The global network attached storage market is anticipated to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing awareness about product features such as flexibility & scale-out, easy setup, and economical installation & maintenance costs.
Network Attached Storage (NAS) is a device that is used to store and retrieve data from a central disk volume. These devices are connected to a Local Area Network (LAN) and can be utilized by multiple authorized users at the same time to store and access their data reliably and securely. NAS devices are flexible and can be used when there is a need for additional storage.
NAS configuration is done through connected devices such as laptops and PCs. Small and medium enterprises (SMEs) are increasingly deploying these devices, as they are user friendly and powerful. Additionally, NAS devices offer a cost-effective solution to these firms, which are often hampered with issues, such as limited access to IT and financial resources.
Business operation is a perquisite to maintain backup of confidential data of NAS devices. They are preferred as a perfect storage solution. These devices backup targets and files to store copies of data, thus increasing the adoption by business enterprises. Moreover, NAS devices have data compression ability that stores a duplicate copy of data. The efficiency of searching capability is improved by reducing the number of duplicate entries. Data deduplication helps to replace duplicate files on the NAS network by tagging files referring to original file.
Large enterprises use NAS devices for sharing the standard data, which is used by specific work groups, remote offices, and departments. While small and medium enterprises (SMEs) are increasingly adopting this solution to store crucial files.
Market Drivers, Restraints, Trends, and Opportunities
- Increasing need to access data anytime and anywhere in the corporate network is the key factor driving the market growth.
- Rising adoption of small and virtual office environments and increasing demand among corporates to provide remote access to their employees are expected to spur the market growth during the forecast period.
- Growing adoption of Cloud NAS file storage as a service is driving the growth of Network Attached Storage (NAS) market.
- Concerns regarding data security and bandwidth for remotely hosted NAS can restrain the market growth.
- Increasing usage of NAS for big data analytics and data mining applications along with growing adoption of the same for home/consumer applications is driving the market growth.
- Growing adoption of 4G and 5G technologies and rising consumer inclination toward the use of smartphones, tablets, and laptops has resulted in generation of large volume of data. This, in turn, is anticipated to positively impact the growth of the network attached storage market.
Scope of the Report
The report on the global network attached storage market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Network Attached Storage Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Design (1 bay to 8 bays, 8 bays to 12 bays and more than 20 bays), Deployment Types (On-Premise and Cloud Based), Storage Solutions (Scale-up, Scale-out), and Applications (Home/Consumer NAS, BFSI, Telecom & IT, Healthcare, Retail & Consumer Goods, Government and Media & Entertainment)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Dell Inc., Buffalo Inc., EMC Corporation, Hewlett-Packard, IBM Corporation, Hitachi Data Systems Corporation, NetApp Inc., LSI Corporation, Overland Storage Inc., NetGear Inc., Panasas Inc., and SGI Corporation
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Network Attached Storage Market Segment Insights
1 bay to 8 bays segment expected to account a significant market share
On the basis of designs, the market is segmented into 1 bay to 8 bays, 8 bays to 12 bays, and more than 20 bays. The 1 bay to 8 bays segment is expected to account for a significant market share during the forecast period. Rising adoption of 1-bay to 8-bay NAS solutions by SMEs, homes, education centers, and media and consulting service providers is expected to drive the segment growth. The large amount of data generated in these industries are increasing the demand for 1 bay to 8 bay NAS solutions.
Cloud-based segment anticipated to account a considerable market share
Based on deployment types, the market is divided into on-premise and cloud-based. The cloud-based segment is anticipated to account for a considerable market share during the forecast period. Growing adoption of cloud-based solutions across several industry verticals is driving the segment growth. For instance, in July 2020, QNAP systems, Inc. announced the launch of software-defined cloud native solution. The software enables cloud deployment through subscription.
The on-premise segment is projected to expand at a healthy CAGR during the forecast period. Heavy investment of large enterprises in ICT infrastructure and their growing need for solutions that provide high data security are some of the factors that has led to the adoption of on-premise solutions. However, companies are gradually shifting from on-premise solution to cloud-based solutions owing to the low operational cost of cloud-based solutions.
Scale-up segment projected to acquire a large market share
On the basis of storage solutions, the market is bifurcated into scale-up and scale-out. The scale-up segment is anticipated to acquire a large market share, in terms of revenue, during the forecast period. SMEs are involved in moderate volume of data generation and transfer, which has encouraged them to adopt scale-out solutions. Additionally, these solutions are cost-effective as compared to scale-out solutions, which is driving the market segment.
BFSI segment anticipated to exhibit a high CAGR
Based on applications, the network attached storage market is divided into home/consumer NAS, BFSI, telecom & IT, healthcare, retail & consumer goods, government, and media & entertainment. The BFSI segment is anticipated to expand at a high CAGR during the forecast period. The banking sector accounts for a large number of monetary transactions that makes the data security a major concern for this sector. NAS devices offer secured and cost-effective data storage solutions. This, in turn, boosts business productivity and improves operational efficiency of the BSFI sector. NAS solutions enable backup and safekeeping of data while consuming low power. Thus, such factors are proliferating the growth of this market segment.
North America projected to account a large market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to account for a large market share during the forecast period. The presence of major NAS providers and rising adoption of cloud-based technology in countries such as the US and Canada are boosting the market growth in this region.
The market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period. Rapid growth in the network infrastructure sector and increasing use of portable devices to access the data are spurring the regional market growth. Rising demand for cost-effective, fast, and easily assessable methods to share media files is propelling the market growth in this region.
Segments
The global network attached storage market has been segmented on the basis of
Designs
- 1 bay to 8 bays
- 8 bays to 12 bays
- more than 20 bays
Deployment Types
Storage Solutions
Applications
- Home/Consumer NAS
- BFSI
- Telecom & IT
- Healthcare
- Retail & Consumer Goods
- Government
- Media & Entertainment
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Competitive Landscape
Some of the key players in the global network attached storage market include Dell Inc., Buffalo Inc., EMC Corporation, Hewlett-Packard, IBM Corporation, Hitachi Data Systems Corporation, NetApp Inc., LSI Corporation, Overland Storage Inc., NetGear Inc., Panasas Inc. and SGI Corporation.
Companies are focusing on product innovations to improve their offerings and acquire a large consumer base. For instance, in February 2016, Hewlett-Packard announced the launch of HPE StoreEasy 1650 that helps new businesses overcome storage obstacles. Additionally, it provides boots sharing speed, dual-controller hybrid flash array, and is cost-effective.
In March 2020, Western digital corporation entered into a contract with Acronis, a global leader in cyber protection. Under this contract, the former company is expected to deliver its Ultrastar Data60 and Ultrastar Data102 high-capacity hybrid storage platforms. This is expected to help the latter company to support long-term expansion plans of businesses in a cost-effective and effective manner.
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