Storage Area Network Market 2024 : Size, Growth Rate, Business Module, Product Scope, Regional Analysis And Expansions 2033

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Overview and Scope
A storage area network (SAN) is a high-speed, specialized network that connects multiple servers to a centralized pool of shared storage devices, such as disk arrays and tape libraries. It provides block-level storage access for enhancing data transfer speeds, storage scalability, and overall performance for enterprise applications.

Sizing and Forecast
The storage area network market size has grown rapidly in recent years. It will grow from $22.02 billion in 2023 to $25.08 billion in 2024 at a compound annual growth rate (CAGR) of 13.09%. The growth in the historic period can be attributed to increasing regulatory requirements, cost reduction in storage hardware, high availability and performance needs, disaster recovery and business continuity, data center consolidation, and adoption of server virtualization.

The storage area network market size is expected to see rapid growth in the next few years. It will grow to $42.41 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to the growth of big data and analytics, hybrid and multi-cloud environments, rising cybersecurity threats, advancements in storage technologies, and digital transformation initiatives. Major trends in the forecast period include increased adoption of hyper-converged infrastructure, edge computing expansion, software-defined storage (SDS), hybrid and multi-cloud integration, sustainability and energy efficiency, automation, and orchestration.

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Segmentation & Regional Insights
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, Healthcare, Manufacturing, Other Industry Verticals

North America was the largest region in the storage area network market in 2023. 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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Major Driver Impacting Market Growth
The growing adoption of cloud computing is expected to propel the growth of the storage area network market going forward. Cloud computing is the delivery of computing services over the internet, including storage, processing power, and applications, on a pay-as-you-go basis. The surge in the adoption of cloud-based solutions is driven by their scalability, cost-effectiveness, and ability to support remote work and digital transformation. Cloud computing enhances storage area network (SAN) capabilities by offering scalable, on-demand storage resources accessible over the internet, optimizing storage efficiency and flexibility while minimizing infrastructure costs and management complexities. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of enterprises within the European Union procured cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. Compared to 2021, purchases of cloud computing services among EU enterprises rose by 4% in 2023. Therefore, the growing adoption of cloud computing is driving the growth of the storage area network market.

Key Industry Players
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.

The storage area network market report table of contents includes:

1. Executive Summary

2. Storage Area Network Market Characteristics

3. Storage Area Network Market Trends And Strategies

4. Storage Area Network Market – Macro Economic Scenario

5. Global Storage Area Network Market Size and Growth
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32. Global Storage Area Network Market Competitive Benchmarking

33. Global Storage Area Network Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Storage Area Network Market

35. Storage Area Network Market Future Outlook and Potential Analysis

36. Appendix

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