Market Trends of Software-Defined Storage Industry
The BFSI Segment is Expected to Witness Significant Growth
- The banks are a highly regulated operational environment with exponential data growth and require highly secure and highly available storage capabilities to integrate, scale up, and out with appliances that link together across sites. The software-defined storage solutions help improve BFSI operations, including handling massive data sets, limited access to files with encryption, and even data backup and recovery.
- The BFSI segment is highly competitive, leveraging technology to ensure its IT infrastructure is highly flexible to meet dynamic market demands. Software-defined data centers enable banks to launch an aggregator app, consolidating the frequently used apps by retail customers. Benefits such as ease of operation from a single app for different use cases like food, travel, and e-commerce and integration of payment options are helping customers in everyday banking activities.
- The rising need for better managing vast data from BFSI contributes a substantial share of the software-defined storage market. The BFSI segment is anticipated to record the fastest growth during the forecast period, attributed to the increasing demand for customer data analysis to achieve a competitive advantage and boost the ongoing digital transformation in the segment.
- With the increase in the digital economy, data is an essential part of the banking industry. Software-defined infrastructure and storage solutions enable global banks to rapidly access, analyze, and share on-premises data in the cloud from front-to-back office operations.
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Asia-Pacific is Expected to Witness Fastest Growth
- Asia-Pacific is experiencing rapid growth in the volume of unstructured data across various enterprises, which is being stored in on-premises devices and cloud environments. Also, with the proliferation of the internet of things (IoT) across the region, the data generated at the edge is drastically increasing.
- The adoption of online payments is rising exponentially, generating a huge amount of data daily, which the companies need to process, propelling the demand for software-defined storage solutions.
- Moreover, the key vendors, such as FalconStor, which provides SDS in China through Huawei, indicated that customers/enterprises in Asia-Pacific, including China, are one of the greatest potential markets for IT services and are positive about switching to modern storage solutions. The propensity to shift is mainly to overcome challenges such as data security, recovery, and the integration of virtual and non-virtualized resources.
- The use of cloud storage is poised to increase aggressively, driven by the country's rising number of internet users.
- Emerging economies like China and India are still dependent on traditional hardware for storage and the need for digital transformation to stay up with technological advancements; these countries are expected to provide a potential commercial opportunity for software-defined storage (SDS) suppliers during the forecast period.
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