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Storage Software Market to Hit $10 Billion by 2005, IDC

Storage Software Market to Hit $10 Billion by 2005, IDC

Monday Oct 8th 2001 by Jennifer MacAdam

IDC predicts revenues to increase from $5.47 billion in 2000 to $10.7 billion in 2005

In a recently published report, IDC research projects worldwide storage software market revenues to increase at a compound annual growth rate of 14.4%, from $5.47 billion in 2000 to $10.7 billion in 2005. This represents a 96% increase in revenue during the forecast period.

"The quick acceptance and adoption rate of storage software solutions during 2000 can certainly be expected to continue at an accelerated pace over the next five years," said Bill North, research director of IDC's Storage Software service. "Enterprises will continue to demand more sophisticated software tools to assist in efficient management while corporations will strive for 100% application uptime and data availability. These will both continue to be key factors in market growth."

According to IDC, other factors contributing to growth in the market include: increasing use of digital forms of information caused by e-commerce application deployment; growing awareness of the need to protect corporate information on client desktops and mobile laptops; and a shortage of IT staff trained in SAN management and high availability system, application, and storage management.

IDC's Storage Software and Submarkets Forecast and Analysis, 2001-2005 provides a comprehensive forecast and analysis of the overall storage software market and four submarkets. Estimated vendor revenues worldwide for 2000 and key trends are also included.

IDC will be publishing an update to the forecast for this market, which will examine any effects the events of September 11 may have on the growth of this market in the short term.

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