Storage Management Market Size, Share & Growth Report | 2030

Report Description

The global storage management market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the high internet usage resulted in generation of high volume of data.

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Storage management is a process that help make data storage easier through techniques or software. It tries to maximize and improve the efficiency of data storage resources. Storage management processes can deal with local or external storage, including storage area network, hard disk drive, network attached storage, and universal serial bus. Storage management system offers a various benefits to organizations, such as enhanced performance, higher availability, reduced operational expenses, and makes management easier. It have operational benefits to the organization by improving electronic data storage efficiency. It is used to monitor and track the storing performance effectiveness that enables device optimization and proactive management, which, in turn, helps the business to identify the unexploited capacity and use the space for future use.

The COVID-19 pandemic outbreak had positive impact on the market. During the pandemic, the work from home policy implemented by many organization, which resulted in increased demand for software of storage management system. Additionally, organizations across the globe are predicted towards data analysis, management, and storage solutions for managing the influx of data in the business sector.

Market Trends, Drivers, Restraints, and Opportunities

• Rising use of cloud-based system by organizations is one of the key factors driving the market growth.
• Growing demand of storage virtualization from business sector is projected to boost the market during the forecast period.
• Increasing concern related to data security acts as a major challenge that can restrict the market growth in the coming years.
• Lack of experienced and skilled workforce is expected to hamper the market growth during the projected timeline.
• Escalating demand of unified data accumulation management solution is anticipated to create significant growth opportunities for the market.

Scope of the Report

The report on the global storage management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Cloud segment to expand at robust growth rate

Based on deployment, the market is bifurcated into on-premise and cloud. The cloud segment is estimated to expand at robust growth rate during the forecast period due to these systems gives remote access to the data. Moreover, cloud based solutions are cost effective and requires no hardware set-up, which is driving the segment growth further. However, the on-premise segment is anticipated to expand at a substantial CAGR in the coming years attributed to the security issues associated with the cloud-based system and choice of organization to keep their data in their own facility.

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Automation drives the software-defined storage segment

On the basis of software, the global storage management market is segregated into storage virtualization, storage & device management, data protection & recovery, archiving, storage infrastructure software, software-defined storage, and storage replication. The software-defined storage segment is projected to register at high CAGR in the projected timeline owing to flexibility, automation, and accelerates the speed of business. On the other hand, the storage virtualization segment is anticipated to register a substantial CAGR during the forecast period attributed to the faster rate of data transfer and cost effectiveness nature. Additionally, storage virtualization creates a better system workflow in organization and it allows more than one type of storage array is major driver of the segment.

Digitalization drive the BFSI segment

Based on applications, the market is divided into telecom industry, media & entertainment, BFSI, and government organization. The BFSI segment is expected to grow at a rapid pace during the forecast period due to the growing implementation of digitalization in banking sectors generates large volume of data which need to be stored and analyzed. On the other hand, the government organization segment is anticipated to expand at a substantial CAGR in the coming years owing to need for centralized management of data.

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North America is to constitute a key market share

In terms of region, the global storage management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to the presence of key global players in the region. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the increasing awareness and demand from the end-use industries.

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