Storage Area Network Market to Reach $52.3 Billion, by 2032 at 10.7% CAGR: Allied Market Research
NEW CASTLE, Del., March 13, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Storage Area Network Market by Component (Hardware, Software, and Services), Type (Hyperscale Server SAN and Enterprise Server SAN), Technology (Fiber Channel (FC), Fiber Channel over Ethernet (FCoE), InfiniBand, and iSCSI Protocol), and End User (BFSI, IT and Telecom, Government, E-commerce, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032" According to the report, 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.
- By type, the hyperscale server SAN segment held the major share in 2022, garnering nearly two-thirds of the global storage area network market revenue, as it offers companies the capacity to track orders, manage records, handle logistics, analyse data, and perform other tasks.
- Due to its scalability and strong performance, it can be used in demanding applications and large-scale storage infrastructures aiding the growth of the storage area network market, which propels the market growth significantly.
- By end user, the BFSI segment accounted for nearly one-fourth of the global storage area network market share in 2022 and is expected to dominate the market during the forecast period, as the storage area network infrastructure is required to store and safeguard sensitive data, guaranteeing adherence to legal standards and preventing data braches, aiding the growth of the storage area network market, which propels the market growth significantly.
- By region, North America garnered the highest share in 2022, holding nearly one-third of the global storage area network 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 storage area network market.