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

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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

Product ID: SQMIG45I2123