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New report: Global software-defined storage market analysis to 2024

The market is anticipated to gain traction, owing to the emergence of the Big Data technology.

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The global Software-Defined Storage (SDS) market size was valued at USD 1,900.9 million in 2015. 

Technological proliferation and high flexibility offered by the SDS technology is driving the industry growth. Software-defined storage solutions help in controlling and managing complex networks through efficient data traffic and resource management.

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The demand for software-defined storage solutions is expected to witness a remarkable growth, owing to benefits such as data storage management on cloud-based platforms. The need for controlling the rising data center storage and infrastructure development costs across the globe is impelling the demand for SDS solutions.

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The ever-increasing data generation rate is instrumental in creating demand for effective data storage management solutions. In order to provide robustness and agility to businesses, enterprises across the globe are emphasizing on the adoption of software-defined networks and storage systems.

The demand is specifically high among telecommunication providers as software-defined storage offers ease in network congestion, flexibility in network infrastructure, and time & cost efficiency. Additionally, advantages such as task automation and rapid innovation offered by SDS are attracting huge potential and driving enterprises toward investing in software-defined storage systems.

However, the industry growth is expected to be hampered due to factors such as interoperability issues. The growth is further restricted, owing to security and reliability concerns.

The software-defined systems within the cloud infrastructure are vulnerable to hacking activities, which adversely impacts the industry and consequently, drives down the growth opportunities.

Application Insights:

The software defined storage industry, on the basis of applications, can be classified into seven types, Banking, Financial Services, and Insurance (BFSI); IT service; government; education; manufacturing; healthcare; and others. The escalated demand for managing large amounts of data in the software industry has led to a rise in the demand for SDS in the IT services sector.

The BFSI application segment accounted for over 17% of the overall market share in 2015 and is expected to emerge as the fastest-growing segment over the next seven years. The upsurge in demand can be attributed to the need for non-stop data availability in banks and other financial institutions.

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Company Size Insights:

The software defined storage industry, on the basis of company-size, can be classified into two types, small & medium enterprises and large enterprises. The demand for software defined storage in the large enterprises segment is predicted to dominate the market over the next seven years.

The increased government spending and launch of several initiatives along with subsidies for starting up businesses are contributing substantially to the growth of small and medium businesses (SMB) units globally, which are subsequently propelling the demand for SDS in small & medium enterprises. The small & medium enterprises segment accounted for over 30% of the overall market share in 2015 is projected to grow progressively over the forecast period.

Regional Insights:

The European region is expected to present significant opportunities for industry expansion, owing to the emerging trend of adopting Software-Defined Everything (SDE) technologies that include Software-Defined Networking (SDN), Software Defined Data Center (SDDC), Software Defined Storage (SDS), Software Defined Computing, and Software Defined Storage Networks.

The North American regional market accounted for over 40% of the global market share in 2015. The growth can be attributed to the strong presence of software defined storage solution vendors in the region.

The industry is predicted to gain momentum in the Asia Pacific and Latin American regions, owing to the large-scale adoption of software defined solutions by enterprises for enhancing the business processes and efficiency in their data centers.

Competitive Market Share Insights

The key industry players offering software defined storage solutions include OpenText Corporation (Canada), Microsoft Corporation (U.S.), IBM Corporation (U.S.), EMC Corporation (U.S.), Hitachi Data Systems (U.S.), Hewlett-Packard (U.S.), VMware, Inc. (U.S.), Amplidata Inc. (Belgium), NetApp, Inc. (U.S.),and Nexenta Systems, Inc.(U.S.).

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