NEW YORK, Aug. 19, 2023 /PRNewswire/ — The storage area network (SAN) market is estimated to grow at a CAGR of 13.94% between 2022 and 2027. The market size is forecast to increase by USD 24,557.73 million, according to Technavio. North America is estimated to contribute 37% to the growth of the global market during the forecast period. Growth in the region is driven by the potential benefits of storage area networks (SANs) such as lower power consumption and improved write speeds and driving solutions’ adoption. SAN solutions in small and medium enterprises are increasing. The growing number of data centers in the region is another factor driving the demand for storage devices. Hence, these factors are expected to drive market growth in the region during the forecast period. For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) – View the Sample report
Company Landscape
The storage area network (SAN) market is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products –The report provides a full list of key companies, their strategies, and the latest developments. Buy Now
Market Dynamics
Key Driver
The rising need for data backup and redundancy due to the surge in digital transformation is a key factor driving market growth. SAN solutions offer tremendous growth potential due to the increasing adoption of digital technologies and the growing need for backup and data storage in end-user industries such as healthcare, IT, telecommunications and banking, financial services, and insurance (BFSI). SAN is commonly used as a centralized and shared digital file storage system. SANs can be used to improve data storage,…
