The Software defined Storage Market is forecast to reach $40.7 billion by 2026, advancing at CAGR of 25.7% during 2021-2026. The rapid growth of unstructured data volumes along with capabilities like ease of management and increased security act as major drivers boosting the growth of software defined storage market. Adoption of Software define Storage (SDS) solutions help in optimizing data management and storage costs with improved flexibility and scalability compared to traditional storage, gaining its wide popularity among various end-use markets. The paradigm shift from traditional storage array towards modern storage system will be assisting its market growth in the long run. Software defined Storage can also be implemented via appliances over traditional storage area network. Rise of cloud infrastructures, hyper scale data centers, technological advances are set to propel the need for SDS solutions during the forecast period.

Software defined Storage Market Segment Analysis - By Usage

Data Backup and Disaster Recovery segment is set to grow with the highest CAGR of around 9.3% during 2021-2026. With high costs and requirement of administrative efforts, data backup using traditional storage methods have become outdated, thus gaining wider adoption for software defined storage solutions. Traditional storage involves the need for a range of data protection solutions including physical server backup tools, virtualization backup tools, cloud backup tools, and others contributing to a complex as well as expensive environment. Overcoming such data protection and storage silos alongside eliminating the need for accessing different tools for recovering files, disks, systems, or an entire site, have helped in creating a positive impact towards deployment of software defined storage (SDS) solutions offering increased flexibility. Moreover, SDS can manage all aspects of storage from a single interface, thus eradicating the need for separate data protection, backup, replication or disaster recovery solutions, adding to organization’s profit. Deployment of SDS solutions help organizations to migrate, protect and recover data irrespective of storage locations in onsite, offsite or cloud, serving as an integral part in its growth across various industries. Rise of cybercrimes, security breaches and others will also drive the need for SDS for data recovery and data backup applications in the coming time. In October 2020, Fungible Inc. announced about the launch of a high-performance, secure and scale-out data storage platform, Fungible Storage Cluster, FS1600 SDS. This was done to provide services like data durability, data security and data reduction through built-in security, linear scalability as well as improved end-to-end performance, further set to boost the growth for SDS solutions for data backup and disaster recovery in the long run.

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Software defined Storage Market Segment Analysis - By End Users

Banking, Financial Services & Insurance (BFSI) sector is analyzed to grow with the highest CAGR of around 11.5% in the global Software Defined Storage Market during the forecast period 2021-2026. Due to the requirement of reliable storage solutions with high security as well as high availability storage capabilities to scale up for serving demanding application areas across banking & financial sectors, the demand towards software defined storage (SDN) have been significantly growing. Adoption of SDS solutions help in conducting BFSI sector related activities with improved efficiency, such as handling massive amounts of data sets, limited access for encrypted files, faster data backup or recovery and others. With rise of digital transformation across BFSI, there is wider adoption of software-defined infrastructures or storage solutions as a part of helping global bank or financial institutions with faster data access, analysis and sharing within on-premises as well as in cloud, making it a prime factor contributing towards its significant market growth of software define storage in the long run. For instance, PayPal had reported total payment volume of about $247 billion with a growth of 38% during Q3 2020, signifying the strongest growth in its history. In February 2021, NTT Ltd. had revealed about its plans of strengthening IT infrastructures at one of the India’s premier banking institution through deployment of software-defined infrastructure solutions. With this, the company will be integrating a software-defined storage solution within existing private cloud of the bank with enhanced efficiencies in order to enable business agility as well as optimized resource allocation. Such factors are set to further advance the market growth forward across BFSI sector in the long run.

Software defined Storage Market Segment Analysis - Geography

North America region had dominated the global Software defined Storage Market in 2020 with a share of around 35%, attributing to factors like growing adoption of cloud services, shift towards advanced IT infrastructures and others. Rapid industrialization, growing adoption of cloud-based infrastructure along with R&D investments from key market vendors such as NetApp Inc., IBM Corporation, VMware Inc. and others can be considered as some of the major factors driving the market growth forward within this region. In October 2020, NetApp announced about the launch of SolidFire Enterprise SDS solution, along with enhancements for its ONTAP data management software. These updates were done to help organizations optimize performance and security, easily extend data management from on premises to cloud, reduce costs as well as consume hybrid cloud infrastructure as a service. However, APAC region is estimated to witness the fastest growth during the forecast period 2021-2026, owing to rise in number of online transactions, rising internet penetration, technological advances and so on. Moreover, with outbreak of Covid-19 pandemic, there has been significant rise in usage of mobile payment applications like Phone Pe, Google Pay, Paytm and others, accelerating the need for software defined infrastructures. According to Cisco Systems, APAC region is estimated to witness cloud traffic reach up to 3469 exabytes per year by 2021, making it the heaviest cloud region after North America. This rise in cloud traffic will eventually create need for handling large data amounts with optimum security, efficiency, data management and others, which in turn will propel the need for SDS solutions in the long run.

Software defined Storage Market Drivers

Rapid growth in unstructured data volumes

Increasing shift towards advanced technologies like artificial intelligence (AI), internet of things (IoT) have led to rise in volume of unstructured data gathered from various sensors, equipment and connected devices across various industry verticals. Since these enormous unstructured data volumes need to be stored and processed continuously, the need for a highly scalable and efficient unified data storage and management solution becomes highly essential. Explosive growth of unstructured data across various organizations have been impacting the adoption of software defined storage (SDS) solutions with capabilities like scale-out architecture, non-virtualization support, integration with cloud environments, high data performance speeds and so on. The State of Unstructured Data Management 2019 report by Igneous had revealed about the rise of unstructured data volumes with 23% annual growth, showing almost doubling of data every 40 months. Furthermore, shift towards digitalization or automation trends across various industries, have been also attributing towards the need for SDS solutions to improve reliability, efficiency as well as flexibility for handling machine generated unstructured data and ease out decision making processes.

Ease of management and Increased Security

Benefits such as ease of management and increased security act as one of the major factors driving the market growth of software defined storage (SDS). As SDS model offers ease of integration or management along with control of multiple storage locations simultaneously be it on premise or multi cloud platforms, they have emerged as a popular choice across varied end-use applications. Adoption of SDS solutions help in offering improved data visibility, tracking of utilization, storage infrastructure changes and others, making it a better alternative compared to traditional storage with increased data security and efficient data management capabilities. Moreover, SDS solutions help in improving operational speed owing to its capability of handling large data sets while maintaining limited access to the encrypted files, data backup and data recovery, ensuring better data protection. In April 2021, Upstox had revealed about suffering a massive data breach which exposed important data of its customers including Aadhaar, PAN as well as bank account numbers, mobile numbers and email addresses. Such breach incidents is set to drive the demand towards secured storage solutions like SDS solutions in the coming time.

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Software defined Storage Market Challenges

Lack of awareness and technical expertise

Lack of awareness and technical expertise towards implementation or deployment of Software defined Storage (SDS) infrastructures act as a major challenge impeding its market growth. Owing to deployment complexities, there is need for skilled workforce capable of handling power, sophistication as well as flexibility enabled by SDS solutions, thereby slowing down its adoptability across data storage applications. Due to lack of awareness, training and educating end-use customers defining the importance of using SDS solutions over traditional storage hinders the market growth. Moreover, the need for software defined storage vendors to work on offering enhanced software solutions capable of reducing less data theft risks, which occurs during cloud location storage becomes essential for raising confidence among end users towards adoption of SDS solutions.

Software defined Storage Market Landscape

Partnerships and acquisitions along with product developments are key strategies adopted by players in the Software defined Storage Market. Major players in the Software defined Storage Market include IBM Corporation, NetApp Inc., VMware Inc., Fujitsu Limited, Dell EMC Corporation, Huawei Technologies Co Ltd., Citrix Systems Inc., HPE(Hewlett Packard Enterprise), Scality, Western Digital Corporation.

Partnerships/Mergers/Acquisitions

In October 2020, IBM announced about the enrich protection for its software defined storage solutions, designed to support the expanding container and Kubernetes ecosystem, including RedHat OpenShift.

In May 2020, Fujitsu Limited had introduced a high- high-volume data management solution, named Fujitsu Storage ETERNUS DSP, mean for enterprises relying highly on vast data amounts. This solution was meant to offer flexible and rapid storage expansion, while minimizing management burden on running and installation costs throughout the system.

Key Takeaways

BFSI sector is analyzed to account as the fastest growing segment in the global Software defined Storage Market during 2021-2026, due to rising rate of cybercrimes, need for faster data access and others.

North America had accounted for the largest share in the global Software defined Storage Market in 2020, owing to adoption of cloud services, high R&D investments from market players and others.

The top 10 Companies in the Software-defined Storage market include IBM Corporation, NetApp Inc., VMware Inc., Fujitsu Limited, Dell EMC Corporation, Huawei Technologies Co Ltd., Citrix Systems Inc., HPE (Hewlett Packard Enterprise), Scality, Western Digital Corporation.

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