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.
The emergence of hyper-scale data has facilitated the expansion of software defined storage in recent days. This technology is expected to enhance the performance of the storage environments, thus reducing the cost involved in IT infrastructure.
Wide expansion of data in recent years has led to the growth of software defined storage market over the forecast period.
Growing cloud based infrastructure has also fuelled the growth of software defined storage market.
By TMR, 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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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.
Analysts expect that BFSI industry will progress at a CAGR of 29.4% in the global market over the forecast period.
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.
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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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