Global Network Attached Storage Market

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

Report ID: SQMIG45I2123 | Region: Global | Published Date: July, 2036
Pages: 165 | Tables: 119 | Figures: 77

Network Attached Storage Market Dynamics

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.

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Network Attached Storage Market size was valued at USD 17.39 billion in 2019 and is poised to grow from USD 20 billion in 2023 to USD 45.52 billion by 2031, growing at a CAGR of 15% in the forecast period (2024-2031).

Key players in the network attached storage market are creating cutting-edge goods, including Western Digital Corporation, Seagate Technology Plc, Synology Inc., Hitachi Ltd., and Thecus Technology Corporation. In order to meet end-user demand, major firms are also implementing a variety of strategies, including mergers, acquisitions, partnerships, collaborations, and new product development. 'Dell EMC', 'NetApp', 'Western Digital', 'IBM', 'Hewlett Packard Enterprise', 'Seagate', 'Hitachi Data Systems', 'Synology', 'QNAP Systems', 'Buffalo Americas', 'Asustor', 'Thecus Technology Corporation', 'Infortrend Technology', 'Drobo', 'ZyXEL Communications', 'Cisco Systems', 'Lenovo', 'NEC', 'Fujitsu', 'Oracle'

Rapid digitization

The use of the cloud for the deployment of these solutions provides greater ease because the service provider is in charge of ensuring maximum uptime, data security, and recurring upgrades while lowering the overall cost of ownership. These network attached storage units have been giving users a practical way to unload and backup data from computers while still having remote access to the contents. These devices use secure dedicated IP addresses to store data centrally and provide access for authorised network and on-site users. These gadgets provide a variety of features that are practical and adaptable to meet the requirements of both home users and small and large companies. The supply of these solutions via pay-as-you-go models and SaaS models, in which the service providers also take on the responsibility of managing data and application information, are two current industry developments that are further encouraging the use of these solutions. Furthermore, due to the lower capital expenditure required to establish the necessary infrastructure on their premises, this mode has seen an increase in deployment among small and medium-sized businesses. The market's expansion is being seriously hampered by this ongoing trend. In Jan 2020, QNAP also announced its new budget-friendly two-bay NAS aimed at home users, supporting hardware accelerated media playback. The TS-251D stores up to 32 TB of data and can be further expanded with a PCIe card to add SSD caching or other options.

In 2021, North America held the largest share of the network attached storage market and it is anticipated to maintain its dominance throughout the forecast period. This is attributable to a number of top players, including Buffalo Americas Inc., Dell Technologies Inc., Hewlett Packard Enterprise Company, Western Digital Corporation, and others. The market is expanding as a result of rising private and public investment in wireless technologies in this region. A number of telecom companies also intend to build 5G networks all around the nation. It created a demand for better storage options for the large amounts of data generated from wireless technology-based connected devices.

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Global Network Attached Storage Market

Report ID: SQMIG45I2123