Storage software is used to store large amount of data securely. The
ongoing concept of cloud computing is one of the primary drivers for
storage software globally. The market is expected to grow
significantly during the forecast period.
There are several factors driving the demand for storage software
market globally. The manufacturing facilities are gradually shifting
towards automated processes in order to reduce the manual labor which
in return will reduce the chances of human labor. Furthermore, the
integration of automation in manufacturing has resulted into the use
of software enabled manufacturing which also involves of storage
manufacturing data. This is return is expected to drive the demand
for storage softwares significantly. The ongoing technological
developments in the internet of things (IoT) market is indirectly
fuelling the demand for cloud computing. The emerging trend of remote
data access for health monitoring and fitness monitoring is
encouraging the demand for public cloud based services.
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Furthermore, the integration of sensors in smart consumer electronics
helps in the collection of data such as temperature, location and
pressure which is then stored in a cloud servers to be accessed by
the consumers. The IoT ecosystem includes any type of devices that
can be connected to the internet such as automobiles, ATM machines,
and smartphones and fitness wearables such as smart bands among
others. With the growth in demand of these devices, the need for
cloud storage is increasing which is driving the market for cloud
computing. The growing demand for cloud computing is fuelling the
demand for storage software significantly. In addition, the new
ventures are reducing their operating costs by purchasing cloud
spaces which are cheaper than investing on servers and physical
storage spaces.
However, the software storage market is witnessing a restraint in the
form of data security issues. Usually the data is stored in cloud
servers which can be hacked online. In addition, the cloud servers
need constant supply of electricity and internet connectivity in
order to operate efficiently. Hence, the developing regions such as
Africa and South America are still facing the restraint for slow
internet speeds and lack of continuous power supply. This is
restraining the market for storage software in these regions.
Nevertheless, ongoing research and development is expected to
strengthen the security of storage softwares in future.
The global storage software market has been segmented by types, end
use industry and geography. By types, the storage software has been
bifurcated into storage replication, storage infrastructure software,
archiving, storage virtualization, device and storage management and
data protection and recovery among others. Archiving and data
protection and recovery is expected to witness strong growth during
the forecast period. Furthermore, the market can be categorized by
end use industries into banking and financial sector, information and
technology, manufacturing, healthcare and retail among others. Over
the years, the information and technology industry is expected to
grow in developing economies in Asia Pacific which is further
expected to drive the market for storage software significantly.
By geography, the global market has been segmented in Europe, North
America, Asia Pacific, Latin America, Middle East and Africa. North
America and Europe have already started using storage software for a
long time. Hence both the regions are expected to dominate the market
during the forecast period. However, the increasing demand for
automation in developing economies of Asia Pacific is further
expected to drive the demand for storage software robustly in the
region. Middle East and Africa regions are also expected to witness
steady demand for storage software in future.
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The global hardware accelerator market is facing intense competition
from its major players. The leading players operating in the hardware
accelerators market include Oracle Corporation (U.S.), HP (U.S.), IBM
(U.S.), CA Technologies (U.S.) and Symantec (U.S.) Hitachi Data
Systems (U.S.), Dell (U.S.) and Huawei Technologies (China) among
other emerging players.
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