Software-defined storage is a storage architecture for data storage requirements based on a set of software and hardware components. Due to various advantages such as improved system performance, web facilitation, and reducing maintenance cost have increased the demand of software-defined storage. The increasing generation of data become one of the major factor for the growth of the market. According to Coherent Market Insights, it was analyzed that each day near 2.6 Quintillion bytes of data generated globally.
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Solution segment held the dominant position in global software defined storage market in 2016
On the basis of component, the software defined storage market is segmented into solution and services. The solution segment held the dominant position in the market and is projected to retain its dominance throughout the forecast period. Increasing adoption of data security plays a key role for growth of the market. Most organizations have to mandatorily follow compliance guidelines and policies for sharing and storing data for securing critical information related to business operations.. The integration of security and compliance solution in existing software defined storage solution have increased the demand for supportive solutions.
Increasing adoption of big data based technology plays a key role for the growth of the market
Rising demand for analyzing big data plays a key role for growth of the software defined storage market. High flexibility and cost saving are some of the major advantages that increased demand for software defined storage solutions. The increasing unstructured data from social media conversations, email, wireless devices, media-rich content and other sources have increased demand for software defined storage solution to better manage big data.
Asia Pacific software defined storage market is projected to grow with the highest CAGR in the forecast period.
North America held a dominant position in the market in 2016 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are the major growth engines in the region. The increasing government projects related to digitalization is a major factor fueling growth of software defined storage market in this region. According to U.S. digital government strategy report on “Building a 21st Century Digital Government”, the government aims to develop better digital services to enhance lives of the country’s population.
Asia Pacific is projected to be fastest growing market for software defined storage over the forecast period, with India, China, and Japan positioned as the major growth engines in the region. The increasing IT industries and growing numbers of startups become one of the major factor for rising demand for data storage market, will boost the demand for software defined storage solutions. According to economic survey 2015-2016 released by Government of India, the country has over 19,000 technology enabled startups driven by consumer internet and financial services startups. Moreover, according to survey report in 2015, the India startup raised US$ 3.5 billion. Due to popularity of software defined storage benefits such as creates smarter integration between workload & storage, gain control & efficiency and acquire real time scalability, the small and medium size enterprises adopting this technology. Hence, this helps small and medium enterprises to reduce storage cost and achieving better business functions.
Key Companies – Global Software Defined Storage Market
Some of the major companies in the global software defined storage market are Dell, EMC Corporation, Fujitsu Ltd., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Citrix Systems Inc., Netapp, Inc., Seagate Technology, Vmware Inc., and Western Digital Corporation.