Flexible, Scalable, and Cost-efficient Software Defined Storage Solutions to Gain Significant Traction
Data storage and management have evolved at a rampant pace over the past decade. The information technology sector has come to life due to significant progress in technology and evolving data storage and management requirements. Participants in the software defined storage market are increasingly focusing on improving their hardware to efficiently-manage data stored on the cloud as well as onsite. In recent times, software defined storage, wherein storage management is handled by a software has started to gain considerable amount of traction. Moreover, software defined storage offers organizations greater flexibility in terms of allocating storage to different hardware devices, and computing and virtualization in a single physical unit. Software defined storage is growing in popularity over old storage systems such as network-attached storage (NAS), as software-based storage is completely automated, flexible, and scalable.
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Some of the other factors expected to positively influence the adoption of software defined storage include flexibility in terms of choosing the hardware, cost-efficiency, and integration of multiple data sources to develop a unified storage volume, and the ability to adjust as per the data and performance requirements. Experts in the information technology sphere are of the opinion that software defined storage is expected to play a key role in the digital transformation of data centers. Thus, the global software defined storage market is expected to attain a market value of ~US$ 53.6 Bn by the end of the forecast period (2019-2027).
Software Defined Storage Projected to Accelerate Digitalization across Data Centers Worldwide
The digitalization wave continues to take businesses by storm across the world. Furthermore, as companies continue to evolve in-sync with these trends, novel technologies, including artificial intelligence (AI) and Internet of Things (IoT) are gradually revolutionizing the IT sector. Over the past few years, organizations are increasingly adopting software defined storage and cloud-based storage solutions due to optimum flexibility and scalability they provide. In addition, a significant number of companies are adopting digitalization through technological and operational changes. While business organizations in the IT sphere continue to lean toward digitalization, data centers are likely to show similar interest due to which, the software defined storage market is projected to expand during the forecast period.
Due to the evolving nature of data management and storage requirements, at present, cloud-based platforms and storage technologies, including Infrastructure as a Service (IaaS), software-defined network (SDN), and software defined storage are gaining a notable amount of momentum due to their desirable agility, scalability, and cost-efficiency. In addition, companies are increasingly opting for software defined storage to install advanced cloud-based solutions that will improve the protection of new solutions and operations.
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Companies Launch New Software Defined Storage Solutions to Gain Ground
While software defined storage continues to gain a considerable amount of traction, companies operating in the current software defined storage market are focusing on the development of innovative and advanced software defined storage solutions to assist end users to adapt to the evolving business requirements. For instance, in May 2019, SUSE, a leading open-source software developer, announced the launch of SUSE Enterprise Storage 6, a newly developed software defined storage solution. The objective of rolling out the new and innovative software defined solution was to enable companies operating in the IT sector to minimize their operational costs and simultaneously improve cloud workload support, enhance integration with the cloud, and improve data protection.
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The overall progress in cloud technologies will continue to augment the adoption of software defined storage for a broad range of applications, including surveillance, storage provisioning, and data recovery & backup. The stance of government bodies across the world toward cloud and data storage will continue to influence the growth of the software defined storage market in the coming years. With the development of advanced software defined storage, software defined storage market participants are expected to focus on improving data security.
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Software Defined Storage Market: Overview
- The global software defined storage market, in terms of value, is expected to expand at a CAGR of ~25% between 2019 and 2027. The emergence of hyper-scale data has facilitated the expansion of software defined storage in recent days. Entry of new players with deep pockets is likely to lead to vast hierarchical changes in the software defined storage market. Additionally, advanced technological capabilities are expected to lead to strategic collaborations and partnerships. In this scenario, leading companies are entering into tie-ups with new players to boost their technological competencies. However, this may act as a barrier for new players to establish a presence in the global software defined storage market.
- The global software defined storage market is expected to reach ~US$ 53.6 Bn by 2027 from US$ 9.14 Bn in 2019. Emergence of cloud technology has led to computing and networking through cloud-based infrastructure. Greater flexibility and cost efficiency have facilitated the growth of the software defined storage market.