According to a new market report published by Transparency Market Research the global storage area network (SAN) solutions market is expected to reach a value of US$ 24,461.5 Mn by 2026 on account of the substantial adoption of SAN hardware, software, and services across the world. The market is projected to expand at a CAGR of 4.4% during the forecast period from 2018 to 2026. Asia Pacific is anticipated to be a rapidly expanding region of the market, followed by Europe during the forecast period. In terms of application, the Information Technology (IT) and telecom segment is projected to offer lucrative opportunities, due to rising number of enterprises and increasing investments in advance technologies across the globe.
Rising Adoption of Fiber Channel Over Ethernet Technology across the World Driving the SAN Solutions Market
Growing cloud computing solutions and data centers around the globe is fuelling the growth of the SAN solutions market. Additionally, cost effectiveness offered by fiber optic solutions is anticipated to boost the demand for fiber channels over Ethernet technology based SAN solutions. Furthermore, rising implementation of data centers by all types of enterprises is projected to contribute to revenue growth of the market. Similarly, InfiniBand technology segment is expected to see healthy growth during the forecast period. This is likely due to demand for InfiniBand technology in high-performance computing environments as well as higher bandwidth offered by InfiniBand.
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Storage Area Network (SAN) Solutions Market: Scope of the Report
The SAN solutions market has been segmented based on component, technology, industry, and region. According to the research, the hardware segment in terms of components is expected to dominate the market due to significant demand for storage area networking devices across the world. Software segment is also expected to see high growth in the near future mainly due to lower cost associated with SAN software solutions. The dominance of the software segment is because of rising adoption of cloud technology among enterprises around the globe.
Based on industry, healthcare is projected to see strong adoption of SAN solutions due to rising demand for file storage serversin the light of growing health related data across the world. IT and telecom industry segment held more than 20% share in the global SAN solutions market in 2018. This is primarily due to rising demand for storage spaces from enterprises. A large number of enterprises are also emphasizing on leveraging the opportunities associated with data and information generated across applications such as social media, healthcare, transportation, and others such as banking, financial services and insurance, which is anticipated to supplement the growth of the SAN solutions market.