Global Software Defined Storage Market: Snapshot
The emergence of hyper-scale data has facilitated the expansion of software defined storage in recent days. This technology is expected to enhance the performance of the storage environments, thus reducing the cost involved in IT infrastructure. Wide expansion of data in recent years has led to the growth of software defined storage market over the forecast period. Growing cloud based infrastructure has also fuelled the growth of software defined storage market. Rise in the adoption of virtualization technologies by small and medium scale enterprises has fuelled the growth of the software defined storage market globally. New technologies such as BYOD and Big Data, among others have been a push factor for the growth of software defined storage market over the years to come. Development of cloud-based infrastructure over the years to come is projected to create more market opportunities for the software defined storage market. Against this background, the global market is projected to be worth US$48.18 bn by the end of 2025 from US$4.86 bn in 2016. The global software defined storage market is projected to progress at a CAGR of 29.2% during the forecast years of 2017 and 2025.
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BFSI Industry to Hold Leading Share in Global Market
The end users in the global software defined storage market are industries such as the BFSI, telecom, manufacturing, education, media and entertainment, healthcare, high tech, and others such as logistics and warehouses, and e-commerce. Of these, the BFSI industry is expected to account for the leading share in the global market. The sector is expected to continue its dominance in the coming years as the sector is realizing the urgent need for foolproof data back up plans. On the other hand, the healthcare industry has also been identified as one the fast growing segments owing to the increasing expenditure for the development of healthcare sector globally. Analysts expect that BFSI industry will progress at a CAGR of 29.4% in the global market over the forecast period.
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North America to Lead Global Market due to Higher Acceptance of Technology
On the basis of geography, the global software defined storage market is divided into Asia-Pacific, North America, the Middle East and Africa, Europe, and Latin America. Out of all these regions, North America accounted for the dominant market share in 2016 and it is projected to dominate the software defined storage market over the forecast period. This trend will be attributable to the strong presence of software defined storage solution vendors in the regional market. The U.S. is expected to lead the North America software defined storage market due to a higher acceptance of the technology.
Asia-Pacific held a considerable market share of the software defined storage market in 2016 and it is likely to have an increasing market share over the forecast period. Adoption of virtualization technologies in this region has eased the expansion of software defined storage market. China held a considerable market share of the software defined storage market in 2016 and it is likely to have a considerable market share over the years to come. Latin America is one of the fast growing regions and it is likely to have a decent market share over the forecast period. Brazil held the maximum market share of the software defined storage in this region over the forecast period.
The important players operating in the global software defined storage market are Dell Inc., VMWare, Inc., Dell EMC, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, Hitachi Data Systems Corporation, Hewlett-Packard Enterprise, NetApp, Inc., and Cisco Systems, Inc.