The popularity of software-defined storage drives market demand.
FORT COLLINS, Colo., March 7, 2024 (Globe Newswire) — The software-defined storage (SDS) market size was valued at USD 35.8 billion in 2023 and is expected to grow to USD 240.2 billion by 2032, at a CAGR of 23.5%.
Software-defined storage It simplifies increased automation, full resource utilization, faster resource reprovisioning, and less expensive hardware. Additionally, IT departments and service providers can quickly respond to requests from businesses. SDS solutions are used by many companies to alleviate problems in obtaining hardware from vendors. The market for software-defined storage is expanding due to the many benefits of SDS for vendors, including cost reduction, high performance, security, scalability, and flexibility.
As data demands continue to grow exponentially, IT specialists must source several types of storage to maximize performance, capacity, power consumption, and cost. Software-defined storage can be cost-effective because users can independently modify storage capacity and performance. In addition to providing shared storage capabilities such as load balancing, data migration, data mobility, high availability, and disaster recovery, SDS assimilates the global namespace. SDS solutions leverage commodity server hardware platforms and commodity server-side storage to deliver enterprise-class reliability, serviceability, performance, and availability.
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Segmentation overview:
global Software-defined storage market is subdivided into Type, company size, end user, region. Based on end users, the market is segmented into BFSI, Government, Education, Manufacturing, Healthcare, IT Services, etc. In 2023, the IT services sector accounted for a significant market share. The advent of big data technology has increased the demand for IT departments.
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Highlights of the Software Defined Storage Market Report:
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North America is expected to record a significant market share in 2022 and maintain its dominant position in the following years. Robust technological capabilities and advanced adoption of cloud infrastructure are key growth factors.
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Notable players in the Software Defined Storage market report include NetApp Inc., IBM Corporation, Dell Technologies, Nvidia, StarWind Software, Inc, Juniper Networks, Oracle Corporation, VMWare, Inc., Huawei Technologies Co. Ltd, Open Text Corp. ., and Fujitsu Limited
Industry trends and insights:
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In 2024, IBM integrated Red Hat's storage product portfolio to create IBM Storage Ceph, a leading open source software-defined storage platform. This was previously known as Red Hat Ceph.
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Software Defined Storage Market Segmentation:
By type: Blocks, files, objects, and hyperconverged infrastructure
By company size: Small and medium-sized enterprises and large enterprises
By end user: BFSI, Government, Education, Manufacturing, Healthcare, IT Services, Others
By region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa.
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