Global Software-Defined Storage Market 2019-2023
Global Software-defined Storage Market: About this market
Software-defined storage enables enterprises to increase their storage capacity and offers simplified data management without depending on hardware. Technavio’s software-defined storage market analysis considers sales to the banking, financial services and insurance (BFSI), telecom and IT, government, healthcare, and other segments. Our analysis also considers the sales of software-defined storage in APAC, Europe, MEA, North America, and South America. In 2018, the BFSI segment held the highest market share. However, the telecom and IT enterprises segment is expected to lead in terms of market share over the forecast period. Factors such as the increasing demand for enhanced storage solutions from telecom and IT enterprises and the need for low latency services will significantly help the digital synthesizers segment in maintaining its leading market position. Also, our global software-defined storage report has observed market growth factors such as the surge in cloud adoption, increasing data center investments and data center modernization, and low operational expenditure and simplified management. However, implementation challenges, increasing cyber threat landscape, and cost associated with software-defined storage may hamper the growth of the software-defined storage industry over the forecast period.
Global Software-defined Storage Market: Overview
Surge in cloud adoption
Enterprises are increasingly adopting cloud solutions to reduce operational cost, enhance scalability, and improve efficiency. As a result, the adoption of software-defined storage is increasing among the end-users of cloud solutions. This is because software-defined storage can address data management challenges in cloud platforms. As a result, the market vendors are recording increased sales. Therefore, the surge in cloud adoption will lead to the expansion of the global software-defined storage market at a CAGR of almost 28%, despite decelerating growth momentum, during the forecast period.
Rise of hyper-converged technology
The adoption of hyper-converged technology is increasing among SMEs as compute, storage, and network can be managed centrally. A hyper-converged infrastructure is a combination of software-defined resources. As a result, the sales of software-defined storage is increasing. Therefore, this trend will have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global software-defined storage market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global software-defined storage market is moderately concentrated. Technavio’s robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading Software-defined Storage manufacturers, which include Cisco Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Development LP, IBM Corp., and NetAPP Inc.
Also, the software-defined storage market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Cisco Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Development LP, IBM Corp., and NetAPP Inc.
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