According to the latest report by IMARC Group, titled "Storage Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global storage software market reached a value of US$ 22.3 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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
8.29% during 2022-2027.
- 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.
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