Global storage software market to be worth $23.33bn

The global storage software market will be worth $23.33 billion by 2019, according to industry analyst Markets and Markets.

The analyst said the storage software market – including the storage replication, archiving, software defined storage and other segments – will grow from $15.11 billion in 2014 at a CAGR of 9.1 percent up to 2019, to reach the £23.33 billion.

Markets and Markets said fast growing storage data volumes, particularly the growth of unstructured data, is the major driver for increasing demand for storage software solutions.

A further driving force is the significant cost reductions offered by storage virtualisation solutions, which are attracting growing demand for the technology around those products.

The analyst said the demand for products covering data protection and recovery, storage and device management, storage replication and archiving was also continuing to grow.

Antony Savvas

York, UK-based Antony Savvas has been a technology journalist for 25 years and has expertise in all major areas of enterprise and consumer IT. He has worked for a number of leading technology magazines and websites and his work is syndicated across the internet. He also undertakes corporate work for some of the world's leading technology companies.