the global storage area network market is projected to witness a steady upsurge in its revenues, reaching US$ 22,678.1 million over the period of 2016 to 2026. The market will grow at a modest CAGR of 3.5% through 2026.
Valley Cottage, NY -- (SBWIRE) -- 01/18/2017 -- Accessing a consolidated network of data storage systems that connects several depositories of information is incumbent to improve business workflow efficiency. Up-to-date information on the inventory, sales, product damage analysis and rebates helps businesses rectify any impedance on a priority basis. By integrating a Storage Area Network (SAN) with their databanks, organisations can immediately access such information from multiple locations, eliminating the gambles of retarding their operational momentum due to lack of connectivity, traditional storage approach or ineffective data backup procedures.
According to Future Market Insights' report, titled "Storage Area Network (SAN) Market: Global Industry Analysis & Opportunity Assessment, 2016-2026," the global storage area network market is projected to witness a steady upsurge in its revenues, reaching US$ 22,678.1 million over the period of 2016 to 2026. The market will grow at a modest CAGR of 3.5% through 2026.
Businesses from diverse industrial verticals are investing capital on IT services, remodelling their business models by adopting cost-effective data storage management systems through various types of SANs. Leading tech giants such as The Hewlett-Packard Company, Hitachi Data Systems Corporation, Dell, Inc., IBM Corporation, and Cisco Systems, Inc., are the key storage area network service providers. The report has also profiled the market's prominent participants, such as, NetApp, Inc., Critix Systems, Inc., QLogic Corporation, Nutanix, Inc., DataCore Software Corporation, and NEC Corporation.
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Besides the type of technologies, the growth of global market for storage area network is also reliant on the growth of components, types of networks, their end-users and prominence of leading industrial verticals. Through 2026, large enterprises as end-users, conventional SANs as types of networks, and Fibre Channel technologies will dominate their respective segments in the global storage area network market. Software components are expected to proliferate the market by accounting for 37% share of the global market value by the end of 2026, while BFSI and IT & telecom will collectively account for over 50% of the global market value, becoming the most lucrative industrial verticals around the world.
America and APEJ: Most Lucrative SAN Markets
North America and Asia Pacific excluding Japan (APEJ) continue to stay the most lucrative markets for storage area network. Although North America will dominate the global SAN market throughout the forecast period, the region's revenue share is expected to incur a slight dip from an estimated 37% in 2016 to less than 35% in 2026.
APEJ's storage area network market is projected to rise from over US$ 3.7 billion in 2016 to an estimated US$ 6 billion by the end of 2026. During the forecast period, the APEJ region will be rendered highly lucrative for expansion as well as establishment of storage area network businesses as the region is anticipated to exhibit highest regional growth in the global market at a CAGR of 4.8%.
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In Latin America, Brazil will account for the largest revenue share of the market. . Meanwhile, Fibre Channel technologies will predominantly govern the growth of Japan's storage area network market by expectedly accounting for over US$ 800 million by the end of 2026; which is more than 65% of the country's estimated SAN market value.
Other regions segmented in Future Market Insights' report on global storage area network market include, Western Europe, Eastern Europe, and Middle East & Africa (MEA).