LONDON--(BUSINESS WIRE)--The global software-defined storage market is expected to post a CAGR of close to 28% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in the year-over-year growth.
A key factor driving the growth of the global software-defined storage market size is the surge in cloud adoption. 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 its 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 global software-defined storage market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global 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 possible 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.
“Apart from the rise of hyper-converged technology, other factors such as the growing number of collaborations and acquisitions, and the rise in digital transformation will have a significant impact on the software-defined storage market growth during the forecast period,” says a senior analyst at Technavio.
Global Software-Defined Storage Market: Segmentation Analysis
This market research report segments the global software-defined storage market size by end-user (BFSI, telecom and IT, government, healthcare, and others), and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the software-defined storage market in 2018, followed by Europe, APAC, South America, and MEA respectively. The software-defined storage market report identifies several factors such as the increasing demand for data center connectivity network from enterprises, the imminent launch of 5G, and the adoption of advanced technologies to further fuel the growth of the market in North America over the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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