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.
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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