Network Attached Storage Market is expected to grow at Highest CAGR

Posted by Tom C on March 23rd, 2021

The global network attached storage market is projected to grow from USD 23.2 billion in 2020 to USD 48.0 billion by 2025 at a CAGR of 15.7%. One of the factors fueling the growth of this market is the increased use of smartphones, laptops, and tablets, resulting in the generation of large volumes of data.

Network attached storage is a dedicated storage device with multiple racks of storage media and is set up onto a dedicated network for storing the data. NAS devices are connected directly to the network and can give data access to multiple authorized users at the same time. These are highly reliable, scalable, and cost-effective data storage solutions available to various end-user industries in the market.

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In 2019, 1-bay to 8-bay NAS solutions accounted for the largest market share and a similar trend is expected to be observed during the forecast period. 1-bay to 8-bay NAS systems are in demand from various end users, such as education and research centers, business and consulting firms, small and medium-sized businesses, and media and entertainment companies.

Based on product, midmarket NAS solutions are likely to continue to dominate the market during the forecast period. The growing demand for midmarket NAS solutions from home offices, as well as small and mid-sized offices and rising use of smart devices such as smartphones, wearables, and gaming systems are the key reasons for the growing demand for midmarket NAS solutions.

In 2019, the scale-up NAS segment held a majority of the NAS market. The growth of this segment can be attributed to the surge in the deployment of scale-up NAS systems in homes, educational institutions, small and medium-sized offices, and hotels, wherein a moderate volume of data is generated, and the only requirement is to store this data.

In 2019, the on-premises segment held the largest share of the NAS market. This deployment is generallyfavoredby end-usersas it offers high security and control over data management to its users. Moreover, this model utilizes in-house hardware and software, which ensures the safety, privacy, and security of stored data.

Based on end-user industry, the BFSI segment held the largest share of the NAS market in 2019. The growth of this segment can be attributed to the rising government initiatives to implement digital practices in business; increasing awareness among people about employing various smart banking tools, such as internet banking, mobile banking, automated teller machines (ATMs) and debit cards, and online payments through multiple apps including GooglePay, PhonePe, Paytm, WeChat, and Zeta, as well as rapidly changing human lifestyle.

In 2019, North America accounted for the largest share of the network attached storage market. The growth of the NAS market in North America can be attributed to the fact that the region is home to leading producers such as Dell Technologies Inc., NetApp, Inc., and HEWLETT PACKARD ENTERPRISE COMPANY (HPE), as well as major consumers such as Syracuse University, UNICOM Global, Tufts University, and Linn Benton Lincoln of NAS solutions. Moreover, North America, being the early adopter of advanced data storage technologies; it captures the largest share of the NAS market, followed by Europe and APAC.

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Tom C

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Tom C
Joined: July 2nd, 2020
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