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.
Global Storage Resource Management Tool Market – Dynamics
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.
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.
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:
- Enterprise Size
Global Storage Resource Management Tool Market, by Component
Based on component, the global storage resource management tool market can be divided into:
Global Storage Resource Management Tool Market, by Enterprise Size
In terms of enterprise size, the global storage resource management tool market can be segregated into:
- Small & Medium Enterprise
- Large Enterprise
Global Storage Resource Management Tool Market, by Industry
In terms of industry, the global storage resource management tool market can be segregated into:
- IT & Telecom
- Logistics & Transportation
Regional analysis of the global storage resource management tool market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Storage Management
- Cloud Storage
- Data Management
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.