WW SAN Market to Reach $52.3 Billion by 2032 at 10.7% CAGR
StorageNewsletter.com, Tuesday, March 19th, 2024
The global generated $19.4 billion in 2022 and is estimated to reach $52.3 billion by 2032, exhibiting a CAGR of 10.7% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Rise in levels of globalization drives the market growth. In addition, advancements and modernization of technology primarily drive the growth of the market. However, rise in implementation costs and complexity and difficulty of integration are expected to hamper the growth of the market. Furthermore, enhanced effectiveness and output are expected to create lucrative growth opportunities for the market.
Hardware segment to dominate market
By component, the hardware segment held the major share in 2022, garnering nearly half of the global SAN market revenue, as storage units, switches, and routers are becoming essential for constructing a SAN's physical infrastructure and these parts offer the storage capacity and connectivity needed to build a reliable and effective SAN environment.