Software Defined Storage Market Size, Share, Industry Trends and Forecast to 2030

Software Defined Storage Market Size & CAGR in 2021

The global software-defined storage market is projected to have a Compound Annual Growth Rate (CAGR) of 12.6% in 2021. This growth is expected to result in the market reaching a size of USD 17.2 billion by the end of the year.

COVID-19 Impact on the Software Defined Storage Market

The ongoing COVID-19 pandemic has had a significant impact on the software-defined storage market. As organizations worldwide transitioned to remote work and digital operations, the demand for software-defined storage solutions surged. This increased demand can be attributed to the need for scalable and flexible storage options to support remote workforces and digital transformation initiatives.

Software Defined Storage Dynamics

The software-defined storage market is driven by the increasing adoption of cloud-based storage solutions, the proliferation of data generated by digital technologies, and the need for cost-effective and scalable storage options. Organizations are increasingly turning to software-defined storage to meet their evolving data storage needs and improve operational efficiency.

Segments and Related Analysis

The software-defined storage market can be segmented based on deployment type, organization size, application, and region. By deployment type, the market is divided into on-premises and cloud-based solutions. Organizations can choose the deployment model that best fits their storage requirements and IT infrastructure.

By Region Analysis

The software-defined storage market is divided into regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America currently holds the largest market share due to the presence of major technology companies and the high adoption of advanced storage solutions in the region.

Key Market Players and Competitive Landscape

Key players in the software-defined storage market include Dell Technologies, Hewlett Packard Enterprise, IBM Corporation, NetApp Inc., and Pure Storage Inc. These companies are actively involved in product development, partnerships, and acquisitions to expand their market presence and offerings.

Recent Happenings in the Software Defined Storage Market

1. In June 2021, Dell Technologies announced the launch of new software-defined storage solutions tailored for hybrid cloud environments. 2. Hewlett Packard Enterprise introduced enhancements to its software-defined storage portfolio in August 2021, focusing on improving scalability and performance. 3. IBM Corporation partnered with a leading cloud provider in October 2021 to offer software-defined storage solutions integrated with advanced cloud services. 4. NetApp Inc. made significant acquisitions in the software-defined storage space in 2021 to strengthen its product offerings and market position. 5. Pure Storage Inc. expanded its software-defined storage solutions for artificial intelligence and machine learning applications in December 2021, catering to the growing demand in these sectors.