Pune, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Network Attached Storage [NAS] Market Size & Growth Analysis:
“The Network Attached Storage (NAS) Market size was valued at USD 31.71 billion in 2023 & is expected to reach USD 109.72 billion by 2032 and will grow at a CAGR of 14.82% during the forecast period between 2024-2032, Says SNS Insider Researchers.”
Market Analysis
Growth of the Network Attached Storage (NAS) market is driven by a surge in data generation is a significant contributor, with mobile devices and connected technologies producing vast amounts of data. For instance, there were more than 6.8 billion smartphones worldwide as of the year 2023 and this is adding up to an exponential increase in data volumes. Similarly, augmented reality (AR), virtual reality (VR), and the Internet of Things are further amplifying data creation, with estimates suggesting that global data generation will reach 175 zettabytes by 2025.
This rapid increase in data underscores the need for effective storage solutions. Cloud storage options are increasingly becoming paired with traditional NAS devices. Also can provide hybrid NAS systems combining traditional NAS with cloud storage for a single data management platform. These systems offer enhanced data replication, improved security, and efficient data compression, addressing the growing need for scalable and secure storage solutions. NAS systems work particularly well suited for different industry needs. For example in the case of law enforcement requires robust video surveillance storage, broadcasting industries seek efficient video processing. Similar to other sectors, health institutions require secure ways of storing and saving sensitive data at low costs. NAS systems also prove efficient for High-Performance Computing (HPC) workloads. In US, growing demand from large organisations as many of those have been looking for Scale Out NAS solutions for data backup, archiving and disaster recovery support against the backdrop higher than required CRS application.
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Key Players Analysis Listed in this Report are:
- Hitachi, Ltd.
- Hewlett Packard Enterprise Company
- NetApp, Inc.
- Buffalo Americas, Inc.
- Synology, Inc.
- Dell Technologies Inc.
- QNAP Systems, Inc.
- Western Digital Corporation
- Seagate Technology Public Limited Company (PLC)
- NETGEAR, Inc.
- Other Players
Network Attached Storage Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 31.71 Bn |
| Market Size by 2032 | US$ 109.72 Bn |
| CAGR | CAGR of 14.82% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Rapid deployment of next-generation wireless internet technology is anticipated to aid market growth. |
Recent Developments
- Seagate partnered with QNAP Systems Inc. In April 2023, to deliver an all-encompassing portfolio of edge-to-cloud enterprise storage options. It features QNAP's high-capacity NAS solutions, Seagate Lyve Cloud and IronWolf Pro Hard Drives (HD), making it ideal for small to medium businesses, as well as content creators.
- IBM aligned with Cohesity, in March 2023 to ensure the integration of robust data protection functionality into its suite of storage products. As part of a range of file security features, the new product called Storage Defender is designed to further protect vital corporate data.
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Segment Analysis
On the basis of product type midmarket NAS solutions segment held the largest share more than 59% of the NAS market. This dominance is primarily attributed to the surging digital content and extensive usage of smartphones, tablets, and smart devices. Because such devices produce huge amounts of unstructured data, midmarket NAS solutions resulting in the perfect mix between performance and cost efficacy can best target these tech-savvy generations.
The telecommunications and ITES segment led the NAS market, in terms of the end-use industry. This is due in part to the enormous need for data mobility, storage virtualization, and backup/recovery services across FSS industries. In telecommunications and ITES sectors, they require robust data management & recovery solutions which further heightens the need of NAS systems in these field.
Network Attached Storage Market Key Segmentation:
By Storage Solution
- Scale-up NAS
- Scale-out NAS
By Design
- 1–8 Bays
- 8–12 Bays
- 12–20 Bays
- More than 20 Bays
By Product
- Enterprise NAS Solutions
- Midmarket NAS Solutions
By Deployment Type
- On-premises
- Remote/Cloud
- Hybrid
By End-user Industry
- Telecommunications & ITES
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods & Retail
- Energy
- Healthcare
- Government
- Education & Research
- Media & Entertainment
- Manufacturing
- Business & Consulting
- Others
North America held the highest share in the global Network Attached Storage (NAS) Market accounting for 34% of overall market revenue.
The high-tech adoption and advanced data management needs are the drivers of such growth. The US market, in particular states like California, Texas, and New York are significant demand points for NAS since they concentrate on many large enterprises and tech-oriented industries. The region’s emphasis on Advanced analytics and extensive data storage requirements further fuels the market. Key regions prevalent in North America's dominance include the availability of major players and its IT infrastructure. This regional focus highlights the critical role of NAS solutions in supporting the data-centric operations of major enterprises and technology firms.
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Key takeaways
- The report identifies the primary factors driving market growth including a proliferation of data from digital devices; IoT solutions becoming more widespread and hybrid NAS usage on the rise.
- The report provides detailed analysis of the market status covering various volume and trend developments. It outlines which segments are ruling and explains the reasons for their dominance, including giving valuable insight into market dynamics.
- The report includes strategic recommendations for stakeholders based on the market analysis.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Network Attached Storage Market Segmentation, By Storage Solution
8. Network Attached Storage Market Segmentation, By Design
9. Network Attached Storage Market Segmentation, By Product
10. Network Attached Storage Market Segmentation, By Deployment Type
11. Network Attached Storage Market Segmentation, By End-user Industry
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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