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Network-Attached Storage Market Growth Projections and Opportunities
Over the years, there have been many improvements in how we store data due to the increase in the amount of data and advancements in technology. One such method is Network-Attached Storage (NAS), which involves using storage devices connected to the network through USB or Ethernet ports. These devices are given an IP (Internet Protocol) address, allowing them to be directly accessed from the user's device. NAS serves as a centralized data repository, allowing users to access data at the file level from any operating system while ensuring secure data management.
Additionally, NAS devices are not reliant on network servers for connectivity, so they are not affected by network or server downtimes. The global market for Network-Attached Storage (NAS) was valued at USD 15,021.3 million in 2017 and is projected to reach USD 44,595.7 million by 2023, with a compound annual growth rate (CAGR) of 20.08%. This market is segmented based on product, storage solution, organization size, deployment, vertical, and region. In terms of product, the global NAS market includes high-end/enterprise NAS, midmarket NAS, and low-end/desktop NAS. Storage solutions are categorized as scale-out NAS and scale-up NAS. Organization size segments consist of small, medium, and large enterprises. Deployment options include on-premise, hybrid, and cloud deployment.
The market is further categorized by verticals, including IT & telecommunication, BFSI, retail, government, manufacturing, media & entertainment, healthcare, energy & utilities, and others. The growth of the global NAS market is expected to be driven by the increasing demand for secure data storage devices for various applications and the rising popularity of NAS in residential and small office or home office (SOHO) environments. Opportunities arise with the growing Bring Your Own Device (BYOD) trend across enterprises.
However, the potential security issues associated with data stored at remote locations are expected to hinder market growth during the review period. Key players in the global NAS market include Dell EMC, HPE, IBM Corporation, Hitachi Data Systems Corp., Netapp Inc., Seagate Tech, Cisco Systems Inc., Western Digital Corp., Netgear Inc., QNAP Systems Inc., Synology Inc., Buffalo Americas Inc., and Space Monkey. In summary, Network-Attached Storage has evolved over the years, providing a reliable and accessible method for data storage. The global NAS market is witnessing significant growth, driven by factors such as the demand for secure storage solutions and the increasing use of NAS in various sectors. Despite challenges related to security issues, the market is expected to continue its upward trajectory, offering opportunities for both established players and new entrants.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 17.7% (2022-2032 Base Year 2020 Forecast Period 2020-2030 Historical Data 2018 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered By Product, Organization Size Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW) Key Vendors Synology, Inc. (Taiwan), NETGEAR, Inc. (US), Buffalo Americas (US), Dell EMC (US), Seagate Technology PLC. (US), Hewlett-Packard Enterprise Company (US), Western Digital Corporation (US), Hitachi Data Systems Corporation (US), NetApp, Inc. (US), and QNAP Systems, Inc. (Taiwan). Key Market Opportunities The rising adoption of 4G and 5G technologies is likely to offer robust opportunities to market players in the near future. Key Market Drivers An increase in the use of big data analytics & data mining applications is likely to bolster market growth over the forecast period. |
Network-Attached Storage Market Highlights:
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