Worldwide Storage Software Forecast, 2020-2024: Revenue to Take a Hit Before Rebounding Through Data Protection and Multicloud Systems

Worldwide Storage Software Forecast, 2020-2024: Revenue to Take a Hit Before Rebounding Through Data Protection and Multicloud Systems

  • July 2020 •
  • 21 pages •
  • Report ID: 5949040 •
  • Format: PDF
This IDC study provides worldwide storage software forecast for 2020-2024."The overall storage software market will take a significant revenue hit because of a decline in external enterprise storage systems next year. Impacts from the COVID-19 pandemic will also affect bottom-line spending as companies hold onto legacy systems and software to reduce capex. The market, however, is expected to rebound in 2022 and should experience steady growth through at least 2024," said Lucas Mearian, research analyst, Infrastructure Systems, Platforms and Technologies Group at IDC. "Growth in hybrid cloud adoption and hyperconverged infrastructure will ultimately buoy related sales of software-defined storage, creating opportunities for suppliers as companies undergoing digital transformation shift away from legacy array-based storage systems and software."