Feb 12, 2020 (Daily Market Journal via Comtex) -- The research study on Global Software-Defined Storage Market offers the comprehensive estimation of the industry's critical factors including new entrants, opportunities, trends, size, and market share. In addition, the report comprises the precise projections through the proven methods and assumptions. It also comprises an extensive assessment of the qualitative insights, validated estimations, historic data, and other significant information about the target market. Global Software-Defined Storage Market report offers a comprehensive analysis of the market size by evaluating the market in value and volume. The information comprised in this report gives a clear idea regarding the Software-Defined Storage industry aspects. Moreover, the global Software-Defined Storage market report provides a distinctive study of several factors such as current & future trends, microeconomic pointers, regulations, and other vital data. This research study extensively combines qualitative and quantitative aspects of the industry within every regions as well as countries involved in the market.
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Likewise, the research report contains detailed information about the industry share of the leading players of the Software-Defined Storage market. This research study delivers a broad analysis of the substantial factors such as market growth factors, trends, opportunities, challenges, threats, and SWOT analysis. This data will help to define the future development of the target market. Information offered in this research study helps to understand the growth strategies adopted by the industry players which may include merger & acquisition, collaboration, partnership, as well as product innovations. Furthermore, the research study comprise patent analysis and major patents of the global Software-Defined Storage market. Additionally, the report offers the complete analysis of the major competitors along with their company profiles.
Scope of the Report:
The scope of the study for the software-defined storage market is limited to the type of storage solution offered by the vendors for both SMEs and large enterprises. The study has also considered the application of the software-defined storage solution in a wide range of end-user industries and the after-sales services is not considered for market estimation.
- IBM Corporation
- Oracle Corporation
- NetApp Inc.
- Huawei Technologies Co. Ltd
- Fujitsu Limited
- Genetec Inc.
- VMWare Inc. (Dell Inc.)
- Hitachi Data Systems AG
- Pure Storage Inc.
- Promise Technology. Inc.
- FalconStor Software, Inc.
- StarWind Software Inc.
The software-defined storage market is expected to record a CAGR of 25.8% during the forecast period of 2018-2023. Software-defined Storage (SDS) is one of the new technologies trending in the enterprise storage market. SDS can separate storage software from hardware, thus cutting down on storage costs, in terms of capital cost and operation expenditure. Hence, enterprises are slowly shifting toward software-defined storage.
- The booming volume of unstructured data across various enterprises augments the demand for a scalable storage architecture that is reliable and secure. In addition to this, with the proliferation of IoT across the world, the data generated at the edge is also rapidly increasing.
- The SDS model addresses these needs by increasing deployment flexibility and enabling organizations to use the software with any storage platform through a single software interface.
- Enterprises or IT organizations undergoing digital transformation are likely to adopt SDS for their data storage needs, owing to the advantages that this technology offers, over the traditional storage methods. However, the lack of skilled operators to manage the transition toward SDS and security concerns are projected to hinder the growth of the market studied.
Key Market Trends:
BFSI Sector to Witness Significant Growth
- Financial organizations require highly secure and highly available storage capabilities to scale up and out, with appliances that link together across sites. The software-defined storage solutions help in improving BFSI operations, including handling massive data sets, limited accesses to files with encryption, and even data backup and recovery.
- In 2017, Bank of America spent USD 300 million, as it switched to software-defined infrastructure while getting rid of three data centers. As part of a project called Project Greenfield, the American bank moved 20,000 workloads onto its software-defined infrastructure, to bring down costs per workload. With the number of such used cases on the rise, the market is expected to grow at a significant rate over the forecast period.
- With the increase in the digital economy, data is everything. software-defined infrastructure and storage solutions are enabling global banks to access, analyze, and share data on-premises rapidly and in the cloud from front-to-back office operations. PayPal has declared that there has been a growth of over 46% in the annual payment volume in the year 2018 from the previous year reaching USD 227 billion.
- It is also stated in the world payment report 2018 that, non-cash transactions has reached 482.6 billion in 2016, which is 9.8% growth since 2012 and is expected to follow the growing trend in the forecast period. Moreover, with data centers expected to reduce costs significantly, as directed by the US federal government, the adoption of the SDS is expected to increase even further.
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