The global multiprotocol storage market was valued at approximately US$ 35.7 billion in 2022, and it is expected to exceed US$ 56.7 billion by 2032. This growth is anticipated to occur at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2032.
The global multiprotocol storage market is expected to witness significant growth over the forecast period, owing to the digital transformation across several services such as Research and Development & Testing, Information Technology (IT), Telecom, and the Internet.
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Multiprotocol storage products help in adapting various application requirements by integrating block-based access using serial-attached SCSI (SAS), Fibre Channel, and iSCSI, along with network-attached storage (NAS) or file-based access using NFS and CIFS for file sharing in a solution package.
Multiprotocol storage assists in planning overall storage capacity consumption and provides support for server virtualization initiatives.
It also offers a gateway approach, allowing enterprises to add a specialty file server to a storage system they already own, which results in extending the useful life of the system and balanced usage of assets.
Multiprotocol Storage Market: Drivers and Restraints
Factors such as reduced hardware requirements, lower capital expenditures for the enterprise, simple and centralized management of storage administration tasks compared to separate products, improved data availability and performance, and increased connectivity and utilization resulting in stable operational processes are driving the growth of the multiprotocol storage market.
However, factors such as operational control limitations leading to reduced or variable storage performance, and the requirement of a data backup strategy to avoid performance issues are hindering the growth of the multiprotocol storage market.
Multiprotocol Storage Market: Regional Trends
North America region is the largest market for multiprotocol storage due to the presence of a wide variety of end-user enterprises and the competitive environment between them. In Europe, the multiprotocol storage market is growing at a significant pace due to the changing technology and industry landscape.
Multiprotocol storage market growth in Asia-Pacific region is at a considerable pace due to large scale outsourcing of data storage services in this region. Latin America and Middle East multiprotocol storage market is at an emerging stage due to rise in business demands and IT needs.
Key Players in the Multiprotocol Storage Market:
Some of the key players in the multipurpose storage market are IBM Corporation, Cisco, NetApp, NTT Communications Corporation, EMC Corporation, Avere, Hewlett-Packard, and Zadara Storage.
The key companies are channelizing their capital towards the development of new products through intrinsic research and development activities. In addition to this, established players are promoting the use of multiprotocol storage by providing platforms for the development of IP SANs and NAS Systems.
IBM Storage Networking has designed a solution to scale to large enterprise deployments through scale-out server architecture with automated failover capability. These capabilities provide a resilient management system that centralizes infrastructure and path monitoring across geographically dispersed data centers.
Market Dynamics and Growth Drivers:
The multiprotocol storage market is driven by several key factors. Firstly, the proliferation of heterogeneous IT environments, comprising a mix of operating systems, applications, and protocols, has created a demand for storage solutions that can support diverse workloads. Additionally, the growing adoption of cloud computing, virtualization, and containerization technologies has further fueled the need for versatile storage platforms that can cater to modern IT architectures.
Furthermore, the exponential growth of unstructured data, fueled by trends such as IoT, big data analytics, and multimedia content, has necessitated scalable storage solutions capable of handling large volumes of data efficiently. Multiprotocol storage addresses these requirements by offering scalable architectures that can adapt to changing storage demands while ensuring high performance and data integrity.
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