Storage Resource Management Tool Market: To Reflect Impressive Growth Rate By 2020-2030

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 Global Storage Resource Management Tool Market: Introduction

A storage resource management tool enables real-time and historical information for storage infrastructure with regards to capacity and performance, problem determination, device management, and configuration planning and change management. It helps the storage administrator to automate data backup, data recovery, and SAN performance analysis. The tool helps in visualizing relationships and topologies from application to storage array, analyzing health, configurations and capacity growth, and optimize capacity of the storage.

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Rising Volume of Data Driving Growth of the Storage Resource Management Tool Market

The volume of data across the globe is growing at approximately 100% CAGR and it is expected that this growth will continue for at least the next five years. Rising adoption of smart devices and automation within the enterprise workflow has resulted in the exponential growth of data. Demand for storage resource management tools is likely to increase in the upcoming years to manage such a high volume of data.

Lack of Transparency within Cloud-based Storage

Within the increasing adoption of cloud-based storage, the lack of transparency and privacy within the cloud-based service is hindering the growth of the market. The skepticism with regards to cloud-based storage and computing is always high. Third party involvement in the cloud services or shared services is hampering the growth of the market.

North America to Dominate the Global Storage Resource Management Tool Market

In terms of region, the global storage resource management tool market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the storage resource management tool market during the forecast period due to large volume of data being generated in the region compared to other regions. On the other hand, by the end of year 2030, Asia Pacific is expected to lead the market as the adoption of internet technologies and volume of data is growing at the highest CAGR in this region.

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COVID-19 Impact on the Global Storage Resource Management Tool Market

The COVID-19 pandemic is expected to positively impact the global storage resource management tool market. The volume of data has also increased due to the adoption of remote working and increased adoption of BYOD for office work. The need for storage resource management tools has increased to manage the high volume of data.

storage resource management tool market region analysis

Global Storage Resource Management Tool Market – Competition Landscape

  • In March 2021, Pure Storage and Equinix, Inc. announced a collaboration to deliver physical infrastructure at software speed.
  • In July 2020, Box and Google Cloud strengthened their partnership around cloud infrastructure and collaboration. The companies strengthened their collaboration based on improving the experience for users of G Suite with Box.

Global Storage Resource Management Tool Market: Segmentation

The global storage resource management tool market can be segmented based on:

  • Component
  • Enterprise Size
  • Industry
  • Region

Global Storage Resource Management Tool Market, by Component

Based on component, the global storage resource management tool market can be divided into:

  • Software
    • Cloud
    • On-premise
  • Services
    • Professional
    • Managed

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