Storage Area Network (SAN) Market to Reach $52.3 Billion by 2032 | CAGR 10.7%
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Drivers, Restraints, and Opportunities
Rise in levels of globalization drives the market growth. In addition, advancements and modernization of technology primarily drive the growth of the market. However, rise in implementation costs and complexity and difficulty of integration are expected to hamper the growth of the market. Furthermore, enhanced effectiveness and output are expected to create lucrative growth opportunities for the market.
The Hardware segment to dominate the market
By component, the hardware segment held the major share in 2022, garnering nearly half of the global storage area network market revenue, as storage units, switches, and routers are becoming essential for constructing a SAN's physical infrastructure and these parts offer the storage capacity and connectivity needed to build a reliable and effective SAN environment. The software segment is expected to attain the fastest CAGR of 13.3% during the forecast period, owing to optimize SAN operations and boost overall performance, automation, intelligent analytics are required and increasing use of software programs that offer extensive administration and monitoring features more and more.
The Hyperscale Server SAN segment to dominate the market
By type, the hyperscale server SAN segment held the major share in 2022, garnering nearly two-thirds of the global storage area network market revenue, as it offers companies the capacity to track orders, manage records, handle logistics, analyse data, and perform other tasks. The enterprise server SAN segment is expected to attain the fastest CAGR of 12.5% during the forecast period, as it helps organizations leverage the data generated by the global storage area network to optimize their operations, gain valuable insights, and make informed decisions.
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The InfiniBand segment to dominate the market by 2032
By technology, the fiber channel segment accounted for nearly two-fifths of the global storage area network market share in 2022 and is expected to dominate the market during the forecast period, owing to its capacity to offer specialized networks with high-speed, low-latency, and extremely secure data transport. Due to its scalability and strong performance, it can be used in demanding applications and large-scale storage infrastructures aiding the growth of the storage area network market, which propels the market growth significantly. However, the InfiniBand segment is expected to attain the fastest CAGR of 14.3% during the forecast period, owing to rise in demand for big data analytics, artificial intelligence, and HPC as businesses look for quicker and more effective data processing capabilities.
The BFSI segment to dominate by 2032
By end user, the BFSI segment accounted for nearly one-fourth of the global storage area network market share in 2022 and is expected to dominate the market during the forecast period, as the storage area network infrastructure is required to store and safeguard sensitive data, guaranteeing adherence to legal standards and preventing data braches, aiding the growth of the storage area network market, which propels the market growth significantly. The IT and telecom segment is expected to attain the fastest CAGR of 13.9% during the forecast period, owing to the growing demand for data processing and storage capabilities in the IT and telecom industries, as well as the growing number of digital transformation programs.
Asia-Pacific garnered the major share in 2032
By region, North America garnered the highest share in 2022, holding nearly one-third of the global storage area network market revenue in 2022, and is projected to retain its dominance by 2032, owing to increased focus on technological advancements and infrastructure development, aiding the growth of the storage area network market. The Asia-Pacific region is expected to retain the fastest CAGR of 10.0% during the forecast period, owing to secure and effective data storage and management systems, such as SANs, which is anticipated to expand due to rise in demand for digitalization and data-driven decision making.
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Leading Market Players-
IBM Corporation
NEC Corporation
NetApp, Inc.
Hewlett Packard Enterprise Development LP
Citrix Systems, Inc.
Dell Inc.
Huawei Technologies Co., Ltd.
Cisco System Inc.
Broadcom Inc.
Fujitsu
The report analyzes these key players in the global storage area network market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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