USD 16.25 billion
Report ID:
SQMIG45I2063 |
Region:
Global |
Published Date: July, 2024
Pages:
197
|Tables:
93
|Figures:
76
Global Software Defined Storage SDS Market size was valued at USD 16.25 billion in 2022 and is poised to grow from USD 20.44 billion in 2023 to USD 128.23 billion by 2031, at a CAGR of 25.80% during the forecast period (2024-2031).
SDS stands for simple defined storage. The demand for software-defined storage solutions is expected to skyrocket due to advantages such as data storage management on cloud-based platforms. The global demand for SDS solutions is being driven by the need to control rising data centre storage and infrastructure development costs. The ever-increasing rate of data generation contributes to the demand for effective data storage management solutions. Enterprises around the world are emphasising the adoption of software-defined networks and storage systems to provide businesses with robustness and agility.
Software-defined storage is especially popular among telecommunications providers because it reduces network congestion, allows for greater flexibility in network infrastructure, and saves time and money. Software-defined Storage (SDS) is a new technology that is gaining traction in the enterprise storage market. SDS may separate storage software from hardware, lowering storage costs in terms of capital and operating expenses. As a result, enterprises are gradually shifting toward software-defined storage.
US Software Defined Storage SDS Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 16.25 billion
Largest Segment
Block
Fastest Growth
File
Growth Rate
25.80% CAGR
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The market for software defined SDS is divided into three categories: end user, software, and type. Type is classified as block, file, object, or hyperconverged. SDS server, Data security and compliance software, SDS controller software, Data management, and Storage hypervisor are the software categories. It is divided into three sectors based on end users: banking, finance, and insurance. Region is classified into North America, Europe, Asia pacific, Middle East and Africa, Latin America.
Software Defined Storage SDS Market Analysis by Type
The global SDS market is classified into four types: block, file, object, and hyperconverged. Over the forecast period, hyperconverged is expected to grow at the fastest rate. One of the most important software defined storage market trends is the increasing use of hyper-converged technology. To maximise resource utilisation, hyperconverged infrastructure virtualizes storage, compute, and networking systems. The reduced power consumption and space optimization provided by hyper converged infrastructure will also aid in increasing data centre agility, speed, and efficiency.
Software Defined Storage SDS Market Analysis by End User
On the basis of end users, it is divided into banking, financial and insurance sectors. The global Software Defined Storage Market is expected to develop at a CAGR of approximately 11.5%, with the biggest growth expected in the Banking, Financial Services & Insurance (BFSI) sector. The need for software defined storage (SDN) has been steadily increasing as a result of the increasing need for dependable storage solutions with high security and high availability storage capabilities to scale up for supporting demanding application areas across banking and financial sectors.
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North American region is expected to dominate the Software Defined Storage Market. North America is expected to have the largest market share. This is due to a variety of factors, including increased cloud adoption, a shift toward advanced IT infrastructures, and others. Rapid industrialization, increasing cloud-based infrastructure usage, and R&D investments from leading market vendors such as NetApp Inc., IBM Corporation, VMware Inc., and others are some of the major drivers propelling market growth in this region. North America is the fastest-growing market and is expected to be the largest by the end of the estimated period due to increased demand for smart safety devices and the presence of major players in this region such as NetApp and Dell.
Along with the upcoming market of North America, the market growth of Europe and Asia Pacific countries as the second- and third-largest markets for a variety of Software-Defined Storage market solutions. Different countries, such as the United Kingdom, Spain, and France, are also driving the adoption of cutting-edge technology. With the increased adoption of digital business strategies, major organisations in North America are moving toward the most recent upgraded major technologies. During the forecast period, Asia Pacific is expected to have the highest CAGR in the global Software Defined Storage Market.
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Software Defined Storage SDS Market Drivers
Demand for Data Management to Bolster Demand for SDS
Software Defined Storage SDS Market Restraints
Lack of Awareness to Hinder Market Growth
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Major players in the software-defined storage market include IBM Corporation, Oracle Corporation, NetApp Inc., and others. The market's key players are constantly innovating new products and increasing activities such as mergers and acquisitions and capacity expansion, which increases competition.
Software Defined Storage SDS Market Top Player's Company Profiles
Software Defined Storage SDS Market Recent Developments
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the software-defined storage (SDS) market and around the world claim a CAGR of 25.7% over the estimated. This is why the demand for this concept has increased because businesses are becoming more aware and advanced. Asian and North American countries are focusing on increasing production to meet targets and effectively deal with innovative technologies. Due to its advantages over traditional storage systems in terms of functionality and cost effectiveness, the SDS industry may have room to develop in the years to come.
Some of the key market-driving drivers are the demand for cost efficiency in data management, exponential expansion in the volume of data across companies, and the rise of the "software defined" approach. The global SDS market is being driven primarily by the increasing adoption of SDS by enterprises or IT organisations undergoing digital transformation for their data storage needs, owing to the benefits that this technology provides over traditional storage methods. Furthermore, organisations that need to accommodate the massive surge in data growth at an affordable cost are turning to SDS.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 16.25 billion |
Market size value in 2031 | USD 128.23 billion |
Growth Rate | 25.80% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Software Defined Storage SDS Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Software Defined Storage SDS Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Software Defined Storage SDS Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Software Defined Storage SDS Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG45I2063
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