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 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).

The growing requirement to access data on the business network and the internet at any time and from any location is one of the main factors driving the network attached storage market. The demand for NAS technology is being fueled by the increasing usage of remote and virtual office settings, business continuity planning, and the requirement to give employees remote access to corporate networks. Confidential data backups are necessary for business operations, and NAS devices are the ideal solution. The backup targets and files to keep copies of the data are the reasons why this technology is being used more frequently. The ability of NAS devices to store redundant copies of data using data compression will enhance their usage.

Another factor fueling the growth of the network attached storage market is the growing reliance of small and medium-sized businesses (SMEs) on digital content kept in a cloud environment. The expansion of the network attached storage market is being propelled by the proliferation of social media content as well as high-speed data transport technologies like 4G and 5G. The requirement for numerous secure data storage systems for applications involving video monitoring drives the market demand. Therefore, small and medium-sized businesses use this solution for pertinent data storage and sharing applications; large organizations use NAS for generic data sharing that is not required for applications, as well as for particular workgroups, departments, and remote offices. However, concerns about data security are preventing the network attached storage market from expanding.

US Network Attached Storage Market is poised to grow at a sustainable CAGR for the next forecast year.