WW SAN Market to Reach $52.3 Billion by 2032 at 10.7% CAGR

Allied Market Research published a report (265 pages, $3,570), titled, Storage Area Network Market by Component (Hardware, Software, and Services), Type (Hyperscale Server SAN and Enterprise Server SAN), Technology FC, IB, and iSCSI Protocol), and End User (BFSI, IT and telecom, government, e-commerce, government, and others): Global Opportunity Analysis and Industry Forecast, 2023-2032.

The global generated $19.4 billion in 2022 and is estimated to reach $52.3 billion by 2032, exhibiting a CAGR of 10.7% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities
Rise in levels of globalization drives the market growth. In addition, advancements and modernization of technology primarily drive the growth of the market. However, rise in implementation costs and complexity and difficulty of integration are expected to hamper the growth of the market. Furthermore, enhanced effectiveness and output are expected to create lucrative growth opportunities for the market.

Hardware segment to dominate market
By component, the hardware segment held the major share in 2022, garnering nearly half of the global SAN market revenue, as storage units, switches, and routers are becoming essential for constructing a SAN’s physical infrastructure and these parts offer the storage capacity and connectivity needed to build a reliable and effective SAN environment.

The software segment is expected to attain the fastest CAGR of 13.3% during the forecast period, owing to optimize SAN operations and boost overall performance, automation, intelligent analytics are required and increasing use of software programs that offer extensive administration and monitoring features more and more.

The Hyperscale Server SAN segment to dominate the market
By type, the hyperscale server SAN segment held the major share in 2022, garnering nearly 2/3 of the global SAN market revenue, as it offers companies the capacity to track orders, manage records, handle logistics, analyse data, and perform other tasks.

The enterprise server SAN segment is expected to attain the fastest CAGR of 12.5% during the forecast period, as it helps organizations leverage the data generated by the global storage area network to optimize their operations, gain valuable insights, and make informed decisions.

IB segment to dominate market by 2032
By technology, the FC segment accounted for nearly 2/5 of the global SAN market share in 2022 and is expected to dominate the market during the forecast period, owing to its capacity to offer specialized networks with high-speed, low-latency, and extremely secure data transport. Due to its scalability and strong performance, it can be used in demanding applications and large-scale storage infrastructures aiding the growth of the SAN market, which propels the market growth significantly. However, the IB segment is expected to attain the fastest CAGR of 14.3% during the forecast period, owing to rise in demand for big data analytics, AI, and HPC as businesses look for quicker and more effective data processing capabilities.

BFSI segment to dominate by 2032
By end user, the BFSI segment accounted for nearly 1/4 of the global SAN market share in 2022 and is expected to dominate the market during the forecast period, as the SAN infrastructure is required to store and safeguard sensitive data, guaranteeing adherence to legal standards and preventing data breaches, aiding the growth of the storage area network market, which propels the market growth significantly.

The IT and telecom segment is expected to attain the fastest CAGR of 13.9% during the forecast period, owing to the growing demand for data processing and storage capabilities in the IT and telecom industries, as well as the growing number of digital transformation programs.

AsiaPac garnered major share in 2032
By region, North America garnered the highest share in 2022, holding nearly 1/3 of the global SAN market revenue in 2022, and is projected to retain its dominance by 2032, owing to increased focus on technological advancements and infrastructure development, aiding the growth of the SAN market. The AsiaPac region is expected to retain the fastest CAGR of 10.0% during the forecast period, owing to secure and effective storage and management systems, such as SANs, which is anticipated to expand due to rise in demand for digitalization and data-driven decision making.

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