The global storage management market size was USD 11.74 Billion in 2022 and is expected to reach USD 28.84 Billion in 2032, and register a rapid revenue CAGR of 10.5% during the forecast period. Rising data volume produced by organizations and individuals and increasing acceptance of cloud storage options and widespread use of Digital materials are key factors driving market revenue growth.

Software-Defined Storage (SDS) and hyper-converged infrastructure are two examples of advanced technologies that have emerged in response to the rising demand for data storage and management solutions. Since SDS and HCI offer more flexibility and scalability than conventional storage solutions, their popularity has increased dramatically in recent years. In addition, adoption of open-source storage management solutions due to rising demand for affordable storage solutions is another key factor driving revenue growth of the market.

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Moreover, rising trend of remote work and digitization is also expected to drive market revenue growth during the forecast period. People are producing and accessing data from many locations and devices due to increasing use of mobile devices and Internet, creating a demand for effective storage management solutions. As a result of this trend, cloud storage options, which enable remote access and data sharing, have increased in popularity.

The need for storage management solutions that adhere to these requirements has also increased as a result of the implementation of data protection laws such as Global Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

Furthermore, rising adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies is another factor driving market revenue growth. Large amounts of data are needed by these technologies to develop algorithms and make precise predictions. As a result, businesses are spending money on storage management systems that can deal with massive amounts of data and offer quick access to it.

Competitive Landscape:

• IBM Corporation
• Dell Technologies
• Hewlett Packard Enterprise Development LP
• NetApp Inc.
• Pure Storage Inc.
• Cisco Systems Inc.
• Hitachi Ltd.
• Oracle Corporation
• Fujitsu Ltd.
• Nutanix Inc.

The global market is further segmented into type and application:

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
• Latin America (Brazil, Rest of LATAM)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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