According to a Facts and Factors research study, the global Storage Resource Management Industry market in 2019 was approximately USD 40 billion. The market is expected to grow above a CAGR of 17% and is anticipated to reach over USD 118Million by 2026.
The global store-management market is expected to grow steadily over the forecast period due to increased data generation due to high internet usage. The increase in cloud-based systems is expected to stimulate market demand growth over the predicted timeframe in the recent past.
The market study covers the present scenario and growth prospects of the global storage resource management market for 2020-2026. The report also lists product types, applications, devices & geography, as the four major application segments, of which the storage resource management market accounted for the high demand of the market share in 2020.
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Storage Resource Management Market: Overview
Data management provides operational benefits for the client by optimizing efficiency in the handling of electronic data. It is used to monitor and control storage performance efficiency that enables efficient resource management and optimization, which in turn allows companies to identify unused capacity and use it for future usage. This also helps organizations to recognize obsolete information that is being moved or relocated to different locations. It maximizes the organizations ‘ ability to store information and allows them to reduce their operating costs. Space management needs are projected to increase over the forecast period with rapid growth in enterprise data generation and complexity in computing.
When the amount of data grows, companies are faced with problems like unorganized and unstructured data, like emails, web pages, and other related details. Rising operating costs and the need to effectively manage such data have become a major market problem in the recent past It has been noted that the rapid adoption of such systems has resulted in increased gateway demands. A gateway is a software or hardware-dependent appliance that resides at the client’s premises and serves as a link between remote storage systems and local applications. Because companies only have to pay for the space they use to store data, this decreases the companies ‘ operating costs. Therefore, these advantages are expected to further the demand over the forecast period.
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Industry Major Market Players
- Etymotic Research
- Hellberg Safety
- Silenta Group
Storage Resource Management Market: Growth Factors
This provides direct access through a web interface to a wide range of software and services that are operated by another organization. Some of this method’s benefits have increased its popularity in the recent past. A few vendors made accessing stored information simple through mobile apps. Demand in this sector has increased nearly unlimited space at a fair price in recent years, and that trend is expected to continue over the forecast period.
The primary restriction for this sector is data protection, which is expected to negatively impact business growth and development. Malicious hacking techniques have seen rapid growth in the recent past and are expected to affect productivity and profit margins in the industry. Service providers in this field need to adapt to adapting and updating their systems in accordance with data security management requirements. It is predicted these disruptive technologies will have a detrimental impact on the global economy over the next eight years.
Shift, stability, and successful technological advancements are expected to provide sufficient opportunities for growth and development for industry participants. During the forecast era, the shortage of skilled and qualified staff is expected to present a major challenge to business growth. Performance issues relating to transfer rate, upload, extraction, and quality control are expected to work over the forecast period as major bottlenecks for this industry. Growth in demand for a single data accumulation solution is the latest development in this field, which is expected to play a key role in shaping the market in the years to come.
On the basis of type, Cloud dominated the market in 2019 and was accounted for approximately 67% of shares worldwide. This segment is projected to grow even more over the forecast period owing to its features such as comfortable easy to use and convenient to access. Based on application, the manufacturing segment held significant shares in 2019. The surge in growth of this segment is attributable to the rising industrialization globally.
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Storage Resource Management Market: Regional Analysis
By region, North America dominated the global market in 2019, owing to the strict application of safety measures in the working area and increasing awareness among the population combined with easy accessibility and affordable cost of the Storage Resource Management Industry.
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This report segments the Storage Resource Management Industry market as follows:
Global Storage Resource Management Industry Market: By Type Segmentation Analysis
Global Storage Resource Management Industry Market: By Application Segmentation Analysis
- Defense and Aviation
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