Farmington, May 11, 2023 (GLOBE NEWSWIRE) -- The Global Network Attached Storage Market Was Valued At $32.29 billion In 2022 And Is Expected To Expand $121.21 billion By 2030 at a CAGR Of 17.98% From 2022 To 2030. Key factors driving the growth of this market include the increased availability of remote and virtual office environments, growing reliance of small and medium-sized businesses on digital content hosted in the cloud environment, rising data generation with surge in use of mobile computing device.
Personal computers (PCs) and business desktops were formerly the primary data sources. Smartphones, laptops, and tablets are now indispensable because the world is shrinking and people's lives and jobs are changing so rapidly. Small and medium-sized businesses are becoming increasingly reliant on cloud-hosted digital content, which is anticipated to increase the demand for network attached storage over the next few years.
Request Sample Copy of Report “Network Attached Storage Market Size, Share & Trends Estimation Report By Product Outlook (High-end/Enterprise, Midmarket, Low-end) By Storage Solution (Scale-up NAS, Scale-out NAS) By End-User (Banking, financial services, and insurance (BFSI), Healthcare, Retail & e-commerce, IT & Telecom, Automotive, Others) By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Segmentation Overview:
Product Outlook:
Buffalo Americas Inc. is a global leader in providing networking, storage, and multimedia solutions for homes, small businesses, system builders, and integrators. The company's headquarters are located in Austin, Texas. With nearly three decades of experience in networking and computer accessories, Buffalo has demonstrated its commitment to providing innovative, best-of-breed solutions, which have elevated the company to the forefront of infrastructure technology. It is anticipated that the growth of low-end products will be greatest in developing nations such as India, China, and Brazil. In addition, it is anticipated that the global market for high-end enterprise products will grow steadily, with the most growth anticipated in North America and Europe, which are part of the developed world.
Storage Solution:
The market for network-attached storage is divided into scale-out and scale-up segments based on how storage solutions are employed. Scale-up solutions are anticipated to have the largest market share over the next few years because businesses require more data storage space.
The scale-out storage solution is expected to grow at the fastest rate during the forecast period. This is primarily because increasingly sophisticated Scale-out solutions are being developed. These solutions enable improved performance and employ greater efficiency and agility.
By End-User:
The market is segmented by end-user into healthcare, banking, financial services, and insurance (BFSI), IT & telecom, retail & e-commerce, automotive, and others (government, energy & utilities, media & entertainment, and others).
Due to an increase in ICT infrastructure investments and ICT spending by businesses, the IT and telecommunications sector is the most significant in the business world. According to a report by IDC, global spending on ICT will reach $4,8 trillion in 2021.
On a global scale, the retail and online shopping industries continue to expand. Due to an increase in the number of customers who generate a great deal of data, e-commerce businesses are investing heavily in the market. The market expands as a result of the increasing number of E-commerce companies and online shoppers. Every day, between 12 and 24 million new e-commerce websites are created around the world. There is a need for NAS solutions that can store a great deal of customer data because there are more e-commerce companies and more people shopping online.
Regional Analysis:
North America will have the largest market share over the next few years. This is primarily attributable to a handful of large corporations, such as Buffalo Americas Inc., Dell Technologies Inc., Hewlett Packard Enterprise Company, Western Digital Corporation, etc. The market is expanding because regional private and public companies are investing more in wireless technology. According to the Cellular Telecommunications Industry Association (CTIA), wireless technology companies in the United States spent approximately $29.1 billion in 2019. Multiple telecom companies have plans to construct 5G networks nationwide. This has necessitated the development of more advanced storage solutions to accommodate the vast quantities of data generated by wirelessly connected devices.
During the period of the forecast, Europe is anticipated to expand rapidly. This is due to the fact that there are more connected devices than ever before and a great deal of data is being created. Additionally, Europe has the highest proportion of fixed broadband connections. This is because businesses and consumers are increasingly adopting digital technologies. According to a report by the International Telecommunication Union (ITU) for 2020, Europe will have the highest number of fixed broadband subscriptions. According to the International Telecommunication Union (ITU), in 2020, Europe had a higher fixed broadband penetration rate than the global average of 15.9%. The number of people using the internet worldwide is increasing, as is the number of people obtaining fixed broadband connections from central locations in European nations. This has increased the demand for networked storage products and solutions.
During the forecast period, Asia-Pacific is anticipated to grow at a high CAGR and offer numerous growth opportunities. This is largely due to the increasing popularity of connected devices such as smartphones. Globally, IoT devices drive market expansion. By 2025, sales of IoT devices in the APAC region will reach 11 billion units and be worth $386 billion, according to a report by GSMA Intelligence. This increase in IoT connectivity is likely to stimulate market expansion.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 17.98% from 2023 to 2030. |
| Revenue Forecast by 2030 | $121.21 billion |
| By Product Type |
|
| By Storage Solution |
|
| By End-User |
|
| By Companies |
|
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
• Concerns Regarding the Performance of Network-Attached Storage (NAS) Systems
NAS solutions are not as popular as Storage Area Network (SAN) and Direct Attached Storage (DAS) due to their inferior performance and inability to scale (DAS). The NAS has a limited number of resources, so if more users attempt to access it simultaneously, it will slow down and malfunction. Due to the requirement for NAS protocols such as Server Message Block (SMB) and Network File System (NFS), these systems cannot expand or contract rapidly (NFS). These protocols are insufficient for high-performance applications due to their high latency and low throughput. Additionally, the NAS requires a network, and files are shared via a Local Area Network (LAN). This LAN network transmits data from one location to another by slicing it up and sending it to various terminals. However, if any of the data packets are sent late or out of sequence, the file may not open correctly.
• Concerns About Cyberattacks and Data Breach on Servers and Hard Drives
Network-attached storage is a type of storage that is connected to a network and provides access to files for computer systems. These things consist of file and document storage systems. Cybercriminals could attempt to gain access to the stored data. Data security and privacy are integral components of network attached storage system servers and hardware. For instance, a study conducted by Palo Alto Networks Inc. researchers revealed that cyberattacks could occur on approximately 240,000 QNAP Systems NAS devices and approximately 3,500 Synology NAS devices in August 2021. According to the Synology Report, however, the cyberattacks were conducted using brute force. Synology collaborated with the Taiwan Computer Emergency Response Team Center (TWCERT/CC) to prevent these types of attacks. Through this partnership, Synology ensured that all users were aware of how to enhance security and protect user data.
Opportunity Analysis:
• Increasing Hybrid Cloud Storage Adoption
There are an increasing number of unstructured data sets as the number of Internet users grows. This type of data consists of audio files, video files, or images. However, it has become difficult to store this information securely. With the rate at which data is produced, cloud storage has become essential. Cloud storage and traditional NAS devices are both components of a hybrid NAS solution. They enable the creation of a virtual database in which data can be stored in a single volume and accessed from anywhere. This improves data replication, remote mirroring, and data security. It also enables the compression of data to save space. With the aid of hybrid NAS, businesses can efficiently share and manage their vital data. Customers and businesses are becoming more interested in hybrid NAS as the amount of data increases.
Key Segments Covered:
Top Market Players:
- Dell Technologies Inc. (U.S.)
- Western Digital Corporation (U.S.)
- Synology
- QNAP Systems
- NetApp, Inc. (U.S.)
- Hewlett Packard Enterprise Company (HPE) (U.S.)
- Hitachi, Ltd. (Japan)
- Seagate Technology Public Limited Company (PLC) (U.S.)
- ETGEAR, Inc. (U.S.)
- Buffalo Americas, Inc. (U.S.)
By Product:
- High-end/Enterprise
- Midmarket
- Low-end
By Storage Solution:
- Scale-up NAS
- Scale-out NAS
By End-User:
- Banking, financial services, and insurance (BFSI)
- Healthcare
- Retail & e-commerce
- IT & Telecom
- Automotive
- Others (Energy & Utilities, Media and Entertainment, Government, and others)
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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