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
LONDON, Nov. 24, 2016 /PRNewswire/ -- "Increasing volume of data across enterprises and need to access them remotely is a major driving factor for the Software Defined Storage (SDS) market" The SDS market is estimated 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%. The need for handling exponentially growing data volume across enterprises, rise in the "software defined" concept, and the need for cost optimization in data management are some of the driving factors for the SDS market. "SDS controller software solution is expected to gain the maximum traction during the forecast period" The SDS controller solution has been in demand as it automates the flow of stored data to ensure faster functioning of the process based on priority. It facilitates automated network management and makes it easier to integrate and administer business applications. The adoption of this software solution is expected to grow at a faster rate than any other function of the SDS technology. "Healthcare is expected to be the largest contributor among other verticals for the forecast period" The healthcare vertical has witnessed the highest adoption of SDS solutions and service. The growing use of internet has revolutionized the healthcare industry by connecting patients and doctors through the launch of various apps for connecting to medical facility and keeping track of medical record anywhere and anytime. This is boosting the data storage market, leading to healthcare being the fastest adopting industry of SDS technology. "The APAC region is expected to be the fastest growing region for the SDS market" Factors such as the availability of IP network infrastructure and powerful penetration of broadband capabilities are driving the SDS market in the APAC region. The APAC region is growing fast as the SMEs in the region are keen on seeking storage virtualization facilities to reduce their IT spending. Also, technological advancements, increased awareness among masses, and lowered costs are the further reasons for the growing need of SDS software solutions and services in the region.