What is the global market size of Network Attached Storage Market?

Network Attached Storage Market size was valued at USD 17.39 billion in 2021 and is poised to grow from USD 20 billion in 2022 to USD 45.52 billion by 2030, growing at a CAGR of 15% in the forecast period (2023-2030).

Who are the key vendors in the Global Network Attached Storage Market?

Key players in the network attached storage market are creating cutting-edge goods, including Western Digital Corporation, Seagate Technology Plc, Synology Inc., Hitachi Ltd., and Thecus Technology Corporation. In order to meet end-user demand, major firms are also implementing a variety of strategies, including mergers, acquisitions, partnerships, collaborations, and new product development. 'Dell EMC', 'NetApp', 'Western Digital', 'IBM', 'Hewlett Packard Enterprise', 'Seagate', 'Hitachi Data Systems', 'Synology', 'QNAP Systems', 'Buffalo Americas', 'Asustor', 'Thecus Technology Corporation', 'Infortrend Technology', 'Drobo', 'ZyXEL Communications', 'Cisco Systems', 'Lenovo', 'NEC', 'Fujitsu', 'Oracle'.

What is the key market trend for Global Network Attached Storage Market?

The use of the cloud for the deployment of these solutions provides greater ease because the service provider is in charge of ensuring maximum uptime, data security, and recurring upgrades while lowering the overall cost of ownership. These network attached storage units have been giving users a practical way to unload and backup data from computers while still having remote access to the contents. These devices use secure dedicated IP addresses to store data centrally and provide access for authorised network and on-site users. These gadgets provide a variety of features that are practical and adaptable to meet the requirements of both home users and small and large companies. The supply of these solutions via pay-as-you-go models and SaaS models, in which the service providers also take on the responsibility of managing data and application information, are two current industry developments that are further encouraging the use of these solutions. Furthermore, due to the lower capital expenditure required to establish the necessary infrastructure on their premises, this mode has seen an increase in deployment among small and medium-sized businesses. The market's expansion is being seriously hampered by this ongoing trend. In Jan 2020, QNAP also announced its new budget-friendly two-bay NAS aimed at home users, supporting hardware accelerated media playback. The TS-251D stores up to 32 TB of data and can be further expanded with a PCIe card to add SSD caching or other options.

Which region accounted for the largest share in Global Network Attached Storage Market?

In 2021, North America held the largest share of the global network attached storage market and it is anticipated to maintain its dominance throughout the forecast period. This is attributable to a number of top players, including Buffalo Americas Inc., Dell Technologies Inc., Hewlett Packard Enterprise Company, Western Digital Corporation, and others. The market is expanding as a result of rising private and public investment in wireless technologies in this region. A number of telecom companies also intend to build 5G networks all around the nation. It created a demand for better storage options for the large amounts of data generated from wireless technology-based connected devices.

Network Attached Storage Market Size, Share, Growth Analysis, By Design(1–8 Bays, 8–12 Bays, 12–20 Bays, More Than 20 Bays), By Product(Enterprise NAS Solutions, Midmarket NAS Solutions), By Storage Solution(Scale-Up NAS, Scale-Out NAS), By Deployment Type(On-Premises, Remote/Cloud, Hybrid), By Component(Hardware, Software), By End-User Industry(Banking, Financial Services, And Insurance (BFSI), Consumer Goods & Retail), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45I2123 | Region: Global | Published Date: October, 2024
Pages: 165 | Tables: 119 | Figures: 77

Network Attached Storage Market Insights

Global Network Attached Storage Market size was valued at USD 25.5 billion in 2022 and is poised to grow from USD 28.64 billion in 2023 to USD 72.44 billion by 2031, growing at a CAGR of 12.3% during the forecast period (2024-2031).

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.

Network Attached Storage Market Report Snapshots

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FAQs

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. 'Dell Technologies Inc. (US) ', 'NetApp, Inc. (US) ', 'Hewlett Packard Enterprise Company (US) ', 'Hitachi, Ltd. (Japan) ', 'Western Digital Corporation (US) ', 'Seagate Technology Holdings Public Limited Company (Ireland) ', 'Netgear, Inc. (US) ', 'Synology Inc. (Taiwan) ', 'Buffalo Americas, Inc. (US) ', 'Pure Storage, Inc. (US) ', 'QNAP Systems, Inc. (Taiwan) ', 'Asustor Inc. (Taiwan) ', 'IBM Corporation (US) ', 'Huawei Technologies Co., Ltd. (China) ', 'Microsoft Corporation (US) ', 'D-Link Corporation (Taiwan) ', 'Thecus Technology Corp. (Taiwan) ', 'Infortrend Technology Inc. (Taiwan) ', 'Panasas (US) ', 'Buurst Inc. (US) ', 'Nasuni Corporation (US) ', 'Promise Technology Inc. (Taiwan) ', 'Spectra Logic Corporation (US) ', 'iXsystems, Inc. (US)'

Increasing digital transformation of multiple industry verticals has led to high data generation. Network attached storage solutions provide scalable and accessible storage, enabling companies to manage, store, and retrieve data more efficiently as the volume of data keeps on rising thereby driving network attached storage market growth potential in the future.

Development of Hybrid Storage Solutions: Network attached storage companies can focus on developing solutions that combine their offerings with cloud storage to provide the best of both worlds. These hybrid solutions allow organizations to store frequently accessed data locally while backing up data to the cloud for redundancy and disaster recovery, thereby offering new opportunities for market players in the future.

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.

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Network Attached Storage Market Insights

Network Attached Storage Market Report Snapshots

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What is the global market size of Network Attached Storage Market?

Who are the key vendors in the Network Attached Storage Market?

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What is the key market trend for Network Attached Storage Market?

Which region accounted for the largest share in Network Attached Storage Market?

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