ResearchMoz.us has added a market study, titled, “Software-defined Storage: Global Markets to 2022,” to its vast repository of reports. It throws light on the various crucial aspects of the software defined storage market so as to help companies take well-informed business decisions. It discusses the different tailwinds and headwinds affecting the course of the market and provides an estimate of its size vis-à-vis revenue. The report analyzes new software and open-source hardware enabled by the software-defined storage marketplace and its effect on the traditional storage systems.
Software-defined storage (SDS), a computer program which manages resources for data storage and functionality, decouples it from the underpinning hardware which is for physical storage. The market for such a solution is expected to rise at a stellar 16.4% CAGR over the course of the forecast period from 2017 to 2022 to become worth a staggering US$18.2 by 2022 from US$8.5 billion in 2017.
This phenomenal growth will mainly be stoked on account of the exponential growth in unstructured data in organizations accumulated from various points and the pressing need to bring about their cost-efficient management. Entities are required to adhere to compliance policies for storing and sharing data to secure information critical for businesses. This is facilitated by SDS. Software-defined storage helps to prevent downtime of storage infrastructure, thereby making companies more agile.
Software-defined storage products allow users to upgrade the software independently of the hardware. They have the ability to aggregate storage resources, manage both the shared storage pool and storage services via a single administrative interface, scale out the system across a server cluster, and framework to control storage features and functionality.
The abundant availability of high-performance server hardware outfitted with multicore processors, uptake of virtual servers, applications, desktops, and networking, and sweeping popularity of cloud technologies are also majorly fuelling the market for software-defined storage.
Having thrown light on its myriad benefits, the report goes on to segment software-defined storage based on different parameters such as technology, end use, and applications. Depending upon technology, for example, it can be divided into software-defined storage hardware, software-defined storage networks, software-defined storage, and software-defined storage services. In terms of end use, the market can be classified into mid-size firms, enterprises, and small businesses.
Software-defined storage finds application in energy, consumer products, government, financial services, retail, materials, transportation, telecommunications, and utilities. Currently, the segment of financial services is at the forefront of generating demand on account of the huge volumes of data they have to deal with on a daily basis.
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Geography-wise, Asia Pacific leads the global software-defined storage market on the back of growing number of SMBs in the region and a proliferating IT sector. This is expected to drive up demand of sophisticated storage solutions such SDS solutions that would help businesses to reduce cost and become more nimble in its operations. North America is another key region because of the swift uptake of latest technologies by enterprises in the region and also because of the presence of most of the key vendors in the region.
Some of the prominent participants in the global market for software-defined storage are AT&T, Cisco, Hewlett-Packard Enterprise, BMC Software, and IBM. The report finds that the competition in the market is robust on account of businesses pouring money to come up with more cutting-edge solutions and resorting to mergers and acquisitions and collaborations.
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