Software defined storage (SDS) units allow highly efficient business processing capability

The global Software Defined Storage (SDS) Market is expected to value at USD 17,461.9 million by 2024. The software defined storage industry is subject to witness a substantial growth due to the rise of technologies such as Big Data and cloud technology. Additionally, technological proliferation and enhanced flexibility provided by software defined storage (SDS) solutions are driving market growth in the recent years.

Software defined storage solutions offer enhanced analytics and management for complex networks with the help of improved data traffic monitoring and resource management. Globally, the software defined storage market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

The large chunk of the data is generated in short amount of time, which needs to stored and processed, for enriching consumer experience. Use of the software defined storage (SDS) offer dependable, faster, secure and flexible solutions alongside providing enhancing user experience; due to which large number of market players are investing in the research and development of the data storage to achieve required results and extended benefits.

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The software defined storage (SDS) units allow highly efficient business processing capability. The factors such as lower prices of solid-state devices, high-level functionality, numerous cost benefits of the solid-state devices, and extended life span of the data storage devices are attributing to the growth of the market.

Furthermore, populism towards cloud data storage by businesses and institutions is on the rise since last decade owing to the cost-efficient employment and easier availability. The advantages with the adoption of the cloud storage provide total ownership of the storage space and complete accessibility from the remote locations.

Use of solid state devices offer higher number of advantages in comparison with the traditional, as they use electronic chipset to store digital information. Other advantages of software defined storage (SDS) units include higher functionality, better performance ratio, low noise production, and extended life span. These advantages are responsible for wider reach of the software defined storage (SDS) industry across various global regions.

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The SDS market is broadly categorized into six major segments based on the application type such as banking, finance and insurance (BFSI) sector, education sector, IT services, government sector, manufacturing sector and healthcare sector. The banking, finance and insurance (BFSI) sector is considered as one of the fastest growing segment in the with substantial revenue generation in the last few years.

Growing popularity of software defined storage (SDS) solutions in the banking, finance and insurance (BFSI) segment is attributed to the higher data transfer rates and assisting multiple distributed sys. The IT services segment has also witnessed substantial growth owing to the high-end demand for management of large amounts of data in the software industry.

The SDS industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in data storage sector, increase in the number of research & development activities in the region, and existence of well-established cloud infrastructure.

Asia-Pacific region is predicted to hold major market share in the software defined storage (SDS) market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with strong economic growth in the region, rising number of smartphone consumers, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the software defined storage industry are OpenText Co., Microsoft Co., IBM Co., EMC Co., Hitachi Data Systems, Inc., Hewlett-Packard Enterprise, VMware, Inc., Amplidata Inc., NetApp, Inc., and Nexenta Systems, Inc.

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Global professional service automation (PSA) software market is expected to reach USD 14.39 billion by 2024

Industry Insights

The global professional service automation (PSA) software market size was valued at USD 6.65 billion in 2015 and is expected to reach USD 14.39 billion by 2024. PSA solutions are used for refining operational visibility and process efficiency in services and project-driven organizations. The PSA market is projected to witness huge demand on account of changing the business model of enterprises over the forecast period.

Essential functions of PSA software characteristically comprises automated time & billing, project management capabilities, and resource management. These systems additionally provide powerful and consistent dashboards and reports offering management the crucial information they require making informed decisions. Some of the other advantages of PSA systems include project usefulness, better client satisfaction, enhanced estimating capability, as well as reduced revenue leakage. All the aforementioned advantages of PSA software are expected to boost demand amongst the service companies over the next eight years.

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Small and medium sized organizations bank on spreadsheets to capture expense, time and manage resources. SMBs lay emphasis on solutions which facilitate streamline and automation processes. Businesses using customary tools for commercial purposes, for instance, spreadsheets are likely to provide growth opportunities over the forecast period. This solution decreases complete administration expenditure as a result of the lesser manual, error-prone spreadsheets, and expensive data re-entry. Increasing IT budget of small and medium enterprises (SMEs) are predicted to drive market growth.

Solution vendors have added features including opportunity and project management proficiencies for the sustenance of deal capture, project delivery, and resource scheduling. The major market players have incorporated functionalities such as graphical reporting, support for a range of mobile devices, dashboards, and assimilation with chief social channels to the prevailing solutions. This is expected to improve products and gain a competitive edge.

Application Insights

Technology companies held more than 40% of the overall income share in 2015 and it is also predicted to carry on their domination in terms of market size by 2024. This solution is utilized by legal firms, marketing firms, consulting firms, and communication industry. Rising attractiveness of these tools amongst marketing and communication companies is projected to increase implementation over the next eight years. The growing reputation of social media and digital marketing is also forecasted to fuel marketing & communications business in the future.

Deployment Insights

There exist two methods for deployment used by the market participants who include cloud and on-premise. Of these, cloud-based solutions hold the chief share in the market, whereas, on-premise solutions are predicted to lose their revenue share over the next eight years on account of the need for low costs of investments. However, rigid regulations by the government for protecting the information stored on the cloud are anticipated to hamper its growth over the forecast period.

Regional Insights

Europe and North America are projected to be the foremost regions in the global PSA software market over the next eight years as a result of the early adoption of software. In 2015, the Asia-Pacific market for PSA software accounted for more than 18% of the global revenue. It is also projected to grow at a CAGR of over 10% from 2016 to 2024. Growing implementation of these solutions by SMEs is forecasted to boost the regional growth over the forecast period.

Competitive Market Share Insights

The prominent players in the global PSA software market include ChangePoint, FinancialForce.com, NetSuite OpenAir, Tenrox, Autotask Corporation, Clarizen, Panview, Deltek, Inc., Appirio, Inc., ConnectWise, Microsoft Corporation, Projector PSA, Compuware Corporation, and Oracle.

Companies such as ConnectWise, Harmany PSA, and Autotask Corporation source their product offerings to fulfill the requirements of Managed Service Providers (MSPs). Moreover, several new players are anticipated to foray into this space in the near future. The most efficient initiatives adopted by the key industry players to improve their technological proficiencies as well as gain quick access to the emerging markets include strategic mergers & acquisitions and partnerships.

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