Software Defined Storage Market to Generate Revenue of US$ 47.2 Billion by 2025
The software defined storage market was valued at US$ 4.7 billion in 2016 and is projected to reach US$ 47.2 billion by 2025, according to a new market research report Software Defined Storage Market, by Component (Platforms/Solutions and Services), By Storage Usage (Surveillance, Data-Backup and Disaster-Recovery, Storage Provisioning and High Availability, Others), By Organization Size (Small and Medium Enterprises (SMES) and Large Enterprises), By Application (Education, Telecom and Ites, Logistics and Warehouse, Healthcare, Media and Entertainment, Banking, Financial Services, and Insurance (BFSI), Others) and by Geography – Global Forecast to 2025, by Coherent Market Insights.
Management of Big Data is a major concerning factor for all enterprise and is one of the major factors for growth of the software defined storage solution market. This is attributed to features of software defined storage solutions including the ability to manage storage of big data, data flow, and access to unstructured data. Big data analytics involves examining of unstructured data from social media conversations, emails, wireless devices, rich media, and other sources which helps companies to understand the market trends and customer demand. The volume of such large data makes it virtually impossible for the companies to store and retrieve the required data at any time. Software defined storage have the capability to effectively manage this large volumes of data. Moreover, increasing demand for unstructured data for market insights also plays a key role for growth of the market.
Social media is one of the major platforms, which provides unstructured data. Facebook, Twitter, Google+, Pinterest, Instagram, LinkedIn, YouTube etc. are some of the popular social media channels. For example: According to Coherent Market Insights, it is estimated that in every 60 seconds, near about 27,000 videos are streamed on YouTube, around 3 million posts are shared on Facebook, around 430,000 tweets are posted on Twitter, and around 120 new users get registered on LinkedIn. Moreover, the security concern in cloud storage become one of the major challenge which hinders the market.
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Key Takeaways of the Software Defined Storage Market:
- The global software defined storage market was valued at US$ 4.7 billion in 2016 and is projected to reach US$ 47.2 billion by 2025, exhibiting a CAGR of 5.9% over the forecast period. Owing to increasing data generation from various verticals.
- Among application, banking, financial services and insurance segment held a dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Large volume of data is generated by financial institutes and this is the major factor for increasing demand for storage solutions for this segment. As the software defined storage solution provides sufficient time to analyst to plan and manage their data according to government regulations.
- North America software defined storage market held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. North America accounted for around 55% share in the global big data market in 2016 according to Coherent Market Insights. Therefore, in order to manage this data, enterprises are adopting software defined storage solutions and this is expected to be a factor for growth of this regional market.
- Key players in the market are focusing on new product launches, in order to increase their market share. For example: in 2017, Dell EMC, a U.S.-based computer data storage company, launched a new and enhanced software-defined storage product, EMC PowerEdge 14th generation servers, which provides high level of performance and scalability across various applications and workloads.
- Some of the major companies in the global software defined storage market are Dell Inc., EMC Corporation, Fujitsu Ltd., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Citrix Systems Inc., Netapp, Inc., Seagate Technology, VMware Inc., and Western Digital Corporation.
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