According to a new report by Market Research Future (MRFR), the global software market is estimated to showcase a 27 % CAGR over the forecast period (2016-2022). Software-defined storage is exclusively designed for the organization to store data related to business and enable fast delivery of IT services.
The technology is expected to augment the storage environment performance, thus reducing the cost of IT infrastructure. The market for Software Defined Storage Market is anticipated to become highly competitive in the years to come owing to the huge investments by businesses to improve technologies and outgun their rival companies.
On 8th May 2017, Dell EMC announced enhanced software-defined storage products that help customers to modernize their data centers to get quicker returns on their investments, lower IT costs, and deliver new digital capabilities.
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The prominent players operating the global market for software-defined storage are Avaya (California), VMware (US), EMC (UK), HP (US), IBM (US), and many more.
IBM, on 26th April 2017, announced that for the 3rd consecutive year they had been ranked number one vendor in software-defined storage as per the results from International Data Corporation (IDC) Worldwide Quarterly Storage Software Qview for Q4 2016.
Future Constraints and Drivers Affecting the Market Growth:
The growth of software-defined storage market is stimulated by efficient and effective management of unstructured data. Besides, the wide expansion of data has resulted in the growth of the market. With the growing cloud-based infrastructure, the market is expected to boost in the coming years. Also, increasing adoption of virtual technologies by small and medium scale companies has fuelled the growth of the market globally. Adoption of technologies like Big Data and BYOD has also been a push factor for the growth of the market. Also, the development of cloud-based infrastructure is expected to create more opportunities for the market globally.
However, the absence of skilled workforce for effective development of software-defined storage along with security and reliability concerns impeding the global market growth. A prominent factor hindering the market growth involves high cost associated with the initial set-up of programs and operation-based process.
North America to Emerge as the Fastest Growing Market:
Geographically, the market for software-defined storage has been segmented into four regions like Asia Pacific, North America, Europe, and the Middle East and Africa.
North America has been estimated to emerge as the fastest growing market owing to the increasing demand for smart safety devices. Also, the North American market is expected to be the biggest market by the end of forecast period. The presence of software-defined storage solution vendors is expected to contribute to the market growth in this region.
The North American market is followed by Europe and Asia Pacific as second as third largest market respectively. The emergence of small-scale industries especially in India and China are driving the market growth. Asia Pacific held a considerable market share and is estimated to show an increased growth over the forecasted period. Adoption of virtualization technologies has eased the expansion of the market in this region.
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Global Software-Defined Storage Market Segmentation:
- The global software-defined storage market has been segmented on the basis of component, software, usage, organization size, end-user, and region.
- The market can be segmented into platforms and solutions, and services on the basis of component. Platforms and services can be further segmented into software-defined server, data management, hypervisor, controller, and data security and compliance.
- The market for software-defined storage has been segmented into data security, SDS server, compliance software, data management, SDS controller software, and storage hypervisor on the basis of software.
- The market has been segmented into data backup and disaster recovery, surveillance, storage provisioning, and high availability, and others on the basis of usage.
- The market has also been segmented into large enterprises and small and medium businesses on the basis of organization size.
- On the basis of end-users, the market has been segmented into logistics and warehouse, media and entertainment, education, banking, telecom and ITES, insurance (BFSI), financial services, healthcare, and others. Among these, the BFSI industry is accounted to hold the largest share of the global market as the sector is realizing the need for foolproof data back up plans.
- The healthcare segment has also been identified as one of the fastest growing sectors due to the increased expenditure for development of global healthcare sector.
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