Network-Attached Storage Market Key Opportunity, Analysis, Growth, Trends 2023

The Global Network-Attached Storage Market is growing rapidly mainly due to the efficient, cost-effective solutions NAS provides for data storage & retrieval. The high revenue growth in the small and medium enterprises across the end-user is a major factor likely to result in the huge growth of the NAS market over the forecast period. The increase in adoption of NAS by small and medium enterprises is another key driving force escalating the market on the global heights.

 

Acknowledging the exponential growth, this market perceives currently Market Research Future (MRFR) in its recently published study report asserts that the global network-attached storage market is projected to reach approximately 44.96 BN USD by 2023, registering a striking double digit CAGR over 20% between 2017 and 2023.

 

The Network-Attached Storage systems provide users with cost-effective solutions for increased control over data and the greater flexibility to accommodate changing business conditions. The rising demand of NAS system across industries fosters the growth of the market. The increasing utilization of network-attached storage systems is the potential driver for small and medium enterprises, especially in emerging economies.

 

The uptake of NAS systems among smaller organizations is mainly driven by the benefits offered by network attached storage systems such as centralized control, shared storage, and flexibility to share capacity between multiple hosts. The need to meet regulations & compliance and to improve & sustain strategic risk management have fuelled the growth of the network attached storage systems market.

 

The augmenting demand to capture and analyze the rapidly increasing data in the digital technologies such as the Internet of Things (IoT), cloud computing, and the big data analytics are generating the demand for the network attached storage systems.

 

Additionally, factors such as the growing volume of business data, increasing regulatory pressure, increasing usages of external data sources, and the need for improvement of the performance of data are substantiating the growth of the market.

 

On the flip side, factors such as lack of awareness and security issues are estimated to obstruct the growth of the market. Nevertheless, factors like the increasing demand for data access functions in big data, and the evolving artificial intelligence are expected to boost the growth of the network-attached storage market over the forecast period, 2017-2023.

 

 

The MRFR analysis is segmented into five key dynamics for the convenience of understanding;

 

 

 

North America region is the largest market in terms of the market share in the global network-attached storage market owing to the presence of many industries. The study signifies that network-attached storage is trending among the small and medium enterprises and its market is projected to be the most attractive markets in the region.

 

Factors substantiating market growth include the unparalleled expansion of data, increasing the adoption of the Internet of Things (IoT), and stringent data related to regulatory compliances. Moreover, the factors such as the early adoption of emerging technologies, substantial investments in cloud-based solutions, and the presence of a huge number of players present in this region are supporting the market growth.

 

 

Characterized by the presence of many large and small-scale players, the global network-attached storage market appears highly fragmented and competitive. Well-established players incorporate strategic initiatives such as the acquisition, collaboration, expansion, technology launch, and partnership to gain a competitive advantage in the market and to maintain their market positions. Strategic partnerships between the players support the growth and expansion plans of the key players. These players compete based on pricing, technology, reputation, and services.

 

 

 

Some of the leaders of the market include Synology, Inc. (Taiwan), NETGEAR, Inc. (US), Buffalo Americas (US), Dell EMC (US), Seagate Technology PLC. (US), Hewlett-Packard Enterprise Company (US), Western Digital Corporation (US), Hitachi Data Systems Corporation (US), NetApp, Inc. (US), and QNAP Systems, Inc. (Taiwan).

 

 

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