Storage Software Market size was valued at USD 26.13 billion in 2023 and is likely to cross USD 64.52 billion by the end of 2036, registering more than 7.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of storage software is estimated at USD 27.64 billion.
The growing volume of unstructured data, along with the increasing consciousness among organizations for storage virtualization are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as proliferation of internet of things (IoT) across the world which has increased the data generated at the edge considerably. It is estimated that more than 72% of the global enterprises will shift to cloud storage from on-premise data centers, by 2022.
Growth Drivers
Challenges
|
2023 |
|
|
Forecast Year |
2024–2036 |
|
CAGR |
7.2% |
|
Base Year Market Size (2023) |
USD 26.13 billion |
|
Forecast Year Market Size (2036) |
USD 64.52 billion |
|
Regional Scope |
|
The storage software market is segmented based on software type into storage replication, archiving, software defined storage and others, out of which, the software defined storage segment is anticipated to grab the largest share by the end of 2021 on account of its multiple usage and capacity of storing data independently of the hardware platform. Moreover, software defined storage provides greater flexibility, efficiency and faster scalability to use the storage resources, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of end-user type, the BFSI segment in the storage software market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that financial organizations require highly secure and highly available storage capabilities to scale up with appliances that link together across sites.
Our in-depth analysis of the global market includes the following segments:
|
By Software Type |
|
|
By End-User Type |
|
Geographically, the storage software market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific industry is set to hold largest revenue share by 2036, owing to rising demand for automation in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to rising demands for data center connectivity networks from enterprises, accompanied by the presence of leading companies in the region. Along with this, the North America also leads in terms of early adoption of advanced technologies, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the storage software market on account of rapid adoption of software storage solutions and services by enterprises in the region. The European Commission, in 2020, had put forward a European Data Strategy whose ambition is to enable the European Union to become the most attractive, most secure and most dynamic data-agile economy in the world.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?