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Storage Area Network Market Expansion Continues, with Forecast Valuation of $46.34 Billion by 2029
Storage Area Network
What Will the Storage Area Network Industry Market Size Be by 2025?
In the past few years, we have seen significant and speedy growth in the storage area network market size. The market, which stands at $25.08 billion in 2024, is projected to increase to $28.44 billion in 2025, with a compound annual growth rate (CAGR) of 13.4%. Factors like increased regulatory requirements, reduction in storage hardware cost, demand for high availability and performance, the need for disaster recovery and business continuity, consolidation of data centers, and the uptake of server virtualization have contributed to the historic period growth.
What's the Long-Term Growth Forecast for the Storage Area Network Market Size Through 2029?
The market size of the storage area network is predicted to experience a swift rise in the coming years, reaching $46.34 billion in 2029 with a compound annual growth rate (CAGR) of 13.0%. This projected growth can be credited to the expansion of big data and analytics, hybrid and multi-cloud environments, growing cybersecurity threats, developments in storage technologies, and initiatives for digital transformation. Key trends anticipated during the forecast period comprise the greater adoption of hyper-converged infrastructure, the broadening of edge computing, the integration of software-defined storage (SDS), increased use of hybrid and multi-cloud, sustainability and energy efficiency efforts, along with automation and orchestration.
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What Are the Key Growth Drivers Fueling the Storage Area Network Market Expansion?
The proliferation of cloud computing technology is anticipated to boost the future development of the storage area network market. Essentially, cloud computing involves providing various computing services over the internet, such as storage, processing capacity, and applications, based on a usage-based pricing model. The increasing embrace of cloud-based solutions is credited to their scalability, cost-efficiency, and ability to facilitate remote operations and digitalization. By giving access to adaptable, as-needed storage resources through the internet, cloud computing enriches the capabilities of storage area networks (SAN), enhancing storage efficiency and adaptability while reducing infrastructural expenses and complexities in management. As per data from Eurostat, an intergovernmental organization based in Luxembourg, in December 2023, 45.2% of businesses in the European Union utilized cloud computing services, mainly for the purpose of hosting email systems, electronic file storage, and various other tasks. This represented a 4% rise in the acquisition of cloud computing services amongst EU businesses in comparison to 2021. Thus, the escalating use of cloud computing is fuelling the expansion of the storage area network market.
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What Are the Key Trends Driving Storage Area Network Market Growth?
Leading firms in the storage area network market are prioritizing the creation of innovative solutions like block storage-only appliances to simplify storage frameworks. Block storage-only appliances provide a specific storage option tailor-made to supply block-level data storage within a Storage Area Network (SAN) setup. To illustrate, in May 2023, NetApp, a firm from the US specializing in data-oriented software, introduced its inaugural block storage-only appliance, the NetApp ASA A-series, for patrons in search of simplified block storage options. This appliance boasts unique features like cutting-edge data management abilities, encompassing data deduplication, thin provisioning, and snapshot technology. It can seamlessly merge with existing SAN setups and guarantees high availability for crucial applications.
How Is the Storage Area Network Market Segmented?
The storage area network market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: Fiber Channel (FC), Fiber Channel Over Ethernet (FCoE), InfiniBand, Internet Small Computer System Interface (iSCSI) Protocol, Other Technologies
3) By Organization Size: Small Enterprises, Medium Enterprises, Large Enterprises
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecommunication, Government Offices, Retail And E-commerce, Energy And Utility, Aerospace And Defense, Education, Healare, Manufacturing, Other Industry Verticals
Subsegments:
1) By Hardware: San Switches, Storage Controllers, Storage Devices (Disk Arrays, Tape Libraries), Host Bus Adapters (Hbas), Cables And Connectors, Storage Networking Equipment (Fibre Channel, Ethernet Adapters)
2) By Software: Storage Virtualization Software, Data Protection And Backup Software, Storage Management Software, Disaster Recovery Software, File Systems And Storage Operating Systems, Security Software For San
3) By Services: Installation And Configuration Services, Consulting And Integration Services, Managed Services (For San Monitoring And Management), Data Migration Services, Maintenance And Support Services, Cloud Storage Integration Services
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Which Companies Are Leading the Charge in Storage Area Network Market Innovation?
Major companies operating in the storage area network market are Dell Technologies Inc., Huawei Technologies Co. Ltd., International Business Machines Corporation, Broadcom Inc., SK hynix Inc., Fujitsu Limited., Hewlett Packard Enterprise Development LP, Toshiba Electronic Devices & Storage Corporation, NEC Corporation, Texas Instruments Incorporated, Western Digital Corporation, NXP Semiconductors N.V., NetApp Inc., Marvell Technology Group Ltd., Citrix Systems Inc., Hitachi Vantara LLC, Nutanix Inc., DataCore Software Corporation, Everspin Technologies Inc., Viking Technology, StorMagic Ltd.
Which Regions Are Leading the Global Storage Area Network Market in Revenue?
North America was the largest region in the storage area network market in 2024. The regions covered in the storage area network market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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