Escalating demand for data recovery capability in variegated sectors such as IT & telecom, BFSI, and healthcare is navigating the growth of storage area network (SAN) market. FMI projects the SAN market to exceed the revenue of approximately US$ 26 Bn by 2029 end.
The banking, financial services and insurance (BFSI) and IT & telecom sectors would remain key revenue propellers of the storage area network market. SANs enable working of clusters and master application concurrently in tandem with load balancing. This configuration is typically employed for business-critical applications such as banking systems. The deployment of storage area networks in BFSI security and IT & telecom services will collectively cross US$ 10 Bn by 2022. Further, SAN market players are placing their bets on the government sector for relevant value creation.
“With the help of SAN, leading players are solving issues such as continuous downtime periods, performance degradation, and shrinking ba-ckup windows. Moreover, technological advancements in SAN architecture are significant to the growth of market growth,” says the FMI analyst.
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Key Takeaways of Storage Area Network (SAN) Market Study
- BFSI remains the key consumer sector in SAN market in view of greater security threats.
- Hardware components will contribute substantially to the overall revenue pool of the SAN market.
- Software components will witness a surge in consumption through 2029.
- Consumers continue to exhibit greater preference for enterprise server SAN.
- Europe and North America are the regional leaders of storage area network market.
Explore the full Storage Area Network (SAN) market report with 177 illustrative figures, 40 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/askus/rep-gb-802
Storage Area Network (SAN) Market – Key Growth Factors
- Growing adoption of hyperscale server SAN is a significant growth contributor.
- The rampant demand for fibre channel technology continues to accelerate the growth of storage area network market.
- Surge in demand for SAN in IT & telecom is pushing the market growth.
- Rising demand for data backup is complementing the growth of SAN market.
Storage Area Network (SAN) Market – Key Restraints
- Interoperability issues in fibre channel technology continue to restrain the market growth.
- Limited knowledge of manufacturers about the standards deployed in SAN technology is limiting market growth.
Major players featured in this FMI study include, but are not limited to, NEC Corporation, IBM Corporation, DataCore Software Corporation, Cisco Systems, Inc., Hitachi Data Systems Corporation, Citrix Systems, Inc., and Hewlett Packard Enterprise Development LP. Industry leaders have placed greater emphasis on the government sector to ensure long-term value generation. They must invest heavily in BFSI security which offers a plethora of opportunities in SAN market.
More about the Report
This Future Market Insights study of 346 pages provides all-inclusive insights on the global storage area network market. The market analysis is based on component (hardware, software, services), SAN type (hyperscale server SAN, enterprise server SAN), technology (fibre channel, fibre channel over Ethernet, infiniBand, iSCSI Protocol), vertical (BFSI, IT & telecom, energy & utility, government, military & defense, healthcare, manufacturing, retail & e-commerce) across seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Middle East & Africa, Japan).
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STORAGE AREA NETWORK (SAN) MARKET TAXONOMY
The global storage area network market is segmented in detail to cover every aspect of the market, and present a complete market intelligence approach to readers.
- System Integration
- Support & Maintenance
- Hypercscale Server SAN
- Enterprise Server SAN
- Fibre Channel (FC)
- Fibre Channel Over Ethernet (FCOE)
- iSCSI Protocol
- IT & Telecom
- Energy & Utility
- Military & Defense
- Retail & e-Commerce
Key Takeaways of Storage Area Network Market Study
- North America is expected to hold a significant share in the global storage area network market during the forecast period.
- Fiber Channel (FC) is expected to hold a significant share in the global SAN market among all technologies during the forecast period.
- By component, the hardware segment is anticipated to retain its significant share in the global storage area network market during the forecast period. This due to the fact that, SANs leverage the high-performance Fiber Channel I/O and consist of a series of hardware components.
- The demand for hypercscale server SAN is estimated to grow at an impressive CAGR. However, enterprise server SAN is estimated to continue to hold significant market share in the global storage area network market during the forecast period.