According to the latest report by IMARC Group, titled "Storage Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the storage software market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global storage software market size reached US$ 24.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8% during 2023-2028.

Storage Software Market Overview:

Storage software refers to an application-based storage architecture that manages storage on a data center, private cloud, or virtualization platform. It includes various features, such as data backup and recovery, data compression, data deduplication, data encryption, data tiering, data replication, and data archiving. It is required to monitor and manage existing data storage needs while predicting future requirements. It ensures data availability, integrity, and reliability, while also optimizing storage utilization and performance. Additionally, it enables businesses to effectively manage their data, reduce storage costs, and ensure data security and compliance. Consequently, it is widely employed across numerous industry verticals, including retail, manufacturing, banking, financial services, insurance (BFSI), and telecommunications.

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Storage Software Industry Growth Analysis:

The increasing need for data protection and security is driving the storage software market. Moreover, the growing adoption of cloud-based storage solutions is significantly supporting the market as cloud-based storage software allows businesses to store their data on remote servers and access it from anywhere with an internet connection.

Furthermore, with growing regularity compliance, several leading players are heavily investing in developing solutions that can help organizations comply with these regulations by providing features such as data archiving, retention policies, and audit trails, this is providing a boost to the demand. Other factors, such as technological advancements on the Internet of Things (IoT), the rise of edge computing, and the introduction of hyper-converged infrastructure technology, are also influencing the market.

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Key Market Segmentation:

Top Storage Software Companies Worldwide:

  • Broadcom Inc.
  • Citrix Systems, Inc.
  • Dell Technologies, Inc.
  • Fujitsu Limited
  • Hewlett Packard Enterprise Development LP
  • Hitachi Vantara LLC
  • Huawei Technologies Co. Ltd
  • International Business Machines Corporation
  • NetApp, Inc.
  • Oracle Corporation
  • Western Digital Technologies, Inc.

Breakup by Software Type:

  • Cloud-based
  • On-premises

Breakup by Organization Size:

  • Small and Medium Enterprises
  • Large Enterprises

Breakup by Vertical:

  • BFSI
  • Healthcare
  • Manufacturing
  • Retail
  • IT and Telecom
  • Government
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Who we are:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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