NEW YORK, Aug. 19, 2023 /PRNewswire/ — The storage area network (SAN) market is estimated to grow at a CAGR of 13.94% between 2022 and 2027. The market size is forecast to increase by USD 24,557.73 million, according to Technavio. North America is estimated to contribute 37% to the growth of the global market during the forecast period. Growth in the region is driven by the potential benefits of storage area networks (SANs) such as lower power consumption and improved write speeds and driving solutions’ adoption. SAN solutions in small and medium enterprises are increasing. The growing number of data centers in the region is another factor driving the demand for storage devices. Hence, these factors are expected to drive market growth in the region during the forecast period. For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) – View the Sample report

Company Landscape
The storage area network (SAN) market is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products –The report provides a full list of key companies, their strategies, and the latest developments. Buy Now

Market Dynamics

Key Driver

The rising need for data backup and redundancy due to the surge in digital transformation is a key factor driving market growth. SAN solutions offer tremendous growth potential due to the increasing adoption of digital technologies and the growing need for backup and data storage in end-user industries such as healthcare, IT, telecommunications and banking, financial services, and insurance (BFSI). SAN is commonly used as a centralized and shared digital file storage system. SANs can be used to improve data storage, backup, and redundancy solutions and services, resulting in increased demand for SANs. Hence, the rising need for data backup and redundancy is expected to drive market growth during the forecast period.

Major Trends- The surge in digital transformation is a major trend in the market. 

Significant Challenge- Cyber security is a significant challenge restricting market growth. 

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report

Company Profiles

The storage area network (SAN) market report includes information on the product launches, sustainability, and prospects of leading companies, including Arista Networks Inc., ATTO Technology Inc., Broadcom Inc., Cisco Systems Inc., Citrix Systems Inc., DataCore Software Corp., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., Hitachi Ltd., Infinidat Ltd., IntelliMagic BV, International Business Machines Corp., Lenovo Group Ltd., Marvell Technology Inc., NEC Corp., NetApp Inc., Oracle Corp., StoneFly, and Nutanix Inc.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

 Market Segmentation

The market is segmented by component (hardware, software, and services), technology (fiber channel, fiber channel over ethernet, Infiniband, and iSCSI protocol), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth by the hardware segment will be significant during the forecast period.  The hardware segment is a term used for the physical parts of an electronic device. Its connectivity in a storage area network (SAN) involves hardware, software, and services. The hardware part mainly connects storage devices and servers, like fiber channels. Essential hardware elements include hubs, switches, gateways, directors, and routers. Hence, these factors are expected to drive segment growth during the forecast period.

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Table of Contents

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Technology

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

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SOURCE Technavio