New York, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The global network attached storage market size is poised to grow at a CAGR of over 12% from 2024 to 2036. The market is anticipated to garner a revenue of USD 127 billion by the end of 2036, up from a revenue of USD 26 billion in the year 2023. The amount of data generated worldwide is increasing at an unprecedented rate. This is due to the proliferation of digital devices, the rise of the internet of things (IoT), and the increasing digitization of businesses and industries.
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According to the most recent estimates, 320 million terabytes of data are produced every day. That's 120 zettabytes per year in zettabytes. As a result, there is a growing need for data storage solutions that are reliable, scalable, and cost-effective. NAS is a type of file-level data storage device that is connected to a network and enables multiple users and client devices to access files from a centralized location. As the demand for data storage grows, so too does the demand for NAS solutions that can handle large volumes of data and provide fast and efficient access to that data.
Network Attached Storage Market: Key Takeaways
- Market in North America to propel highest growth
- Enterprise segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Growing Adoption of Cloud Services to Boost Market Growth
Cloud services are becoming increasingly popular due to their convenience, scalability, and cost-effectiveness. With the rise of remote work and the need for flexible storage solutions, more and more businesses are turning to cloud services to store and manage their data. More than 99% of workers expressed the desire to work remotely at least occasionally. It has been predicted that hybrid work models will grow from 45% in 2021 to 82% in 2024. This shift towards cloud services is having a significant impact on the network attached storage market. As businesses increasingly rely on cloud services, they are needing more storage capacity and scalability. As a result, the demand for network attached storage systems is expected to rise, as businesses look to store and manage their data remotely.
Network Attached Storage Industry: Regional Overview
The global network attached storage market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Data Storage to Drive the Growth in the North America Region
The network attached storage market in North America region is estimated to garner the largest revenue share of 35% by the end of 2036. A growing demand for data storage in the region necessitates more efficient and effective storage solutions. Companies such as Buffalo AMERICAS Inc, Dell Technologies Inc., and Western Digital Corporation are investing heavily in the development of advanced storage solutions, such as network attached storage, to meet the growing demand. This, in turn, is driving the growth of the market in the region. Further, with wireless technologies becoming more widely available in region, the need for high-capacity data storage solutions has increased. an American survey revealed that the wireless sector spent nearly USD 35 billion in 2021 on expanding, improving, and operating networks.
Increasing Number of Data Centres to Drive the Growth in the Asia Pacific Region
The Asia Pacific network attached storage market is estimated to garner the largest revenue share of 27% by the end of 2036. This is largely due to the increasing number of data centers in the region, as well as the presence of a large number of IT and telecom industries in the region. Approximately 10 million square feet make up the largest data center in the world, which is owned and operated by China Telecom. Over 6 million square feet of data center space are occupied by China Mobile. Additionally, the region is also witnessing a strong demand for data storage solutions due to the increasing adoption of cloud computing and big data. Furthermore, the region is also witnessing a rapid rise in the consumption of digital media, which is further driving the demand for data storage solutions.
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Network Attached Storage Segmentation by Product
- Enterprise
- Midmarket
The enterprise segment is anticipated to hold the largest revenue by the end of 2036. Enterprise NAS solutions offer higher scalability, performance, and reliability, making them the preferred choice for organizations that require large amounts of data storage. Enterprise level NAS servers enable connectivity for, over 1000 clients or users. In organizations most of these servers support various RAID configurations, including RAID 0, RAID 1, RAID 1 + 0, RAID 5, RAID 5 + 0, RAID 6 and others. Additionally, the cost of enterprise NAS solutions are typically lower than the cost of cloud storage, making them an attractive option for businesses that need large amounts of storage for their operations.
Network Attached Storage Segmentation by End User
- BFSI
- Healthcare
- Retail & E-Commerce
- IT & Telecom
- Automotive
The IT and telecom segment is anticipated to hold the largest revenue by the end of 2036 due to increasing demand for virtualized storage systems, growing demand for backup and recovery solutions, and increasing adoption of cloud-based services. Additionally, the increasing demand for bandwidth in data centers, and the growing demand for data centers due to growing data traffic, are also expected to contribute to the growth of the IT and telecom segment. Moreover, with an increased number of users, telecom service providers need to store more data. In 2022, there were almost 6.5 billion smartphone subscriptions worldwide, and by 2028 there are expected to be 7.8 billion. The United States, China, and India have the highest number of smartphone mobile network subscriptions. NAS devices offer users the ability to access their data from anywhere with an internet connection, making them ideal for telecom service providers.
Network Attached Storage Segmentation by Storage Solution
- Scale-up NAS
- Scale-out NAS
Network Attached Storage Segmentation by Design
- 1-8 Bays
- 8-12 Bays
- 12-20 Bays
- >20 Bays
A few of the well-known market leaders in the global network attached storage market that are profiled by Research Nester are Buffalo Americas Inc., Dell Technologies Inc, Western Digital Corporation, NetApp, Inc., Sinology Inc, and other key market players.
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Recent Development in the Market
- Dell Technologies and Google Cloud have teamed up to provide businesses with a solution called Dell Technologies Cloud OneFS for Google Cloud. This collaboration aims to help companies effectively handle the growth of their data and applications while also enabling seamless file sharing between their private clouds and Google Cloud. Additionally, Dell is introducing innovations, in Dell Technologies Cloud making it easier for businesses to adopt hybrid cloud deployments and enhancing the overall capabilities of this approach.
- NetApp, a global software company focused on cloud-based data solutions has announced the availability of two new storage options. The NetApp AFF C Series is a cost flash storage solution that offers increased capacity. Additionally, the NetApp AFF A150 is an entry level storage system, within the AFF A Series family specifically designed for flash performance.
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