下面是小编为大家整理的IT硬件与通信设备VAR调查：改善迹象（全文完整）,供大家参考。
al n
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te
n
I
-
d e
t
c
i
tr s
Re
C OR E
IT
Hard ware
&
C ommu nica tio ns
Eq uipment
VAR
Survey :
Sig ns
of
I mprovement
I NDU S T RY
UPD A T E
E qu ity
R e s ear c h
20
A ug us t
2020
Af te r
s e v e r al
m on th s
of
dow n w ar d
m om e n tu m ,
VAR
e xpe c tati on s
f or
th e
2020
I T i nf r astr u c tu r e
g r o w th
ou tl ook
s h owed
s om e
s i gn s
of
i m pr o v e m e n t
i n
ou r
Ju l y / Au gu st s u r v e y .
Th at
b ei ng
s ai d,
i t
m ay
b e
too
earl y
to
c all
a
bottom
b a s e d
on
on e
m on th
of
da ta poin ts .
Th e
i m pa c t
of
C ovi d
on
h ar dw are
s pe n di ng
c ou l d
b e
exte n de d
fu r th e r
i f
th e r e
i s a
pr olon g e d
s e c ond
w ave
going
i nto
th e
w i n te r
o r
i f
m ac r o
w e akn e ss
pe r s i sts .
M o d era te
i m pr o v em ent
a c ro ss
a ll
s i x
c ate g o ri e s .
PC
an d
ADC
ou tl ook
f or
2020 s h owed
t h e
la r g e st
s e qu e n tial
i m pr ov e m e n t
f r om
th e
la st
s u r v e y ,
w h ile
on
abs olu te
te r m s ,
S e r v e r
an d
ADC
r e m ai n e d
i n
th e
n e g ati v e
te rr i to ry .
PC
an d
Ne tw or kin g e xpe c tati on s
c on ti nu e d
to
s ee
t h e
h i gh e st
s p e n di ng
g r owt h
f or
2020
among
all .
Serv er
an d
Sto rage
n o t
o ut
o f
wo o d s
y et .
De s pi te
th e
s e qu e n tial
i m pr ov e m e n t, Av e r age
g r owt h
e xpe c ta t i on s
f or
Serv er
n otc h e d
h i gh e r
s li gh tl y
bu t
i s
s till
n e g ati v e s ugg e s ti ng
th e
C ovi d - 19
i m pa c t
on
Se r v e r
de m an d
likel y
pe r s i sts
i nto
2 H
an d pote n tiall y
2021 .
For
Sto rage ,
th e
e xpe c tati on
tu r n s
s li gh tl y
pos iti v e
afte r
de c li n i ng
to n e g ati v e
g r ow th
i n
Ju n e .
T h e
Stor age
g r ow th
ou tl ook
i s
s till
dow n
~1 , 100
b ps
s i n c e
Jan u a ry ,
th e
m os t
of
an y
c ate g or y .
Am on g
s tor age
v e n dor s ,
NTAP
s aw
th e
m os t i m pr ove m e n t
i n
m om e n tu m ,
w h ile
D E LL
c on ti nu e d
to
s ee
i ts
t r e n d
w eake n i ng
th e m os t.
PSTG ,
O RC L,
an d
N TNX
al s o
e xp e r ie n c e d
i m pr o v i ng
m om e n tu m .
N et wo rk i n g
c o ntinu es
to
l ea d
g ro wth
ex pectati o n s.
N e tw or kin g ,
th e
s tr on g e st c ate g or y
i n
ou r
pr e v i ou s
s u r v e y ,
s aw
b el o w
ave r age
i m pr ove m e n t
i n
Ju l y
bu t m ai n tai n e d
i ts
lea d
i n
e xpe c te d
2020
g r owt h ,
as
Abo v e
P l an
m e n ti on s
e xc ee de d
B el ow
Pl an
f or
th e
f i r st
t i m e
s i n c e
J an u ar y .
ANE T
an d
C SC O
h owe v e r ,
th e
two
s tr on g e st g ai n e r s
i n
ou r
Ju n e
s u r v e y ,
e ac h
s aw
de c li n e s .
C SC O
c on t i nu e s
to
le ad
th e
g r ou p, di r e c ti on all y
i n - li n e
w i th
i ts
r e c e n t
r e v e nu e
b eat
i n
FQ 4 ,
th ou gh
th e
as s oc iate d
gu i da n c e m i ss
s ugg e sts
an
ac c ele r ati on
of
s of te n i ng
f oll owi ng
ou r
late st
pol l .
Stoc k
i mp a c ts :
We
m ake
n o
c h an g e s
to
r ati ng s
or
e s ti m ate s ,
de s pi t e
th e
i m pr ov e m e n t s ee n
i n
Ju l / Au g
s u r v e y
r e s u l ts ,
as
i t
i s
st ill
too
earl y
to
c all
a
bottom ,
an d
w e
w ill
n ee d m or e
s u pp or t i ng
e v i d e n c e
i n
th e
n ext
f e w
s u r v e y s .
As
t h e
i ndu s tr y
n avi g ate s
a
pe r s i s te n tl y
w eak
s p e n di ng
e n v i r on m e n t
w e
f av or
s h are
g ai n e r s ,
s u c h
as
O W - r ate d P ST G
i n
Stor ag e ,
a s
w ell
a s
h i gh - r e c u rr i ng
r e v e nu e
n ame s
s u c h
as
O W - r ate d
FF I V .
W e are
al s o
O W
on
C SC O
on
v al u ati on .
Th e
s u r v e y
al s o
m ake s
u s
i n c r e m e n tall y
m or e pos iti v e
on
E W - r ate d
JN P R
a s
i ts
m om e n tu m
s ee m s
to
kee p
i m pr ovi ng
f or
th r ee
s u r v e y s n ow .
W e
al s o
r e m ai n
E qu al
W ei gh t
on
ANE T,
H P E ,
HPQ ,
D E LL ,
NTAP,
an d
W DC ,
n ame s w h e r e
w e
do
not
s ee
ad e qu ate
c atal y sts
to
ou tw ei gh
i ndu s tr y
h e ad w i n ds .
W e
r e m ai n U W
on
U I
an d
STX .
I T
H a r d w a r e
a nd
C o mm u nic a t io ns Eq u ipm ent
NE U TRAL
Unc hang e d
I T
H a r d w a r e
a nd
C o mm u nic a t io ns Eq u ipm ent
T im
Lo ng
+ 1
212
526
4043
ti m . l o ng @ b ar c la y s . c o m BC I ,
US
C hang
Li u,
C FA
+ 1
212
526
2806
c hang . li u@ b a r c la y s . c o m BC I ,
US
P ete r
Zd e b ski
+ 1
212
526
6382
p ete r . z d e b ski @ b a r c l ay s . c o m BC I ,
US
A l y ssa
S hr e v es
+ 1
212
526
7570
al y ssa . s h r e v es @ b a r c l ay s . c o m BC I ,
US
B a r c la y s
C a p i t al
I n c .
a n d / o r
o n e
o f
i ts
a ff ilia t e s
d o e s
a n d
s ee ks
t o
d o
bu s i n e ss
w i t h c o m p a n ie s
c o v e r e d
i n
i ts
r e s ea r c h
r e p o r ts .
A s
a
r e s u l t ,
i n v e st o r s
s h o u l d
b e
a w a r e
t h a t
t h e f i r m
m a y
h a v e
a
c o nf li c t
o f
i n t e r e st
t h a t
c o u l d
a ff e c t
t h e
o b j e c t i v i t y
o f
t h i s
r e p o r t .
I n v e st o r s s h o u l d
c o n s i d e r
t h i s
r e p o r t
a s
o n l y
a
s i ng le
f a c t o r
i n
m a k i ng
t h ei r
i n v e st m e n t
d e c i s i o n .
P L E A S E
S EE
A N A L Y S T
C E R T I F I C A T I O N ( S )
A ND
I M PO R T A N T
D I S C L O S U R E S
BE G I NN I N G
O N
P A G E
19 .
I T
H a r d ware
V A R
Su rv e y
Re s pon s e s
f r om
th e
B ar c lay s
J u l y / A ugu st
2020
VAR
s u r v e y
i n c l u de d
20
V ARs
i n
th e
U . S. w i th
an nu al
r e v e nu e
r an g i ng
f r om
~ $75 M
to
o v e r
$9 . 0 B .
Th e
s u r v e y
b a s e
te n ds
to
b e
an e ff e c ti v e
r e ad
f or
th e
e n te r pr i s e
I T
bu s i n e ss
of
i n
pa r ti c u lar
C i s c o ,
Ju n i pe r ,
DE LL ,
H PE ,
Pu r e Stor age ,
an d
Ne t App .
J u l y/Au g u st
Surv ey
K e y
H i g h li g h ts:
Th e
ove r all
I T
i nf r as t r u c tu r e
s pe n di ng
e n v i r on m e n t
s h owed
s om e
i m pr ove m e n t,
bu t r e m ai n s
poor
w i th
th e
ou tl ook
g e n e r all y
f lat
to
dow n
f or
2020 ,
w i th
e xc e pt i on s
f or
PC an d
Ne tw or kin g .
PC
an d
ADC
i m pr ove d
th e
m os t
c om pa r e d
to
oth e r
s e gm e n ts .
W e
a r e
n oti c i ng
di s c ou n ts
pi c ki ng
u p
ac r os s
c ate g or ie s .
M os t
V ARs
b elie v e
C ovi d - 19
i m pa c t
i s
w i th i n
th e
r an g e
of
- 5 %
to
+5%
ac r os s
m os t c ate g or ie s .
Ne tw or kin g
r e m ai n s
th e
c ate g or y
w i th
th e
h i gh e st
pos iti v e
g r owt h
i n
2020 .
C SC O c on ti nu e s
to
b e
th e
on l y
v e n do r
w i th
m or e
V ARs
r e po r ti ng
A bo ve
P l an
r e v e nu e s
than B el ow
P lan ,
de s p ite
th e
c om pa n y ’ s
r e c e n t
m i ss .
ADC
g r owt h
e xpe c ta t i on s
w e r e
among
th e
w eake st
i n
th e
s u r v e y ,
bu t
i s
s h owi ng de c e n t
i m pr ov e m e n t
f r om
th e
las t
s u r v e y .
M os t
s tor age
v e n dor s
s aw
th ei r
tre n d
i m pr ovi ng ,
e xc e pt
f or
DE LL
an d
H ita c h i .
NTAP g ai n e d
th e
m os t
m om e n tu m ,
f oll owed
b y
NTNX
an d
PSTG .
T h at
s ai d ,
m os t
v e n dor s are
s till
e xp e r ie n c i ng
m or e
b el o w - plan
than
above - plan
m e n ti on s .
Campu s
an d
W i - Fi
ou tl ook
r e m ai n s
mu te d ,
C SC O
s a w
s om e
m ode r ati on
i n m om e n tu m ,
w h ile
80 %
of
V ARs
e xp e c t
W i - Fi
6
to
h ave
ei th e r
n o
e ff e c t
on
W i Fi
s ale s ove r
th e
n ext
t w el v e
m on th s
or
an
i m pa c t
of
le ss
than
5 %
to
g r owt h .
S urv e y
R e s ults
Su r v ey
Q u es tio n
-
W h a t
i s
y o u r
pl a nn ed
Y/Y r even u e
c h a n g e
f o r
the
b elo w c a te g o r i es
i n
2020 ?
P l eas e
s p eci f y
a ppr o x i ma te
pe r c entag e.
Foll owi ng
w e akn e ss
i n
ou r
Ju n e
s u r v e y ,
w e
f i n all y
s ee
s om e
s i gn s
of
r e c ove ry
i n
Ju l y / Au gu st s u r v e y .
Re s pon s e s
i n di c ate d
s e qu e n tial
i n c r ea s e
ac r o ss
all
6
c ate g or ie s .
PC
an d
ADC s h owed
th e
lar g e st
i m pr ov e m e n t
v s .
th e
Ju n e
ou tl ook
( 2 . 7 %
an d
1 . 7 %
r e s p e c ti v el y )
w h ile Se r v e r
s a w
th e
w eake st
abs olu te
e xpe c ta t i on
f or
2020
at
- 2 . 7 % .
PC
opti m i s m
h as
ti c ke d
u p on c e
agai n
to
c u rr e n t
e xp e c ta t i on
of
2 . 3 %
f or
2020 .
Ne two r k i ng ,
th e
st r on g e st
c ate g o ry
i n ou r
pr e v i ou s
s u r v e y ,
s aw
b el o w
ave r age
i m pr o v e m e n t
i n
Ju l y
bu t
m ai n tai n e d
i ts
le ad
i n e xpe c te d
2020
g r owt h .
ADC
s a w
above - a v e r age
i m p r ove m e n t
of
1 . 7 %
s e qu e n tiall y ,
s e c ond on l y
to
PC ,
th ou gh
r e m ai n s
n e g ati v e
f or
th e
y ear .
P C :
Af te r
th e
m od e r ati on
i n
Ju n e
s u r v e y ,
PC
ou tl ook
w e n t
b a c k
u p
f r om
0 %
to
2 . 3 % f or
th e
y ea r.
Th i s
li k el y
s ugg e sts
th at
th e
boost
f r om
r e m ote
w or k
de m an d
w ill
p e r s i st a
li tt le
l on g e r
g i v e n
th e
r e s u r f a c e
of
C ovi d
c ase s .
VAR
r e s pon s e s
r an g e d
f r om
a
l ow
of 0 %
to
+5% .
Sta n da r d
de v iati o n
de c r ea s e d
to
2 . 0 %
f r om
4 . 4 %
s ugg e s ti ng
a
ti gh te r c on s e n s u s
among
V ARs
on
th e
tr aj e c tor y
of
PC
de m an d.
Ser v er
a n d
St or a ge:
Av e r age
g r owt h
e xpe c ta t i on s
f or
Ser v er
r e c or d e d
m od e r ate i m pr ove m e n t
afte r
w eake n i ng
i n
ou r
pr i o r
th r ee
s u r v e y s ;
t h e
m e an
2020
g r owt h ou t...
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