Global Network Attached Storage Market Size to exceed $20bn by 2024
Published Date: August 12, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Network Attached Storage (NAS) Market size is set to exceed USD 20 billion by 2024; according to a new research report by Global Market Insights, Inc.
The demand for NAS solutions is expected to accelerate over the forecast timeline due to the rising need for secure data storage solutions for catering to various end-use applications and growing popularity of these solutions among SMEs to have cost-effective and secured storage capabilities. Storage solutions used by them must store and provide immediate access to multimedia applications including email, images, and video. These solutions provide SMEs with excellent data backup capabilities and ensure high levels of performance to achieve their business objectives. As small enterprises have limited IT budget or services, they deploy NAS solutions, which eliminate the need to have a specialized skillset to maintain.
The network attached storage market is also expected to witness accelerated growth in the healthcare sector to enable optimal management of data. To gain quick access to data, improve data security, and maximize storage capacity, hospitals and medical institutions are deploying NAS solutions to ensure high performance with efficient data exchange and stringent security.
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The scale-out segment is expected to grow at a CAGR of over 30% during the forecast timeline as scale-out NAS devices enable the users to expand disk space using additional connected devices. The users can expand their system storage depending on their requirements, which make these devices a preferable option to manage storage economically. By deploying these systems, enterprises can easily consolidate, manage, and protect their unstructured data with server virtualization capabilities.
The 12-bay to 20-bay segment is expected to witness a growth rate of around 20% from 2018 to 2024 due to the rapid adoption of such devices as they are suitable for high storage density and backup solutions. NAS solutions based on 12-bay to 20-bay design type also provide support for surveillance video management storage and thus act as a viable solution for SMEs and home office clients. These solutions also support file sharing, data back up, and virtualization.
Browse key industry insights spread across 380 pages with 300 market data tables & 25 figures & charts from the report, “Network Attached Storage (NAS) Market Size By Architecture (Traditional, Scale-out), By Design (1-bay to 8-bay, 8-bay to 12-bay, 12-bay to 20 bay, above 20-bay), By Deployment Model (On-premise, Cloud, Hybrid), By Application (Home/Consumer NAS, Business [BFSI, Telecom & IT, Healthcare, Retail & Consumer Goods, Government, Media & Entertainment]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
The cloud-based deployment model is expected to grow at a CAGR of over 20% between 2018 and 2024 due to the growing popularity of cloud-enabled storage solutions that are cost-effective and scalable. These solutions act as a virtual appliance that makes use of cloud-based storage to enable users to easily expand storage when required. The companies operating in the market are developing NAS solutions that can work with cloud environments such as Microsoft Azure and Amazon Web Services (AWS).
The business segment in the NAS market is estimated to grow at a CAGR of over 15% during the forecast timeline. In this segment, the IT & telecom application is expected to hold a market share of around USD 25% by 2024 due to the rising need among enterprises to store, manage, and access contents across the networks. These solutions act as a central hub and enable them to share data among multiple users and devices. Rise in the amount of big and unstructured data has compelled IT & telecom companies to use such solutions to effectively manage their data. The next-generation data storage technologies enable them to store and prompt data recovery to replace these traditional data storage solutions.
The Asia Pacific network attached storage (NAS) market is estimated to grow at a CAGR of over 20% from 2018 to 2024 due to an increase in the number of SMEs adopting storage solutions to improve data storage efficiency. As the SMEs are rapidly using cloud platforms to meet workflow requirements, they need reliable data storage solutions to optimize their performance and also enable them to scale as they grow in size. Another factor fueling the market growth in the region is the presence of several market players engaged in strategic partnerships to offer new storage solutions to their customers. For instance, Baidu and WD collaborated to integrate Baidu’s Yun cloud storage services along with WD’s personal cloud storage and other external storage platforms, thereby offering their Chinese consumers with hybrid storage solutions.
The players operating in the network attached storage market are emphasizing on new product launches and partnerships to expand their geographic presence and gain more market share. For instance, in June 2017, NETGEAR launched a new version of its ReadyNAS operating system, the ReadyNAS OS 6.7. The OS offers enterprise level capabilities such as automatic bidirectional syncing between ReadyNAS models and public cloud storage services including Google Drive, Dropbox, Amazon Cloud Drive, and Amazon AWS. In June 2017, NetApp collaborated with Microsoft to help enterprises accelerate digital transformation for hybrid cloud. Under the collaboration, NetApp developed new cloud data services based on NetApp ONTAP innovation offered on the Azure Cloud.
Some of the major players operating in the market are Netgear, Infortrend, Buffalo Americas, QNAP, Western Digital, Thecus Technology, Asustor, Hitachi Data Systems Corporation, Seagate, D-Link, NetApp, Zyxel, DELL EMC, SoftNas, Synology, Avere Systems, Pansas, Broadberry, and Cisco.
The (NAS) network attached storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024 for the following segments:
- 1-bay to 8-bay
- 8-bay to 12-bay
- 12-bay to 20-bay
- Above 20-bay
By Deployment Model
- Home/consumer NAS
- IT & telecom
- Retail & consumer goods
- Media & entertainment
The above information has been provided for the following regions and countries:
- North America
- South Korea
- South Africa