The
global software-defined storage market size is expected to grow by USD 42.79 billion during 2020-2024.
The report also provides the market impact and new opportunities created due to
the COVID-19 pandemic. The impact can be expected to be significant in the
first quarter but gradually lessen in subsequent quarters – with a limited
impact on the full-year economic growth, according to the latest market
research report by Technavio.
The adoption of cloud solutions has increased significantly, owing to
their benefits including a reduction in costs, enhanced scalability, and higher
efficiency. This increases the demand for software-defined storage as it
simplifies storage management, and addresses data management challenges in
cloud computing. Thus, the increasing adoption of cloud solutions will fuel the
growth of the software-defined storage market during the forecast period.
As per Technavio, the rise 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: Rise of Hyper-Converged Technology
The adoption of hyper-converged technology is increasing significantly
as it helps enterprises avoid dependency on multiple storage, compute, and
networking systems as all three systems can be run in a virtualized environment
to enhance resource utilization. Furthermore, it reduces power consumption and
optimizes space, resulting in increased speed, and efficiency of data centers.
Software-defined storage is available via multiple options, such as
hyper-converged infrastructure software, hypervisor, scale-out storage,
containers, and distributed file systems. 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.
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 American region led the software-defined storage market in
2019, followed by APAC, Europe, South America, and MEA respectively. During the
forecast period, the North American region is expected to register the highest
incremental growth due to factors such as the increasing demand for data center
connectivity network from enterprises, the imminent launch of 5G, and the
adoption of advanced technologies.
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