Software Defined Storage Market: BFSI Industry to Hold Leading Share in Global Market

Transparency Market Research (TMR) states that the global software defined storage market is likely to witness intense competition as vendors are working on developing better technologies. Some of the leading players in the global market are VMWare, Inc., Dell EMC, Oracle Corporation, and Microsoft Corporation. These companies are expected to expand their geographical reach in the coming years as developing countries are likely to offer lucrative opportunities. Furthermore, investment in research and development along with mergers and acquisitions will also be some of the key strategic moves adopted by these companies.

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According to the research report, the global software defined storage market is likely to be worth US$48.18 bn by the end of 2025 from US$4.86 bn in 2016. During the forecast years of 2017 to 2025, the global market is projected to progress at a CAGR of 29.2%. The data security software segment is expected to lead the global market as it is likely to register a whopping CAGR of 30.3% over the forecast period. In terms of geography, Asia Pacific is estimated to emerge as the leading regional market. The report estimates that it will rise at a CAGR of 31.1% between 2017 and 2025.

Copious Amount of Data Augments Demand for Software Defined Storage

Data has become an integral part of everyday life and its generation is expected to rise at an exponential rate due to the accelerated penetration of the internet. The growing uptake of information detecting devices such as cameras, software logs, microphones, mobile devices, and frequency identification has led to an unprecedented rise in data. Furthermore, advent of big data analytics and usage of virtualization technologies has augmented the demand for software defined storage. Today, virtual technologies are extensively used in various organizations to reduce the cost of resources while offering excellent services. Thus, the introduction of cloud computing is expected to support the growth of the global software defined storage market in the coming years. In the coming years, software defined storage solutions will remain in demand as they cater to the immediate needs of modern network environment.

Several organizations are increasingly shifting towards a cloud-based infrastructure in order to achieve higher level of efficiency in networking, computing, and storing the data with the help of cloud services. Analysts anticipate that the demand for cloud services will continue to be on the rise as they offer immense flexibility. As software defined storage allows a strong foundation for hybrid cloud models, its global market is likely to receive a significant impetus in the near future.

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Challenges with Interoperability become a Threat to the Global Market

Despite the strong market drivers, the global software defined storage market is likely to be challenged by a few factors. Presently, the global market has to compete with existing storage platforms. Software defined storage involves APIs and standard protocols for which it cannot operate on different kinds of network infrastructure. Thus, issues related to interoperability are expected to dissuade the global market.

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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