Albany, NY -- (SBWIRE) -- 11/14/2018 -- The emergence of hyper-scale data has facilitated the expansion of software defined storage in recent days. This technology is expected to enhance the performance of the storage environments, thus reducing the cost involved in IT infrastructure. Wide expansion of data in recent years has led to the growth of software defined storage market over the forecast period. Growing cloud based infrastructure has also fuelled the growth of software defined storage market. Rise in the adoption of virtualization technologies by small and medium scale enterprises has fuelled the growth of the software defined storage market globally.

New technologies such as BYOD and Big Data, among others have been a push factor for the growth of software defined storage market over the years to come. Development of cloud-based infrastructure over the years to come is projected to create more market opportunities for the software defined storage market. Against this background, the global market is projected to be worth US$48.18 bn by the end of 2025 from US$4.86 bn in 2016. The global software defined storage market is projected to progress at a CAGR of 29.2% during the forecast years of 2017 and 2025.

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The global software defined storage market is mainly divided into several segments based on four criteria: usage, software, end user, and geography. Under end users, the BFSI industry is anticipated to hold a leading share in the market, with a rising awareness about reliable back-up data plans. The Geographically, the global software defined storage market can be divided into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Of these, North America rakes in maximum revenue due to presence of a key vendors in the region and high awareness of the market-based services among the masses.

According to the comprehensively detailed report, the software defined storage market is mainly driven by the several benefits provided by this type of storage, as compared with other technological methodologies. Some of these benefits are: less energy processed, less cost needed to build data centers, and operational ease. Mammoth data volumes produced by industrial and governmental sectors is also expected to boost the global software defined storage market.

Computers exist in most modernized households, urban locations, and manufacturing companies and industries. Such a rapid rise in the number of computing systems is a crucial factor to raise the global software defined storage market's growth graph. Regular improvements in software programs with respect to ease of learning and use, along with a change in computing powers to gain high operational speeds, is also proving beneficial to the software defined storage market.

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In opposition to these driving factors, there are many hindrances having a negative effect on the global software defined storage market. A prominent obstacle involves high costs required for the initial setup of the programs and other operation-based processes. However, this situation is soon expected to witness a change with better product innovations aimed at reducing the cost factor in future.