The global Storage Software market size is predicted to reach over USD 17.2 billion in 2020 and projected to grow at a CAGR of 8.3% over the forecast period.
Several factors are driving the global demand for storage software. Manufacturing facilities are gradually shifting toward automated processes in order to reduce manual labour, which in turn reduces the likelihood of human labour. Furthermore, the incorporation of automation in manufacturing has resulted in the use of software enabled manufacturing, which includes the storage of manufacturing data. This return is expected to significantly increase demand for storage software. The ongoing technological developments in the internet of things (IoT) market are indirectly driving cloud computing demand.
Storage software is used to securely store large amounts of data. One of the primary drivers for storage software globally is the ongoing concept of cloud computing. During the forecast period, the market is expected to grow significantly.
The growing popularity of remote data access for health and fitness monitoring is driving up demand for public cloud-based services. Furthermore, the incorporation of sensors in smart consumer electronics aids in the collection of data such as temperature, location, and pressure, which is then stored in cloud servers for consumers to access. The Internet of Things ecosystem includes any device that can connect to the internet, such as automobiles, ATM machines, smartphones, and fitness wearables such as smart bands, among others. As the demand for these devices grows, so does the need for cloud storage, which is driving the cloud computing market. The growing demand for cloud computing is significantly driving up the demand for storage software. Furthermore, the new ventures are lowering their operating costs by acquiring cloud spaces, which are less expensive than investing in servers and physical storage spaces..
The report also emphasizes several distinctiveness of the global Storage Software industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the Storage Software industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The Storage Software market has tough competition among the new emerging and pre-established market vendors. Besides, the Storage Software industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
The growing trend in the e-commerce sector of opening physical stores for pick-up and delivery contributes to the expansion of the self-storage market. Along with the global expansion of the e-commerce sector, niche service demands, such as climate-controlled environments and functional spaces for sports equipment, in many regions provide many growth opportunities for the self-storage market.
North America is expected to have the largest revenue share in 2021, owing to rising enterprise demand for data centre connectivity networks, as well as the presence of leading companies in the region. Along with this, North America leads in terms of early adoption of advanced technologies, which is expected to contribute to the region's market growth.
The major players of the global Storage Software market 6Storage, AndraTech Systems Corporation, Centreforce Technology Group, Domico Software, EasySpace, RADical Systems (UK) Ltd., SiteLink Software, LLC., storEDGE, U-Haul, Unit Trac and among other. Renowned companies are offering new and modern Storage Software software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Storage Software Market
Software Overview, 2019-2028 (USD Million)
- Data protection and recovery
- Storage and device management
- Storage replication
- Storage virtualization
- Software defined storage
- Storage infrastructure software
Deployment type Overview, 2019-2028 (USD Million)
End User Overview, 2019-2028 (USD Million)
Industry Vertical Overview, 2019-2028 (USD Million)
- Retail and E-commerce
- Telecom and IT
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America