Storage Area Network (SAN) Market it is set to register the highest growth at the rate of CAGR 3.9% during Forecast 2022 to 2029

The global Storage-Area Network (SAN) market is expected to be worth US$ 19,576 million in 2021, rising at a 3.9% CAGR to US$ 26,867 million by 2029. The SAN market accounts for roughly 7% of the total market for cutting-edge data storage.

The market for storage area networks (SANs) is expected to expand as demand for information recovery capabilities grows across industries such as IT and telecom, BFSI, and medical care.

The banking, financial administrations, and security (BFSI), information technology, and telecommunications industries will remain the primary revenue generators for the storage area network market. A SAN and load balancing allow group and expert applications to run concurrently. This configuration is used on occasion by business-basic applications, such as financial frameworks.

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Key Takeaways of Storage Area Network Market Study

During the forecast period, North America is anticipated to account for a sizable portion of the global storage area network market.

Among all technologies, Fiber Channel (FC) is anticipated to account for a sizeable portion of the worldwide SAN market over the forecast period.

During the projection period, it is predicted that the hardware sector will continue to have a sizable market share in the global storage area network market. This is because SANs use high-performance Fiber Channel I/O and are made up of many hardware elements.

An excellent CAGR is predicted for the need for hyperscale server SAN. However, it is anticipated that over the projection period, enterprise server SAN would continue to retain a sizable market position in the global storage area network market.

Increasing Demand for Efficient Data Backup Management to Propel Sales

The conventional method of data backup involves a number of LAN-based backup and restore operations, which are frequently sluggish and have a negative influence on the overall effectiveness of the process. In contrast, data transfers effortlessly across the SAN to tape devices in a server-less data backup system (SAN method) since it does not use vital server I/O or CPU resources. Over the ensuing years, this element is anticipated to fuel the worldwide storage area network market's expansion.

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More Valuable Insights on Storage Area Network Market

With historical data from 2014 to 2021 and projections for the years 2022 to 2029, Future Market Insights provides an unbiased study of the worldwide storage area network market. For the purpose of analysing the market's opportunities, the SAN market has been divided into seven key regions based on component (Hardware, Software, and Services), SAN type (Hypercscale Server SAN and Enterprise Server SAN), technology (Fibre Channel (FC), Fibre Channel Over Ethernet (FCOE), InfiniBand, and iSCSI Protocol), and vertical (BFSI, IT & Telecom, Energy & Utility, Government, Military & Defense, Healthcare, Manufacturing,

Competitive landscape

Many key players in SAN market are focusing on investing heavily on innovation, research, and development practices to offer different solution for various industry applications. For enhancing the presence, customer base and solution offering market players are undergoing various strategies such as partnerships, collaborations as well as acquisitions.

For instance, in December 2019, DataCore Software Corporation introduced vFiIO that uses software-defined storage technology to enable data to be stored, organized and managed not only independently of the underlying hardware, but also independently of the access method.

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SAN Market Outlook by Category By Component:

Hardware
Software
Services

By SAN Type:

Hypercscale Server SAN
Enterprise Server SAN

By Technology:

Fibre Channel (FC)
Fibre Channel Over Ethernet (FCOE)
InfiniBand
iSCSI Protocol

By Vertical:

BFSI
IT & Telecom
Energy & Utility
Government
Military & Defense
Healthcare
Manufacturing
Retail & e-Commerce
Others

Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
MEA
GCC Countries

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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