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Storage Follows the Money

They say money talks, so it's not surprising to hear that banks, insurance carriers, and brokerages that spend billions yearly on storage networking are the major drivers of storage technologies -- according to one of the market's biggest suppliers.

"Because of the competitive nature of their industry, [financial firms] tend to go out on the leading edge, says Ken Steinhardt, director of technology analysis at EMC Corp. (NYSE: EMC).

Steinhardt says Symmetrix storage systems were developed because of the performance financial firms needed; and Centera’s Content-Addressed Storage (CAS) gear was conceived for long-term archiving necessary for compliance (see Centera Hits 300 Partners, 10 PBytes and EMC Centera Passes Regulatory Muster).

In all, EMC claims its SAN gear is installed in 95 percent of the Fortune 500 financial services institutions, as well as 24 of the top 25 banks and 45 of top 50 insurance companies in the world.

Steinhardt isn't alone in his views on the importance of the financial services market. Consider the following:

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