Press release
Software Defined Storage Market: Mounting Volumes of Data Augments Demand for Software Defined Storage
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.
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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.
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.
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.
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