Hello Khurram,if you look in the Knowledge Center (https://www.ibm.com/support/knowledgecenter/SS6JWS_3.7.0/UG/sc_ug_sc_downloading_package.html) you'll find this statement:
"IBM Spectrum Connect is available as a free software solution for IBM storage system customers."I hope this helpsMarkus
Spectrum connect can help you to eliviate your VMware stack of certain tasks by running them natively on the Storwize system.
It is also required if you want to run vvols on IBM Storwize.
It is however in no way shape or form a tool that can help you recover from a VMWare perspective like SRM.
The picture attached shows you how the tool integrates and what functions are enabled through Spectrum Connect.