Network Attached Storage Market Size, Share, Growth Analysis, By Product Type(High-end/Enterprise, Midmarket), By Storage Solution(Scale-up NAS, Scale-out NAS), By Deployment Type(On-premises, Remote), By End User(BFSI, Healthcare) - Industry Forecast 2024-2031

Network Attached Storage Market Driver

• Rapid digitization

One of the key drivers propelling the network attached storage market is the increase in government digitization programmes, which has resulted in significant growth in digital data. The market has benefited from the increased use of smartphones, laptops, and tablets, which has led to the creation of massive amounts of data. The market benefits from the growing demand for these services in e-government efforts, media and entertainment content, healthcare record digitization, online retail sales, and media and entertainment content.

• Rapid deployment of next-generation wireless internet technology is expected to aid the market growth

Numerous telecommunications service providers have made investments in the deployment of 5G services, including T-Mobile US, Inc., Nokia Corporation, AT&T, Telefonaktiebolaget LM Ericsson, and Telefonica S.A. The desire for market expansion and the creation of smart industries, cities, and farms is driven by rising 5G investment and the spike in the sale of millions of gadgets. Also, there is a growing need for a number of smart applications, including smart city projects and smart homes, to be connected to the cloud, which produces enormous amounts of data. The network attached storage market has grown as a result of the rising sales of linked smart devices around the world and the rapid expansion of internet usage.

Network Attached Storage Market Restraint

• Cyber-attacks and data breaches on servers and hard drives are limiting market growth

Computer systems can access files through network attached storage, which serves as a connected storage device. These devices are comprised of file and document storage systems. The security of this stored data is in danger from online criminals. Data security and privacy are crucial considerations for the servers and hardware of network attached storage systems. According to a study conducted by Palo Alto Networks Inc. researchers, an estimated 3500 Synology NAS systems and 240,000 QNAP Systems NAS devices were vulnerable to cyberattacks in August 2021. However, according to the Synology Report, cyberattacks used the brute force method. To prevent such attacks, Synology worked with the Taiwan Computer Emergency Response Team Center (TWCERT/CC). Through this partnership, Synology raised everyone's awareness of the need to strengthen security in order to protect user data.