Network Attached Storage Market Growth Analysis and Forecasts By Key Players - Western digital, QNAP, Netgear, Thecus, Synology, Buffalo Americas, Seagate, DELL EMC, Hitachi Data Systems Corporation, NetApp, Zyxel, Cisco, D-Link, Asustor, Infortrend, Aver

Network Attached Storage Market is projected to register a lucrative growth with an impressive CAGR of over 20% between 2018 and 2024. This growth is attributed to the growing adoption of cloud-based storage solutions by SMEs, increase in big data analytics & data mining applications, and ease-of-installation & automatic data backup capabilities. Increasing volume of social media content and rapid proliferation of high-speed data transfer technologies are also expected to largely assist the market growth during the forecast timeline.

The traditional architecture segment held a major share of the NAS market in 2017 due to the large-scale utilization of legacy scale-up systems for storage functions by enterprises. However, with the growing popularity of scale-out NAS systems for affordable and less complex network storage, the scale-out architecture market is expected to exhibit accelerated growth between 2018 and 2024. As scale-out systems efficiently support High-Performance Computing (HPC) applications as compared to scale-up architecture in terms of reduced hardware cost for procuring additional data storage resources, the demand for scale-up NAS systems is expected to exponentially increase over the forecast period.

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NAS systems are offered in a diverse set of configurations by the manufacturers wherein they act as a central media hub for a family in consumer applications and can scale up to the largest data centers for enterprise applications. The companies offer these systems in different variations such as preconfigured storage systems with drives, or as unpopulated enclosures having open bays where customers can insert hard-disk drives to add to the overall storage capacity. Moreover, the devices with multiple hard drives often come equipped with Redundant Array of Independent Disks (RAID) capability, which enables the storage of duplicated data across multiple hard drives. When one drive stops functioning properly, users can simply replace it and the data automatically repopulate the new drive.

The competition in the NAS market is primarily characterized by the consistent product development and innovation initiatives by the companies to strengthen their NAS product portfolio and diversify it with solutions specifically meant for different target market segments such as home/consumer, SMBs, and enterprise customers. Consumer applications of the storage technology are growing rapidly due to the vast amount of data being generated by social networking platforms, digital entertainment platforms, and smart home automation & surveillance systems. This increasing trend of storing and sharing multimedia content among consumers has prompted NAS manufacturers to aggressively develop and commercialize consumer-oriented solutions to gain a competitive advantage in the rapidly growing market.

Network Attached Storage (NAS) Market size was estimated at over USD 6 billion in 2017, is set to exceed USD 20 billion by 2024.

Growth Drivers:

• Increase in Big Data analytics and data mining applications
• Growing popularity of NAS for home/consumer applications
• Rising adoption of Cloud NAS file storage as a service

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North America is projected to hold a major share of the NAS market throughout the forecast timeline due to the early adoption of the advanced storage technology by enterprises in the U.S. With the large-scale adoption of cloud platforms by enterprises in the region, cloud-based and hybrid NAS solutions are expected to garner a high demand over the forecast period.

Europe is projected to remain the second largest market for NAS solutions by 2024. The significant market coverage can be attributed to the widespread adoption of the storage technology by SMEs in the region, consistently expanding the data center infrastructure, and increasing the emphasis by key market players on extending their presence in the European market.

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Some of the key players operating in the NAS market are Netgear, Buffalo Americas, QNAP, Western digital, Thecus Technology, Hitachi Data Systems Corporation, Synology, DELL EMC, Seagate, D-Link, NetApp, Zyxel, SoftNas, Avere Systems, Asustor, Infortrend, Pansas, Broadberry, and Cisco.

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