Storage Software Market Scope to Grow with a Moderate CAGR During 2021- 2029

Research Nester released a report titled “Storage Software Market: Global Demand Analysis & Opportunity Outlook 2029”which delivers detailed overview of the global storage software market in terms of market segmentation by software type, end-user and region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The storage software market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the rising volume of unstructured data and the growing consciousness among organizations for storage virtualization. It is estimated that more than 72% of the global enterprises will shift to cloud storage from on-premise data centers, by 2022.

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The market is segmented by software type into storage replication, archiving, software defined storage and others. Among these segments, the software defined storage segment is anticipated to hold the largest share by the end of 2021 in the storage software market as a result of its multiple usage capability and the capacity of storing data independently of the hardware platform. It is also gaining worldwide recognition as it provides better flexibility, efficiency and faster scalability to use the storage resources. On the basis of end-user, the market is segmented into BFSI, Government, Telecom & IT, and Others.

On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the storage software market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the growing demands for data center connectivity networks from enterprises, supplemented by the presence of leading establishments in the region.

Growing Volume of Unstructured Data and Increasing Consciousness among Organizations for Storage Virtualization to Drive Market Growth

According to a research on the future adaptability of Software Storage, data virtualization can overwhelmingly reduce the cost of businesses and increase their overall performance to cope up with the changes efficiently.

The thriving volume of data across various enterprises augments the demand for a scalable storage architecture that is reliable and secure. Additionally, the propagation of internet of things (IoT) across the globe which has increased the data generated at the edge considerably is also expected to boost the market growth in upcoming years. However, mounting concerns about data privacy and governance and shortage of skilled operators to handle the transition towards storage software technology are some of the factors that are estimated to restrain market growth in the near future.

This report also provides the existing competitive scenario of some of the key players of the global storage software market which includes company profiling of Red Hat, EMC, IBM (NYSE: IBM), NetApp (NASDAQ: NTAP), Huawei Technologies, Hewlett-Packard (NYSE: HPE), Hitachi Data Systems, Fujitsu Limited (TYO), Citrix Systems, Inc. (NASDAQ: CTXS), and others.

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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global storage software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

About Research Nester:

Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.

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