Global Network Attached Storage Market Size to Grow at a CAGR of 18% in the Forecast Period of 2023-2028

Network Attached Storage Market

The ‘Global Network Attached Storage Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global network attached storage market, assessing the market based on its segments like storage solutions, deployment types, end-use industries, and regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

Network Attached Storage Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): Over USD 25.23 Billion
• Forecast CAGR (2023-2028): 18.00%

Network attached storage or NAS provides a recovery and storage capacity for the data from a consolidated spot for diverse clients, permitted network customers, and authorised network operators. NAS tools store and distribute information for various systems that can be saved and recovered remotely.

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Network attached storage (NAS) solutions have played a critical role in several end-use sectors, including healthcare and telecommunication, as they enable the expansion of the storage capacity in existing networks. NAS is primarily created for heavy network systems that are accountable for managing masses of communications and operations every minute.

The introduction of favourable government initiatives aimed at boosting digitisation is surging the requirement for centralised data storage, hence bolstering the network attached storage market. The increasing use of smartphones, laptops, and tablets is also leading to the creation of vast volumes of data, which, in turn, is positively impacting the market for network attached storage.

Digital advancements in several end-use sectors such as telecommunication is fuelling the growth of the market. Also, network attached storage solutions are increasingly used in digitalisation of hospital documentations, media and entertainment content, online business for retail commodities and services, and online government programmes.
Factors such as fast urbanisation, the rising adoption of IoT devices, and the increasing deployment of cloud computing are likely to favour the network attached storage market growth in the forecast period.

Network Attached Storage Industry Definition and Major Segments

Network attached storage or NAS can be defined as the devoted file storage area that helps multiple customers or operators and varied user devices to recover information from the central disk space. Customers on a local area network or LAN log on to the public storage space through a regular ethernet connection.

Network attached storage devices generally do not have a keyboard or a display and are set up and handled with a browser-based functionality. Every NAS is built on the LAN, works as an autonomous network connection, and is identified by its individual IP address.

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Based on storage solutions, the network attached storage market can be segmented into:

• Scale-Up
• Scale-Out

On the basis of deployment type, the market is classified into:

• On-premises
• Cloud-based
• Hybrid

By end-use industries, the market is divided into:

• Banking, Financial Services, and Insurance (BFSI)
• Consumer Goods and Retail
• Telecommunications and IT
• Healthcare
• Energy
• Education and Research
• Media and Entertainment
• Others

The major regional markets of network attached storage include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Network Attached Storage Market Trends

The increase in the sale of IoT devices is expected to fuel the network attached storage market development in the upcoming years. Home-based appliances are also utilising network linked storage systems to handle various IoT elements and storage of several multimedia files.

As work from home and collaborative working systems are gaining popularity, the demand for network attached storage to simplify and modernise cohesive remote work is increasing. Network attached storage systems are also used to aid employees to gain access to central networks and efficiently work from different locations.

With the rise in the utilisation of cloud and hybrid storage, the implementation of network attached solutions is significantly growing amid the increasing demand for data backup. Additionally, the rising investments in ICT infrastructure by key players in the telecommunications and IT sectors are likely to fuel the network attached storage market demand in the forecast period.

Based on region, North America is anticipated to hold a considerable share in the market due to the presence of leading market players and rising investments in advanced technologies in the region.

Key Market Players

The major players in the global network attached storage market are:

• Buffalo Americas, Inc.
• Synology, Inc.
• QNAP Systems, Inc.
• Hewlett Packard Enterprise Development LP
• Seagate Technology LLC
• Western Digital Corporation
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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