Software Defined Storage (SDS) Market Size To Cross USD 17,461.9 Million By 2024: Grand View Research, Inc.

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According to report published by Grand View Research, The emergence of the Big Data technology is anticipated to impel growth in the global software defined storage market. Technological propagation, coupled with benefits such as high flexibility and cloud storage, is instrumental in keeping the industry prospects upbeat.

According to a report, “Software Defined Storage (SDS) Market Analysis By Application (BFSI, Education, IT Service, Government, Manufacturing, Healthcare) By Company Size (Small and Medium Enterprises, Large Enterprises), Expected To Reach USD 17,461.9 Million By 2024”, published by Grand View Research, Inc., 
The software defined storage (SDS) market size is expected to reach USD 17,461.9 million by 2024; The technology facilitates the efficient management and control of complex networks through proficient resource data traffic management. The BFSI segment dominated the global software defined storage industry, accounting for over 17% of the market share in 2015. The large-scale data generation in the banking and financial institutions and the need for incessant data availability are leading to the large-scale adoption of SDS solutions in the BFSI sector.

 Key Takeaways from the report:

  • The North American regional market accounted for over 40% of the global revenue share in 2015. The strong presence of software defined storage solution vendors in the region is expected to contribute to the industry growth in the region. Asia Pacific is expected to emerge as the fastest-growing regional market. The rise of small-scale industries in the developing markets of India and China is driving the regional growth.

  • Small and medium-sized enterprises accounted for over 30% of the global revenue share in 2015. The growth of Small and Medium-Sized Business (SMB) units across the globe, owing to the favorable government initiatives, is substantially driving the demand for SDS solutions among the small and medium-sized enterprises.

  • The major vendors include Brain Corporation (U.S.), Hewlett-Packard (U.S.), HRL Laboratories, LLC (U.S.), Intel Corporation (U.S.), Numenta, Inc. (U.S.), and Vicarious FPC, Inc. (U.S.). Industry vendors are emphasizing on new product developments and forming technology alliances to gain a competitive edge in the industry.

North America Software Defined Storage Market revenue, 2014 – 2024 (USD Million)

North America Software Defined Storage Market revenue, 2014 - 2024 (USD Million)

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Homeland Security Market: Technological advances in homeland security across the globe are expected to drive the market over the forecast period. Asia Pacific is anticipated to witness considerable growth owing to the advancements across emerging economies such as China and India. 

Managed Security Services Market: The proliferation of advanced threats is expected to increase the adoption of managed security services over the forecast period. Growing usage of cloud storage systems among organizations is driving the demand for cloud-based security services. 

The advancements in the cloud technology, its availability, and wider access to cloud-based platforms are favorably impacting the industry. Various enterprises across the globe are experiencing the need for minimizing infrastructure development and data storage center costs which are significantly contributing toward theexpansion of the industry.

Enterprises across diverse verticals are generating excessive data, creating the need for effective data storage management solutions. SDS solutions offer high agility and robustness to businesses along with cost and time efficiency.

The industry is projected witness significant growth in the developing markets of South America and the Asia Pacific regions, owing to thestrong growth of the small-scale industries. The need for improving the efficiency and business processesin data centers is driving the demand for SDS solutions in small and medium-sized enterprises.

Grand View Research has segmented the global software defined storage market on the basis of application, company size, and region:

Software Defined Storage Application Outlook (Revenue, USD Million, 2014 – 2024)

  • BFSI

  • Education

  • IT Services

  • Government

  • Manufacturing

  • Healthcare

  • Others

Software Defined Storage Company Size Outlook (Revenue, USD Million, 2014 – 2024)

  • Small & medium-sized enterprises

  • Large enterprises

Software Defined Storage Regional Outlook (Revenue, USD Million, 2014 – 2024)

  • North America

  • Europe

  • Asia Pacific

  • South America

  • Middle East & Africa

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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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