Software defined storage market is predicted to grow at higher CAGR in the forecast period
The global Software Defined Storage (SDS) Market is expected to value at USD 17,461.9 million by 2024. The software defined storage industry is subject to witness a substantial growth due to the rise of technologies such as Big Data and cloud technology. Additionally, technological proliferation and enhanced flexibility provided by software defined storage (SDS) solutions are driving market growth in the recent years.
Software defined storage solutions offer enhanced analytics and management for complex networks with the help of improved data traffic monitoring and resource management. Globally, the software defined storage market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
The large chunk of the data is generated in short amount of time, which needs to stored and processed, for enriching consumer experience. Use of the software defined storage (SDS) offer dependable, faster, secure and flexible solutions alongside providing enhancing user experience; due to which large number of market players are investing in the research and development of the data storage to achieve required results and extended benefits.
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The software defined storage (SDS) units allow highly efficient business processing capability. The factors such as lower prices of solid-state devices, high-level functionality, numerous cost benefits of the solid-state devices, and extended life span of the data storage devices are attributing to the growth of the market.
Furthermore, populism towards cloud data storage by businesses and institutions is on the rise since last decade owing to the cost-efficient employment and easier availability. The advantages with the adoption of the cloud storage provide total ownership of the storage space and complete accessibility from the remote locations.
Use of solid state devices offer higher number of advantages in comparison with the traditional, as they use electronic chipset to store digital information. Other advantages of software defined storage (SDS) units include higher functionality, better performance ratio, low noise production, and extended life span. These advantages are responsible for wider reach of the software defined storage (SDS) industry across various global regions.
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The SDS market is broadly categorized into six major segments based on the application type such as banking, finance and insurance (BFSI) sector, education sector, IT services, government sector, manufacturing sector and healthcare sector. The banking, finance and insurance (BFSI) sector is considered as one of the fastest growing segment in the with substantial revenue generation in the last few years.
Growing popularity of software defined storage (SDS) solutions in the banking, finance and insurance (BFSI) segment is attributed to the higher data transfer rates and assisting multiple distributed sys. The IT services segment has also witnessed substantial growth owing to the high-end demand for management of large amounts of data in the software industry.
The SDS industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in data storage sector, increase in the number of research & development activities in the region, and existence of well-established cloud infrastructure.
Asia-Pacific region is predicted to hold major market share in the software defined storage (SDS) market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with strong economic growth in the region, rising number of smartphone consumers, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the software defined storage industry are OpenText Co., Microsoft Co., IBM Co., EMC Co., Hitachi Data Systems, Inc., Hewlett-Packard Enterprise, VMware, Inc., Amplidata Inc., NetApp, Inc., and Nexenta Systems, Inc.
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