USD 17.39 billion
Report ID:
SQMIG45I2123 |
Region:
Global |
Published Date: October, 2024
Pages:
165
|Tables:
119
|Figures:
77
Network Attached Storage Market size was valued at USD 28.64 Billion in 2023 and is poised to grow from USD 32.16 Billion in 2024 to USD 81.35 Billion by 2032, growing at a CAGR of 12.3% during the forecast period (2025-2032).
Rapid surge in data generation around the world on the back of increasing digital transformation is projected to bolster the demand for network attached storage systems and solutions in the future. Increasing number of remote workers and high adoption of bring your own device (BYOD) policies in multiple organizations are also expected to boost network attached storage market growth in the future. Easy deployment of network attached storage solutions and highly cost-effective nature of the same are also estimated to create new opportunities for network attached storage providers over the coming years. Increasing incidence of data breaches and cyberattacks around the world have bolstered the importance of data backup and recovery solutions thereby promoting network attached storage market growth potential as well. High adoption of network attached storage solutions and services in the media and entertainment industry will also bolster market development going forward. However, network bandwidth limitations, complexity in scalability of certain network attached storage models, and high competition from cloud storage are slated to slow down the adoption of network attached storage in the long run.
US Network Attached Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 17.39 billion
Largest Segment
Scale-up NAS
Fastest Growth
Scale-up NAS
Growth Rate
15% CAGR
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Global Network Attached Storage Market is segmented by Design, Product, Storage Solution, Deployment Type, Component, and region. Based on Design, the market is segmented into 1–8 Bays, 8–12 Bays, 12–20 Bays, and More Than 20 Bays. Based on Product, the market is segmented into Enterprise NAS Solutions, Midmarket NAS Solutions. Based on Storage Solution, the market is segmented into Scale-Up NAS, and Scale-Out NAS. Based on Deployment Type, the market is segmented into On-Premises, Remote/Cloud, and Hybrid. Based on Component, the market is segmented into Hardware, and Software. Based on End-User Industry, the market is segmented into Banking, Financial Services, And Insurance (BFSI), Consumer Goods & Retail, Telecommunications & ITEs, Healthcare, Energy, Government, Education & Research, Media & Entertainment, Manufacturing, and Business & Consulting, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Network Attached Storage Market Analysis by Storage Solution
Scale up network attached storage solutions are projected to bring in the most revenue for companies and contribute significantly to the global network attached storage market size going forward. Scale up storage solutions use a traditional approach of adding more devices to support the increasing needs for data backup, storage, and management of an organization. The approach is also known as vertical scaling. This type of solution is feasible for companies with a minimal increase in long-term storage and wherein file sizes keep on increasing. However, the share of this segment is projected to be hampered by the limited scalability of scale up network attached storage solutions.
Meanwhile, the demand for scale out network attached storage solutions is estimated to rise at an impressive pace in the future. Easy scalability and high flexibility of scale out network attached storage solutions are helping them gain massive popularity across multiple industry verticals going forward. Minimal lag, high reliability, easy and low cost set-up, and extensive scope of personalization are key factors that are slated to help generate new business scope for market players via this segment. Moreover, the better performance and data workload management capabilities for end users also makes this a highly attractive choice for end users going forward.
Network Attached Storage Market Analysis by Product
Midmarket network attached storage solutions are predicted to hold the largest network attached storage market share over the coming years. Growing digitization of small and medium enterprises and increasing demand for better data storage and management solutions in the same are expected to bolster the demand for midmarket network attached storage solutions in the future. The growing availability of affordable midmarket network attached storage offerings is also estimated to help generate new opportunities for market players across the study period and beyond. Presence of a strong start-up ecosystem in countries such as India and China will also present highly rewarding new opportunities for network attached storage providers through 2031.
On the other hand, the demand for enterprise network attached storage is slated to increase at a notable pace in the long run. The growing volume of data generated by large enterprises and increasing need for better data storage are slated to help this segment generate new opportunities in the future. Growing availability of custom enterprise network attached storage solutions and systems will also help this segment boost revenue generation for companies across the network attached storage market outlook. Large tech companies in developed and developing countries are projected to help this segment boost market development over the coming years.
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North America is slated to account for the largest share of the global network attached storage market forecast. The presence of a strong technological infrastructure, growing data generation, and high adoption of advanced technologies are projected to aid the dominance of this region going forward. The availability of strong low latency networks and the presence of key network attached storage providers will also contribute to the dominance of this region. Canada and the United States are slated to be the most opportune markets for any network attached storage provider operating in North America through 2031. Growing investments in the development of new 5G networks will also create new business scope.
Increasing deployment of 5G network technology and rapid digital transformation are slated to help Asia Pacific establish itself as the fastest growing market in the world. Rapidly increasing use of IoT devices, growing data generation, and rising need for better data storage and management solutions are slated to be key opportunities for network attached storage companies to explore in this region going forward. India, Japan, China, and Korea are slated to be the most rewarding markets for all network attached storage companies operating in this region. As per this network attached storage market analysis, high demand for artificial intelligence technologies and offering in this region will also offer new revenue generation potential for companies going forward.
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Network Attached Storage Market Driver
Growing Data Generation Across Multiple Industry Verticals
Increasing Adoption of BYOD Trend
Network Attached Storage Market Restraints
Network Bandwidth Limitations
Competition from Cloud Storage
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Network attached storage companies are focusing on launching new solutions and services to stay competitive in the global network attached storage industry. Reducing complexity of network attached storage scalability process will also be a key area of interest for all network attached storage providers. Providing better data backup, recovery, and security services is also expected to offer new opportunities for network attached storage companies in the future.
Network Attached Storage Market Top Players Company Profiles
Network Attached Storage Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing digital transformation and rising volume of data generation across multiple industry verticals are projected to boost the demand for network attached storage over the coming years. On the contrary, complexity in scaling network attached storage systems and network bandwidth limitations are slated to impede network attached storage market development going forward. The presence of a strong technological infrastructure helps North America lead the global network attached storage market share in the future. Developing hybrid network attached storage solutions will present highly rewarding opportunities for almost all network attached storage companies in the long run. Demand for scale out network attached storage solutions will increase at a rapid pace through 2031 and beyond.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 28.64 Billion |
Market size value in 2032 | USD 81.35 Billion |
Growth Rate | 12.3% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Network Attached Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Network Attached Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Network Attached Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Network Attached Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45I2123
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