LONDON, Feb. 21, 2017 /PRNewswire/ -- Regional competition to heat up the global storage area network market in the next 10 years
The worldwide boom in IT has redefined many industries and built the base of many budding economies spread across the globe. IT based technologies such as SAN (storage area network) have immensely helped small and medium scale entrepreneurs. The inbuilt capabilities such as shared storage, centralised control and flexibility to share capacity between multiple hosts is creating a broader market acceptance of the product within the small and medium scale business entities present in the global market. The surged spending on ICT is probably going to buckle up the global storage area network market. An influx of funds has been injected into the ICT sector, mushrooming in some of the developing economies of the world such as Asia, MEA and Latin America. This factor is expected to play the role of a catalyst in the hike of the global storage area network market revenues.
Revenue growth of the global storage area network market is predicted to soar in the APEJ region. APEJ is estimated to register a robust Y-O-Y growth and expand at a CAGR of 4.8%. The major booming economies of the APEJ region such as India and China are fuelling the growth of the APEJ SAN market. India is expected to climb the ladder of growth and record a CAGR of 5.3% within the period of forecast. But the dragon economy of China is expected to dominate the market scene till the end of 2026. The APEJ region is an emerging contender in the global SAN market, backed by extensive investments done by public cloud service providers in order to improve their network infrastructure.
North America will continue to maintain its lead within the period of assessment
The North America SAN market, which was valued close to US$ 5 Bn in 2015 will continue its growth lap till the end of 2026. North America will account for more than 30% revenue share of the global storage area network market. As the region is populated with cloud service providers and several big companies that provide seamless data services, the market for storage area networks is massively increasing in this part of the globe. One of the major economies of this region – the U.S – is anticipated to play a significant role in the development of this regional market. Market anatomy: Storage Area Network market (North America)
The key players of the global storage area network market such as CISCO extracted a lion's share of revenue from the markets fragmented across the North America region. The North America region contributed more than 60% of their revenue in 2015. NetApp, Inc. another major shareholder in the global storage area network market fished out more than 50% of the revenue share from the North America market in 2015. The unparalleled importance of the North America region in the global market arena of storage area networks is soaring and as predicted North America will continue to rule the global storage area network market till the end of the forecast period.
The hardware segment of the North America SAN market is expected to dominate the market till the end of 2026. At the same time the software segment is assessed to be the most attractive segment in terms of revenue within the North America region and it is predicted to record a CAGR of 4.0% by the end of the foreseen period. The conventional SAN segment will showcase better output in the North America region, but in terms of revenue the virtual SAN segment will attract more attention. The FibreChannel technology segment is likely to rule the North America SAN market along with the BFSI end user segment. In terms of revenue, the large enterprises and IT and telecommunication segments are expected to remain the most attractive within the period of forecast.
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