Global Software-Defined Storage Market to reach USD 46.87 billion by 2027.
Global Software-Defined Storage Market is valued approximately USD 9.4billion in 2020 and is anticipated to grow with a healthy growth rate of more than 25.8 % over the forecast period 2021-2027. Software-defined storage has grown exponentially and in demand as a result of a variety of advantages/benefits such as web development and implementation, improved system performance, and lower maintenance costs. Software-defined storage has gained prominence and demand as a result of a variety of advantages and benefits, including online accessibility, improved power efficiency, and lower maintenance costs. Financial institutions required high security and accessible storage capabilities that can scale up and out, as well as equipment that can connect between sites. Software-defined storage solutions enhance BFSI processes, such as processing large data sets, limiting file access using encryption, and sometimes even data backup and recovery. Data is becoming increasingly important as the digital economy grows. The ability for multinational banks to quickly access, analyze, and share data on-premises and in the data center from front-to-back office administration thanks to software-defined infrastructure and storage solutions .In 2018, Paypal announced the annual payment volume is increased by nearly 28.15 percent i.e. USD 578 billion from USD 451.27 billion in 2017. . Emerging technologies, including such Data Analytics and Bring Your Own Device (BYOD), have been a driving force behind the growth of the software defined storage market in the years ahead. However,the high production costs associated with the installation and implementation of software storage technologies are impeding the global market's growth.Also, mergers and acquisitions are being done by leading organizations in this industry in order to focus on relevant unexplored markets and product innovation. There is a market opportunity for organizations performing research and development to improve usability and develop new inventive goods.

North America is expected to be the leading market for software defined storage services. A major element propelling the software defined storage market is the massive support from government agencies and other organizations from various countries to promote and implement the idea of total digitization. Several digitalization projects have been launched in North American countries.The continent is expected to maintain its leadership position in the global software defined storage market in the coming years. The worldwide market's development potential is not limited to North America; the Asia Pacific area is predicted to grow at a faster rate than other regional markets.Asia Pacific is expected to have a high level of technical progress due to the emergence of various IT enterprises. The advent of storage virtualization services is assisting both small and medium-sized businesses (SMEs) with their IT investment.

Major market player included in this report are:
Dell
EMC Corporation
Fujitsu
HPE
IBM
Citrix
NetApp
Scality
VMare
Western Digital Corporation

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
ByComponent:
Platform/Solution
Service
BySoftware:
SDS serverSoftware
Data security and compliance software
SDS controller software
Data management
Storage hypervisor
By Service:
Consulting and training
Support and maintenance
Deployment and testing
Training and consulting
SDS services
By Usage:
Surveillance
Data backup and disaster recovery
Storage provisioning and high availability
Others
By Organization Size:
Small and Medium Businesses
Large enterprises
By Industry Vertical:
SDS server Software
Data security and compliance software
SDS controller software
Data management
Storage hypervisor
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027

Target Audience of the Global Software-Defined Storage Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors