand at a CAGR of over 27% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More

Software-Defined Storage Market: Surge in cloud adoption to drive growth

Enterprises across the world are increasingly adopting cloud solutions owing to various benefits such as reduced operating costs, enhanced stability, and high efficiency. However, cloud solutions are more prone to cyberattacks, which is compelling companies to adopt software-defined storage solutions. These solutions aid in establishing compatibility between on-premise and cloud storage systems by facilitating centralized management of multiple storage systems and extending on-premise storage features to the cloud. With the rising adoption of cloud-based solutions, the demand for software-defined storage solutions will increase during the forecast period.

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As per Technavio, the increasing use of hyper-converged technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Software-Defined Storage Market: Increasing Use of Hyper-Converged Technology

Hyper-converged technology solutions run storage, compute, and networking systems in a virtualized environment to enhance resource utilization. They help in increasing the agility, speed, and efficiency of data centers. Their growing popularity is encouraging vendors in the market to introduce software-defined storage solutions with hyper-converged infrastructure technology. This trend is expected to have a positive impact on the growth of the market during the forecast period.

"Increasing demand for enhanced storage solutions and the rising adoption of advanced technologies such as big data analytics will further boost market growth during the forecast period", says a senior analyst at Technavio.

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Software-Defined Storage Market: Major Vendors

The report covers details on the market's competitive landscape and offers information on the products offered by various companies, including:

  • Broadcom Inc.
  • Cisco Systems, Inc.
  • Citrix Systems Inc.
  • Dell Technologies Inc.
  • Fujitsu Ltd.

Software-Defined Storage Market: Segmentation Analysis

This market research report segments the software-defined storage market by end-user (BFSI, telecom and IT, government, healthcare, and others) and geography (North America, APAC, Europe, South America, and MEA).

The North America region led the software-defined storage market in 2020, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing demand for data center connectivity networks from enterprises in the region.

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Related Reports on Information Technology Include:

Global Enterprise Data Storage Market – Global enterprise data storage market is segmented by type (SAN, NAS, and DAS) and geography (North America, Europe, APAC, South America, and MEA). Click Here to Get an Exclusive Free Sample Report

Global Data Center Storage Market – Global data center storage market is segmented by deployment (SAN system, NAS system, and DAS system) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report

Some of the key topics covered in the report include:

Market Share by Competitors

Market Challenges

Market Drivers

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

News Insight: https://newsroom.technavio.com/

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Report Page: https://www.technavio.com/report/software-defined-storage-market-industry-analysis

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SOURCE Technavio

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