New York, US, April 26, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Network Attached Storage Market” information by Product, by Storage Solution, by Organization Size, by Deployment and Region – Forecast to 2030” market size to reach USD 100.81 billion, growing at a compound annual growth rate of 16.87% by 2030.
Market Scope:
The increasing use of big data analytics coupled with the rising adoption of 5G and 4G technologies will offer robust opportunities for the network-attached storage market over the forecast period.
Dominant Key Players on Network Attached Storage Market Covered are:
- 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)
- QNAP Systems Inc. (Taiwan)
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Market USP Exclusively Encompassed:
Market Drivers
Growing Popularity amid SMEs across Different End-User Industries to Boost Market Growth
Because they are cost-effective to set up for small offices, network attached storages are gaining favor in small and medium-sized organizations. It stores the essential data directly on external hard discs. In this storage system, users can simply access data via a network connection. The servers allow businesses gain a significant competitive advantage, expand their collaborative reach, and improve customer services. These systems are simple, allow for simple and dependable data centralization at a low cost, and allow for easy data backup. These reasons will contribute to an increase in the adoption of these systems by businesses. Thus the growing popularity of NAS amid SMEs will boost network-attached storage market growth over the forecast period.
Primary Concerns regarding Data Security to act as Market Restraint
The primary concerns regarding data security and lack of enough equipment to protect and exploit data may act as market restraints over the forecast period.
Concerns about Bandwidth Performance to act as Market Challenge
The concerns about bandwidth performance for remotely hosted NAS may act as a market challenge over the forecast period.
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Segmentation of Market Covered in the Research:
The global network attached storage market is bifurcated based on vertical, deployment, organization size, storage solution, and product.
By product, the midmarket NAS will lead the network-attached storage market over the forecast period.
By storage solution, scale-up NAS will dominate the network-attached storage market over the forecast period.
By organization size, SMEs will spearhead the network-attached storage market over the forecast period.
By deployment, hybrid will have the lions share in the market over the forecast period.
By vertical, retail will precede the market over the forecast period.
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Regional Analysis
APAC to Command Network Attached Storage Market
Due to the presence of multiple small and mid-scale firms in the area, the network attached storage market in APAC is predicted to develop at the fastest CAGR over the forecast period. In addition, these companies' increasing investments in the development of IT infrastructure are propelling the NAS market in these countries. During the projection period, Asia Pacific is expected to rise at a considerable CAGR, providing promising prospects for market growth. This is primarily for the increasing use of linked gadgets like smartphones. IoT devices are driving regional market growth. According to the GSMA Intelligence Report, the sale of IoT devices in the APAC area is estimated to reach 11 billion devices by 2025, with a value of USD 386 billion. The increased number of IoT connections is likely to generate a lucrative market opportunity. Because of improvements in network infrastructure and an increase in the usage of portable devices such as laptops & mobile phones to access data, the Asia Pacific area is expected to develop at a high rate throughout the projection period. Consumer demand is growing for a quick, cost-effective, and easy-to-assess means of sharing media content. Due to the expanding economies of nations such as India & China, the industry is expected to develop in the next seven years. Because of improvements in network infrastructure, Asia-Pacific is expected to see significant growth in the network-attached storage (NAS) industry. Furthermore, the increased use of portable devices like as smartphones and laptops to access data is expected to drive the network-attached storage (NAS) market in the region to new heights in the coming years. Because of improvements in network infrastructure and an increase in the usage of portable devices such as laptops and mobile phones to access data, the Asia Pacific area is expected to grow at a high rate at the projection period. Consumer desire for cost-effective, quick, and easy-to-assess solutions to share media assets is increasing.
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North America to Have Admirable Growth in Network Attached Storage Market
North America will have admirable growth in network attached storage market over the forecast period. Several major firms, including Dell Technologies Inc., Buffalo Americas Inc., Western Digital Corporation, Hewlett Packard Enterprise Company, and others, are largely responsible for this. The market is growing due to increased investment in wireless technology by both private & public companies in this region. Wireless technology providers in the United States invested roughly USD 29.1 billion in 2019, according to the Cellular Telecommunications Industry Association (CTIA). Several telecom companies have also announced plans to build 5G networks across the country. It sparked a desire for sophisticated storage systems to handle the large amounts of data generated by linked devices using wireless technologies. Because of the existence of key NAS providers, an increase in the number of Small and Medium Enterprise (SME), and the acceptance of cloud technologies for sharing personal, corporate, and media files, North America is viewed as a critical region for the network attached storage industry. Because of the prevalence of primary NAS providers, North America dominates the network-attached storage (NAS) market. Moreover, throughout the projected period, the increase in the number of small and medium enterprises (SME) would fuel the expansion of the network-attached storage (NAS) market in the region.
COVID-19 Impact on the Global Network Attached Storage Market
Due to the adoption of remote working practises by businesses, the COVID-19 pandemic has raised demand for cloud-based solutions. The epidemic has also accelerated the expansion of data usage. Due to government-imposed data restrictions, businesses in a variety of end-user industries, particularly telecom companies in emerging markets, have seen an increase in data usage. Organizations are looking for a reliable & secure data storage solution at this time. Furthermore, the COVID-19 pandemic has triggered a state of emergency that is unprecedented & unpredictable on multiple levels. Data has been supporting businesses with better decision-making in these times of distress.
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