The storage software market has gained major importance due to the explosion of data centre services. Storage software includes data protection and recovery, storage and device management, storage replication, archiving, storage virtualization, software defined storage, and storage infrastructure software. The enterprises are continuously trying to run data centres in an efficient and cost-effective way. In order to use less energy and infrastructure from their end, SME鈥檚 are seeking storage virtualization facilities to minimize their ICT expending. Enterprises of all sizes are showing an increased interest in outsourcing their expensive in-house data storage services to the third party software defined storage providers.
Storage solution is playing vital role in various industry verticals as to cater their IT needs efficiently. Among the verticals, healthcare is expected to show the fastest growth due to the explosion of data in hospital environments such as medical images, diagnostic reports and patient medical records. In addition, Health Insurance Portability and Accountability (HIPAA), state, and local healthcare regulatory are demanding data retention, access, and preservation.
North America and Europe have the highest adoption of storage software and regions such as Asia-Pacific (APAC), Middle East and Africa (MEA) along with Latin America offers a lot of opportunities for the vendors. This opportunity is mainly due to increase in IT spending in this region, companies are investing in storage solutions to cater their storage need.
There are various assumptions that have been taken into consideration for the market sizing and forecasting exercise. A few of the global assumptions include political, social, economic, and technological factors. For instance, exchange rates are some of the factors which are expected to have an impact on this market. Therefore, the dollar fluctuations are expected to not seriously affect the forecasts in the emerging APAC regions.
