According to the TMR report, the global software defined storage market is expected to be worth US$48.18 bn by 2025-end, expanding at a stellar 29.2% CAGR between 2017 and 2025. The global software defined storage market stood at a valuation of US$4.86 bn in 2016.
The global software defined storage market is anticipated to display lucrative growth opportunities for participants in the near future, states Transparency Market Research (TMR) in a new report. Entry of new players with deep pockets is likely to lead to vast hierachical changes in the software defined storage market. This, along with advanced technological capabilities is likely to lead to strategic collaborations and partnerships. In this scenario, leading companies are likely to enter into tie-ups with these new players to boost their technological competencies. This, however, may act as a barrier for new players to establish a presence in the global software defined storage market.
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Some key players in the global software defined storage market are VMWare Inc., Oracle Corporation, NetApp Inc., International Business Machines Corporation, Dell EMC, Microsoft Corporation, and Hewlett-Packard Enterprise.
By end user, the BFSI industry segment is likely to hold the leading share of the market over the forecast period. This is mainly because of rising awareness to adopt dependable back-up data storage programs. By geography, North Americarakes in the lion’s share in the software defined storage market. The growth of this region is mainly because of high-awareness among individuals for market-based services.
Mammoth Volume Data Generation for everyday Functioning pushes Demand for Software Defined Storage
According to the analysis of our experts, a slew of benefits pertaining to data security and minimum chance of data breach, as compared to other storage methods, is primarily driving the software defined storage market. Software defined storage display benefits of energy saving, less cost of construction of data centers, and operational ease.
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Massive volume of data generated on a daily basis from industrial, commercial, and residential consumers necessitates reliable data storage system to prevent loss of critical data. With consistent improvements in software applications with respect to use and ease of learning, along with evolution of computers with high operational speeds, the software defined storage is indirectly benefitted.