Data Storage continues to be a lucrative market opportunity for Solution Providers to grow their revenues. This is the case with customers of all sizes and across all industry sectors.
The enterprise data storage market size is estimated to grow by USD 11.6 billion at a CAGR of 4.39% between 2023 and 2028. The increased adoption of cloud applications is driven by factors such as scalability, flexibility, and cost-effectiveness, as businesses seek to leverage cloud technology to improve their operations and enhance their competitiveness. The growing demand for IoT and big data operations is driving the need for cloud-based solutions that can handle large volumes of data and provide real-time analytics and insights. The high adoption of Software-as-a-Service (SaaS) applications by enterprises is driven by the convenience and accessibility of cloud-based software, which allows businesses to access and use applications from anywhere, at any time, without the need for extensive IT infrastructure.
The market share growth by the storage area network (SAN) segment will be significant during the forecast period. It is a dedicated high-speed network that interconnects enterprise storage devices to multiple servers. A SAN moves the stored information from the common user network and recollects and organizes it into an independent high-speed network. A SAN allows each server to access storage devices. Also, it allows servers to take over the volume and control it. The backup server controls the primary server by connecting to the storage volume in the event of a system failure in a collected environment.
The SAN segment showed a gradual increase in the market share of USD 28.30 billion in 2018. Enterprises are the main adopters of these devices as these devices offer better flexibility, availability, and performance when compared with DAS or NAS systems. A SAN is a type of local area network (LAN) that is designed to handle the transfer of huge volumes of information. SAN devices support information, retrieval, and replication using high-end servers and multiple disk arrays. Vendors such as Dell Technologies Inc., Hewlett Packard Enterprise Development, and IBM are known for their SAN equipment. Thus, the adoption of SAN by the major vendors operating in the market will drive market growth during the forecast period.
To continue reading and to access the complete research findings visit here.
