PUNE, India, August 12, 2016 /PRNewswire/ --
According to a new market research report "Software-Defined Storage Market by Component [Platforms/Solutions (Software-Defined Server, Data Security & Compliance, Controller, Data Management, and Hypervisor), Services], Usage, Organization Size, Application Area - Global Forecast to 2021", published by MarketsandMarkets, is expected to grow from USD 4.72 Billion in 2016 to USD 22.56 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 36.7%.
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Browse 101 market data Tables and 58 Figures spread through 167 Pages and in-depth TOC on "Software-Defined Storage Market"
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Exponentially growing data volume across enterprises, rise in "software defined" concept, and the need for cost optimization in data management are some of the major driving factors for the SDS market. Furthermore, avoiding downtime of storage infrastructure and competitive market environment due to its being an innovative technology are expected to provide opportunities for the growth of the SDS market.
Data security and compliance software is expected to be the largest contributor in the global SDS market during the forecast period
Organizations have to mandatory follow the compliance policies and guidelines for storing and sharing data while securing business-critical information. Also, there is a need to take actions for storing and sharing data while securing the business-critical information. The requirement of security and compliance function in the existing SDS solution while storing the data has increased the demand for this software and is expected to contribute the highest in the overall revenue generation for the Software-Defined Storage Market during the forecast period.
The support and maintenance segment is expected to show significant growth rate during the forecast period
The demand for services is significantly increasing along with the growth of the SDS market. Software and maintenance services help organizations to get the maximum benefits from their SDS software investment. The customers can get better assistance and maintenance for their SDS solution with various levels of support programs. The market for support and maintenance will keep growing owing to the need for consistent support required for deploying and utilizing the SDS solution.
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With increasing number of IT industries and growth of Small and Medium Businesses (SMBs) in the countries of Asia-Pacific (APAC), the region is expected to witness the highest growth rate during the forecast period
Many countries in APAC are witnessing increase in the number of IT companies and expansion of small and medium businesses. This will boost the data storage market, thus providing a bigger market for SDS solutions. With the popularity of SDS solution benefits, the SMBs will be adopting the SDS technology at a faster pace. The solution helps these organizations in reducing their storage cost and achieving better business function.
Dell (Texas, U.S.), EMC Corporation (Massachusetts, U.S.), Fujitsu (Tokyo, Japan), HPE (California, U.S.), IBM (New York, U.S.), Citrix (Florida, U.S.), NetApp (California, U.S.), Scality (California, U.S.), VMware (California, U.S.), and Western Digital Corporation (California, U.S.) are identified as leaders in the SDS market.
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