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The scale-up or traditional network attached storage market is expected to witness a 17% growth rate through 2032. Traditional NAS are configured & managed using a browser-based utility function and reside on an independent LAN with an IP address. The introduction of scale-up NAS devices has given the advantage to enterprises in managing discrete file servers that were separately managed & configured earlier. The growing adoption of these systems by home & business enterprise users for archiving data and disaster recovery is contributing to segment growth. These systems offer a cost-efficient way to improve the storage capacity with easy implementation of resource upgrades and reduced needs for physical equipment & energy consumption.
Network attached storage market from the 1-bay to 8-bay design segment is predicted to observe nearly 16% gains between 2023 and 2032. These NAS systems are best fit for small NAS devices. These systems comprise hard drive installations, depending on the form selected; for instance, a 1-bay NAS system has space for one hard drive and the 8-bay NAS system has space for eight hard drives. The rising adoption of small NAS devices by SMEs or businesses with lesser employees is slated to propel segment growth. These devices are mainly used as home NAS desktops, print & file servers, backup & data recovery, multimedia storage, as well as small business file-sharing & backup servers.
The rising digitalization due to increasing data has led to a rise in data storage costs, forcing businesses around the globe to switch to cloud-based NAS systems. The increasing adoption of cloud-based NAS systems by enterprises for data backups & archiving is contributing to segment growth. The various features of cloud NAS, such as flexibility in space requirements by only paying for the required storage, offering flexible consumption patterns, and eliminating the need for complex legacy hardware, are reducing system maintenance costs.
Network attached storage market revenue from the business segment accounted for USD 19.4 billion in 2022 and is anticipated to reach USD 93.5 billion by 2032. Rapid industrialization and government initiatives for digitalization have resulted in an upsurge in the IT & telecom industries to meet the rising customer demands. Also, increasing initiatives by financial institutions for digital transformation have led to an increase in data and made the security of this confidential data a major concern for the BFSI sector. NAS devices offer secure data storage with cost-effective & scalability options. This augments business productivity and improves the operational efficiencies of the BFSI sector.
North America network attached storage market is estimated to attain approximately 15.8% gains through 2032. This growth is credited to the presence of leading market players including Dell EMC, HPE, Western Digital Corporation, and Seagate Technology Holdings PLC. These companies offer highly advanced NAS system capabilities on account of the growing demand for such solutions from both midmarket as well as large enterprise customers. Also, there has been an increasing emphasis by NAS companies on introducing advanced storage solutions in the U.S. market to effectively adapt to the changing business storage requirements.