According to the latest report by IMARC Group, titled "Storage Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global storage software market reached a value of US$ 24.4 Billion in 2022. Storage software refers to an essential component of data management that uses an application-based storage architecture to store large amounts of data securely in private clouds, data centers or virtualization platforms. It is required to monitor and manage existing data storage needs while predicting future requirements. It is also employed to transfer the frequently needed data to the flash storage for enhanced convenience. The use of storage software reduces the dependency on underlying physical storage hardware. Its utilization consequently offers improved efficiency, faster scalability and greater flexibility by making storage resources programmable. As a result, it is widely employed across numerous industry verticals, including retail, manufacturing, banking, financial services and insurance (BFSI) and telecommunications.
Global Storage Software Market Trends:
The market is primarily driven by the increasing digitization across industries. This, along with the growing volume of digital data generated by organizations, is creating a positive outlook for the market. In line with this, storage software is widely being adopted by numerous companies in order to manage unstructured and disorganized data in an efficient manner. Numerous industries are gradually adopting automated processes to reduce manual labor and optimize the utilization of resources. This has catalyzed the demand for storage software to streamline and organize large amounts of crucial data. The market is further driven by the widespread adoption of the remote working model by various enterprises on account of the rapid outbreak of the coronavirus disease (COVID-19) pandemic across the globe. A majority of the organizations are offering work-from-home options to their employees in an attempt to effectively practice social distancing and avoid the transmission of the disease. This has created an escalating demand for remote data access, which, in turn, is providing an impetus to the market growth. Some of the other factors contributing to the market growth include technological advancements in the internet of things (IoT) and the introduction of hyper-converged infrastructure technology. On account of the aforementioned factors, the market is expected to grow at a CAGR of 8% during 2023-2028.
- On the basis of the software type, the market has been divided into data protection and recovery, storage and device management, storage replication, archiving, storage virtualization, software defined storage, storage infrastructure, and others.
- On the basis of the deployment type, the market has been bifurcated into cloud-based and on-premises.
- Based on the organization size, the market has been classified into small and medium enterprises, and large enterprises.
- On the basis of the vertical, the market has been categorized into BFSI, healthcare, manufacturing, retail, IT and telecom, government, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Broadcom Inc., Citrix Systems, Inc., Dell Technologies, Inc., Fujitsu Limited, Hewlett Packard Enterprise Development LP, Hitachi Vantara LLC, Huawei Technologies Co. Ltd, International Business Machines Corporation, NetApp, Inc., Oracle Corporation and Western Digital Technologies, Inc.
|Base Year of the Analysis
||Software Type, Deployment Type, Organization Size, Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Broadcom Inc., Citrix Systems, Inc., Dell Technologies, Inc., Fujitsu Limited, Hewlett Packard Enterprise Development LP, Hitachi Vantara LLC, Huawei Technologies Co. Ltd, International Business Machines Corporation, NetApp, Inc., Oracle Corporation and Western Digital Technologies, Inc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800