Storage Area Network to account for 7% of next-gen data storage market
As per Future Market Insights’ latest industry analysis, the global Storage Area Network (SAN) market is expected to display stable growth opportunities by exhibiting a CAGR of around 3.9% over the assessment period from 2022 to 2029.
The global market reached a valuation of US$19,576 million in 2021 and further expand at a valuation of US$26,867 million by the year 2029. SAN market is predicted to be accountable for around 7% of the global next-generation data storage market.
According to historical estimations, the global SAN market was valued at US$14,921 million in 2014. The demand for SAN is estimated to rise at a CAGR of 4.0% during the period 2014-2021.
The need to store massive amounts of data among enterprises is on the rise for better performance, availability, manageability, and security of data storage assets has increased over the years. Thus, several market players are increasingly integrating advanced technologies in SAN solutions such as Fiber Channel (FC) SAN, Fiber Channel over Ethernet (FCoE) SAN, InfiniBand SAN, and iSCSI Protocol SAN, the researchers find.
Both hyper-scale server SAN and enterprise server SAN are utilised to improve the capacity of mass storage devices (tape libraries, optical jukeboxes, and disk arrays) that have access to servers.
The growth of the market is attributed to the surging IT spending in emerging economies and increasing demand for efficient data backup and storage operations.
Key takeaways from FMI's latest report include the following:
- The introduction and adoption of hybrid SAN-NAS solutions are one of the reasons attributed to the growing trend in the global SAN market. Hybrid solutions allow companies to merge block and file-based data on a common array. Unified storage systems support files, along with block-based protocols such as FC and NFS, and HDD and flash-based storage drives.
- As compared to the individual implementations, the architecture of unified storage systems is known to be more complex and is anticipated to become more simplified in the future to efficiently meet the increased demands of enterprises. Owing to these developments, a significant reduction in the dependency of enterprises on a single architecture is visible for their dynamic requirements.
- Traditional means of storage data paired with critical information are known to be inefficient for current requirements and fast access to massive amounts of data is a major challenge in this scenario. Traditional SCSI (Small Computer Systems Interface) technology utilises parallel cabling, which reduces speed and distance and limits the number of attached storage devices.
- Computing environments are drastically shifting from server-centric to data-centric models due to which efficient access to shared data resources is increasingly becoming complex. Such prolific and impressive growth in the information that ought to be stored, managed, maintained, and retrieved has compelled IT decision-makers to make storage decisions separate from server decisions. This in turn is driving the growth of the storage area networks market.
Several key players in the SAN market are concentrating on investing heavily in innovation, research, and development practices in order to offer different solutions for several industrial applications. To expand their presence, dominant market players are undergoing various strategies such as partnerships, collaborations as well as acquisitions, which are resulting in widened customer base.
Japan is expected to remain one of the most lucrative SAN markets over the APAC regions as the global market is anticipated to grow at around 1.6X by 2029. Japan's market is anticipated to create an absolute dollar opportunity of US$188.3 million during 2022-29.
India is yet another market that is set to highlight lucrative growth opportunities over the SAN market with a robust CAGR of 6.6% throughout the assessment period from 2022 to 2029. India market is anticipated to create an absolute dollar opportunity of US$534.0 million during 2022-29.
Sales revenue of the SAN market in the U.S. is anticipated to surge at an impressive CAGR of about 2.9% between 2021 to 2029 and its sales are expected to reach around 1.2X by 2029.