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Market Dynamics to Escalate Demand for Storage Software Throughout 2017 - 2025
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Storage software is rapidly gaining traction as many companies are increasing their IT budget for data storage. This is because of large amount of data generated from enterprises which includes both internal applications and external communication. Many new start-ups such as Maxta, Formation Data Systems and SwiftStack have entered the storage software market and also raised significant amount of investment from venture capitalists.
Storage Software Market: Drivers and Restraints
Reduction in data storage cost is one of the most important drivers for storage software market. The data generated from various industries such as BFSI, healthcare and retail are mostly unstructured data. In traditional storage infrastructures, unstructured data is stored across multiple silos for different applications and platforms, thus increasing the storage cost. However, storage software store and manage the data locally and make it accessible to the organization’s user anytime anywhere. This reduces the data storage cost.
Rising cost of storage software is one of the biggest challenges deterring the growth of the market. The rapid increase in demand of storage software due to huge amount of data generation is leading to the increasing cost of storage software. Also, replacement of legacy storage systems with storage software create hassles for the organizations due to which many companies are reluctant to replace it.
Global Storage Software Market: Market Segmentation
Global Storage Software Market can be divided into three segments, based on Enterprise Size, Deployment Model and Application.
Segmentation on basis of Enterprise Size in Storage Software market:
The segments in Storage Software market by enterprise size include:
Small and medium enterprises
Large enterprises
Segmentation on basis of Deployment Type for Storage Software Market:
The major segments of Storage Software market on basis of deployment type include:
On-Premises
Cloud-based
Segmentation on basis of Application for Storage Software Market:
The major segments of Storage Software market on basis of application include:
BFSI
Government
Healthcare
Retail
Telecom and IT
Others
Global Storage Software Market Trends
One of the important trends happening in the global storage software market is enterprises moving towards cloud storage. Increasing adoption of cloud computing is leading to companies aggressively shifting to cloud storage. Further, global storage software market is also witnessing a number of acquisitions in the industry. Companies are acquiring cloud solution providers in order to expand their services portfolio. For instance, in 2015 IBM acquired Blue Box, a managed cloud provider.
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Global Storage Software Competitive Landscape
Some of the prominent players in the Storage Software market include CA, Dell EMC, Fujitsu, Hewlett Packard Enterprise Development LP, Huawei, IBM Corporation, NetApp, Oracle, Red Hat, Inc. and Symantec Corporation among others.
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