The global software defined storage (SDS) market is expected to become highly competitive in the upcoming years, says Transparency Market Research in a recently published report. Such a cutthroat competition will mainly result from large investments by businesses to improve technologies, in order to outgun their rival companies. Mergers and acquisitions and collaborations, are some of the strategies implemented by most businesses in the global software defined storage (SDS) market in order to tap into new markets spread across geographies.
VMWare, Inc., Dell EMC, Oracle Corporation, Microsoft Corporation, NetApp, Inc., Hewlett-Packard Enterprise, and International Business Machines Corporation are some of the key players in the market.
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As per our expert analysts at TMR, the global software defined market is expected to attract a valuation of US$48.18 bn until the end of 2025. The market which was valued at US$4.86 bn in 2016, will likely see such as stellar increase in value by clocking a phenomenal 29.2% CAGR from 2017 to 2025.
The global software defined storage market is mainly divided into several segments based on four criteria: usage, software, end user, and geography. Under end users, the BFSI industry is anticipated to hold a leading share in the market, with a rising awareness about reliable back-up data plans. The Geographically, the global software defined storage market can be divided into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Of these, North America rakes in maximum revenue due to presence of a key vendors in the region and high awareness of the market-based services among the masses.
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According to the comprehensively detailed report, the software defined storage market is mainly driven by the several benefits provided by this type of storage, as compared with other technological methodologies. Some of these benefits are: less energy processed, less cost needed to build data centers, and operational ease. Mammoth data volumes produced by industrial and governmental sectors is also expected to boost the global software defined storage market. Computers exist in most modernized households, urban locations, and manufacturing companies and industries. Such a rapid rise in the number of computing systems is a crucial factor to raise the global software defined storage market’s growth graph. Regular improvements in software programs with respect to ease of learning and use, along with a change in computing powers to gain high operational speeds, is also proving beneficial to the software defined storage market.