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Server Storage Area Network Market Size, Share & Growth 2024-2033 | Trends & Analysis
Server Storage Area Network Market Size
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According to The Business Research Company's, The server storage area network market size has grown strongly in recent years. It will grow from $20.87 billion in 2023 to $22.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to the rising data explosion, virtualization, adoption of cloud computing, focus on cost reduction, and performance demands.
The server storage area network market size is expected to see strong growth in the next few years. It will grow to $29.74 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to data growth, rising digital transformation initiatives, big data and analytics, and the rising interest in the Internet of Things. Major trends in the forecast period include growth in demand for hyper-converged infrastructure, expansion of edge computing, shift to software-defined storage, the rise of artificial intelligence and machine learning workloads, and advancements in data security.
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Market Drivers and Trends:
The increasing penetration of Internet of Things (IoT) devices is expected to propel the growth of the server storage area network market going forward. Internet of Things (IoT) devices are physical objects embedded with sensors, software, and other technologies that enable them to connect and exchange data with other devices and systems over the Internet or other communication networks. The adoption of Internet of Things (IoT) devices is rising due to their ability to enhance efficiency, automation, and data-driven decision-making across various industries and everyday life. IoT devices in a server storage area network (SAN) enhance monitoring, management, and optimization of storage resources through real-time data collection and analysis. For instance, in September 2023, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 15.7 billion in 2023 and are forecast to grow to 38.9 billion by 2029. Therefore, the increasing penetration of Internet of Things (IoT) devices is driving the growth of the server storage area network market.
Major companies operating in the server stroage area network market are focusing on technologies with artificial intelligence (AI) to gain a competitive edge. An enterprise storage server (ESS) designed for AI typically incorporates advanced features and capabilities to support the demanding requirements of AI workloads, which often involve large-scale data processing, model training, and inference tasks. For instance, in August 2022, the International Business Machines Corporation, a US-based technology corporation, launched Enterprise Storage Server (ESS) 3500. Enterprise storage server (ESS) 3500 is a spectrum-scale enterprise storage server (ESS) optimized for artificial intelligence (AI) workloads. This provides fast storage for artificial intelligence (AI) in modeling and training by using multiple types of storage with a faster controller CPU and up to 91 GB/sec sequential read.
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Major Key Players of the Market:
Dell Inc., Huawei Technologies Co. Ltd., Lenovo Group Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Broadcom Inc., Hewlett Packard Enterprise (HPE), Fujitsu Limited, Western Digital, Seagate Technology, NetApp Inc., Hitachi Vantara, Pure Storage, Kaminario, Quantum Corporation, Promise Technology, DataCore Software, Infortrend Technology, StarWind Softwarea, X-IO Technologies
Server Storage Area Network Market 2024 Key Insights:
• The server storage area network market size is expected to see strong growth in the next few years. It will grow to $29.74 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Rising IoT Adoption Drives Growth In The Server Storage Area Network Market
• Focus On Storage Server For AI Workloads To Gain A Competitive Edge In The Market
• North America was the largest region in the server storage area network market in 2023
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