New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “Global Server Storage Area Network (SAN) Market” for the forecast period, i.e., 2022-2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Server Storage Area Network (SAN) Market Size:
The global server storage area network (SAN) market is anticipated to grow at a significant CAGR during the forecast period. The decline in total infrastructure costs for data centers and the expansion of the digital economy are both responsible for the expansion of the market. The World Bank estimates that the digital economy makes up 15.5% of the global GDP and has risen 2.5 times faster than the global GDP over the past 15 years. An increase in businesses keeping their data digitally can be attributed to the growth of the digital economy.
The COVID-19 pandemic had a beneficial effect on the digital economy, which led to the expansion of the market on a global scale. Also, the growth of online education and remote work situations is driving the use of cloud-based solutions. 17% of the business worldwide are entirely remote. Additionally, remote workers make up nearly 59% of the overall U.S. workforce. Therefore, it is projected that it will fuel the expansion of the market after COVID-19.
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The usage of SAN is rising along with the growth of small and medium-sized enterprises (SMEs) around the world. The key drivers of SAN adoption in small enterprises are its advantages, including cloud resources, centralized power, and flexibility. These factors are expected to accelerate the expansion of the market. SME enterprises make up almost 99% of all businesses worldwide. In addition to this, in the U.K., there were about 36,500 medium-sized firms (50-249 employees) and about 6 million small businesses (10-49 employees) in 2020.
Rising usage of e-commerce websites and Expanding IT Sector to Drive the Market Growth
Consumer use of online channels has increased as a result of rising e-commerce website usage. SANs are employed in this situation, mostly to store important data in databases with a lot of traffic to improve performance and boost efficiency. For instance, there are around 11 million to 23 million e-commerce websites in existence worldwide and that number is growing daily. In addition, it is predicted that over 96% of all sales would be made online by 2040.
Furthermore, the market is anticipated to increase as a result of the growing IT sector and investments in the technology sector. It was estimated that India would spend close to USD 82billion on IT in 2021 and USD 102 billion in 2022. India also placed third globally in FY21 with nearly 609,000 cloud experts across all industries, including technology. The revenue growth of tech companies is anticipated to grow by 62% of businesses in 2022 and 54% of worldwide companies intend to boost their spending on technology in 2022. The rise in tech companies fuels the growth of the market.
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Global Server Storage Area Network (SAN) Market: Regional Overview
The global server storage area network (SAN) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Expanding Data Centers and Government AID to Fuel the North American Market
On the strength of the presence of a significant number of data centers for the management of data, the North American market is anticipated to have modest expansion over the forecast period. 80 percent of co-location data centers, mostly in North America are found in industrialized nations, according to the United Nations Conference on Trade and Development. Thus, the server storage area network does away with the need for several storage spaces. Additionally, there are market participants for server storage area networks in this region, which is predicted to propel the expansion of the North American industry. For instance, there were around 2,700 data centers in the United States as of January 2022. The rising number of data centers and government aid in the IT sector raises the demand for the server storage area network market (SAN) in the region. Furthermore, nearly, USD 59 million have been budgeted by the US federal government for information technology in civilian federal agencies in 2022.
Rising E-Commerce to Boost the Asia Pacific Market
On the other hand, a new era in China’s economic history began with the development of its e-commerce sector. The growing popularity of e-commerce websites in China has led to a rise in consumer use of online channels. More than 39% of the nation’s GDP in 2020 came from the added value of the digital economy. Over and beyond the global average of 19%, China sold over a quarter of its retail physical items that year online. Moreover, half of the world’s retail e-commerce sales in 2021 came from China. More than 785 million people make up the largest digital purchasing population in the world today, which is found in China.
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The study further incorporates Y-O-Y growth, demand & supply and forecasts future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
Global Server Storage Area Network (SAN) Market, Segmentation by Organization
- Large Scale Organization
- Small and Medium Scale Organization
Owing to their ability to pay for the installation of the server storage area network, the large-scale organization segment is anticipated to have the highest share in the market. Furthermore, on account of the high volume of data present, big-scale enterprises require additional storage capacity for their data. There were around 668 thousand large enterprises with 250 or more employees predicted to exist globally in 2019, up from 670.5 thousand in 2018. Additionally, there were an estimated 215.5 million enterprises operating globally in 2019. The physical network configuration enables businesses to deploy physical network hardware inside their establishments to carry out essential operational tasks. As the number of large enterprises increases, the demand for SANs increases as well leading to the growth of the segment.
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Global Server Storage Area Network (SAN) Market, Segmentation by End-Users
- BFSI
- Healthcare
- IT & Telecom
- Retail
- Entertainment
- Others
The IT & telecom segment is projected to hold a substantial share over the forecast period. The telecom & IT segment is predicted to hold the biggest share over the forecast period. The worldwide IT & telecom industry 2021 was calculated to be around USD 1,900 billion in 2021; up from USD 1,700 billion in 2018.
Additionally, the development of 5G technology is expected to bring about improved networking options. By 2027, it is estimated to be more than 4 billion 5G mobile subscriptions worldwide. The expansion of the sector raises the need for SAN and propels the market growth.
Global Server Storage Area Network (SAN) Market, Segmentation by Solution
- Hardware
- Software
Global Server Storage Area Network (SAN) Market, Segmentation by Type
- Enterprise Server SAN
- Hyperscale Server SAN
Few of the well-known market leaders in the global server storage area network (SAN) market that are profiled by Kenneth Research are Dell Technologies, Inc., Oracle Corporation, Citrix Systems, Inc., Hitachi, Ltd., Hewlett Packard Enterprise Company, Cisco Systems, Inc., iCorps Technologies, Inc., Arista Networks, Inc., Lenovo Group Ltd., Nutanix, Inc., and others.
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Recent Developments in Global Server Area Network (SAN) Market
- On 26 April 2022, Oracle Corporation announced the global network’s industry Innovation Labs expansion.
- On 19 April 2022, the upgrade procedure for performance testing vehicle development data was modernized by Cisco Systems, Inc and General Motors.
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