Software Defined Storage Market is expected to value at USD 17,461.9 million by 2024. The software defined storage industry is subject to witness a substantial growth due to the rise of technologies such as Big Data and cloud technology. Additionally, technological proliferation and enhanced flexibility provided by software defined storage (SDS) solutions are driving market growth in the recent years.
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The key driving factors responsible for the growth of Software
Defined Storage market :
Software defined storage
solutions offer enhanced analytics and management for complex networks with the
help of improved data traffic monitoring and resource management. Globally, the
software defined storage market is predicted to grow at higher CAGR in the
forecast period, providing numerous opportunities for market players to invest
for research and development in the market.
The large chunk of the data is
generated in short amount of time, which needs to stored and processed, for
enriching consumer experience. Use of the software defined storage (SDS) offer
dependable, faster, secure and flexible solutions alongside providing enhancing
user experience; due to which large number of market players are investing in
the research and development of the data storage to achieve required results
and extended benefits.
The software defined storage
(SDS) units allow highly efficient business processing capability. The factors
such as lower prices of solid-state devices, high-level functionality, numerous
cost benefits of the solid-state devices, and extended life span of the data
storage devices are attributing to the growth of the market.
Furthermore, populism towards
cloud data storage by businesses and institutions is on the rise since last
decade owing to the cost-efficient employment and easier availability. The
advantages with the adoption of the cloud storage provide total ownership of
the storage space and complete accessibility from the remote locations.
Use of solid state devices offer
higher number of advantages in comparison with the traditional, as they use
electronic chipset to store digital information. Other advantages of software
defined storage (SDS) units include higher functionality, better performance
ratio, low noise production, and extended life span. These advantages are
responsible for wider reach of the software defined storage (SDS) industry
across various global regions.
The SDS market is broadly categorized
into six major segments based on the application type such as banking, finance
and insurance (BFSI) sector, education sector, IT services, government sector,
manufacturing sector and healthcare sector. The banking, finance and insurance
(BFSI) sector is considered as one of the fastest growing segment in the with
substantial revenue generation in the last few years.
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