Network-Attached Storage (NAS) Market May Grow at 20.2% CAGR Between 2017 and 2023

Market Highlights:

Network-attached storage market is defined as dedicated file storage that enables heterogeneous client devices and multiple users to retrieve data from centralized disk capacity. Market Research Future (MRFR) has published a research report about the global network-attached storage market that asserts advancement for this market at 20.2% CAGR during the forecast period between 2017 and 2023. By value, the market can be worth the USD 44,595.7 mn by the end of the forecast period.

The vital factor driving the global network-attached storage market growth is the growing demand for secured data storage devices for different end-use applications. The second market driving factor is increasing the popularity of NAS for the residential and small office or home office (SOHO) environments. The market is also growing due to increasing bring-your-own-device (BYOD) trend across enterprises. However, data security issues associated with data stored at remote locations can hinder the market growth.

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Key Players

Major players in the global network-attached storage (NAS) market include Buffalo Americas Inc. (Japan), Cisco Systems Inc. (USA), Dell EMC (USA), Hitachi Vantara Corporation (USA), HPE (USA), IBM Corporation (USA), Netapp Inc. (USA), Netgear Inc. (USA), QNAP Systems Inc. (Taiwan), Seagate Technology Public Limited Company (Ireland), Synology Inc. (Taiwan), Space Monkey (USA), and Western Digital Corp. (USA).

Market Segmentation
The global network-attached storage (NAS) market segmentation covers deployment, organization size, product, storage solution, and vertical. MRFR is exploring the features of these segments to understand market trends.

The deployment-based segmentation of this market covers cloud deployment, on-premise deployment, and hybrid deployment. On-premise deployment holds the largest market share, followed by hybrid deployment.

Regarding organization size, the market has been segmented into small & medium enterprises (SMEs) and large enterprises. During the forecast period, the SMEs are expected to dominate the market as they use NAS for creating their very own storage solution that not only simplifies the data management but also optimizes recurring operational costs.

Based on product, the market has been segmented into high-end/enterprise NAS, low-end/desktop NAS, and midmarket NAS. The high-end/enterprise NAS segment holds the largest market share, followed by the midmarket NAS segment.

In the context of storage solution, the market has been segmented into scale-up NAS and scale-out NAS. The scale-out architecture can have a larger market share due to the advantages it offers. These advantages include large capacity without any limitation, simplified deployment, performance demand of key workloads being met, and management of resources that enhance the users’ productivity.

On the basis of vertical, the market has been segmented into Banking, financial services and insurance (BFSI), energy & utilities, government, healthcare, information technology (IT) & telecommunication, manufacturing, media & entertainment, retail, and others. So far, the IT & telecommunication segment is dominating the market, and this is not expected to change during the forecast period. BFSI and retail sector are likely to hold the second largest and third largest market share, respectively. In the IT and telecommunication vertical, the use of NAS devices can reduce the management costs and data center equipment footprint By reducing the latter, NAS devices also reduce floor space, cooling costs, and power costs.

Regional Segmentation

The regional segmentation of the global network-attached storage (NAS) market covers North America, Asia Pacific, Europe, and rest of the world (RoW).

At the market value worth USD 5,047.5 mn, North America is the largest regional market. The biggest market driving factor in this region is the presence of major key players in the USA. The second market driving factors include investment in the research and development (R&D) activities to develop unified big data solutions offering enhanced capabilities. After USA, Canada and Mexico are the most important country-specific markets in this region.

During the forecast period, the Asia Pacific region is expected to grow at 22.9% CAGR, emerging as the fastest growing regional market. The adoption of solid-state drives (SSDs) and NAS for increased security, as well as, protection of data against any breach is driving the NAS market in this region. In this region, the important country-specific markets with suitable IT infrastructure are China, India, and Japan. Other countries of the Asia Pacific region also contribute significantly to this market.

Europe is an important regional market as it is second only to North America due to technological advancement and has a robust IT infrastructure. The crucial country-specific markets in this region are France, Germany, and the UK. Other countries in Europe also support market growth via significant revenue.

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The RoW segment covers South America and the Middle East & Africa (MEA) region. South America, as a market, is limited due to the limited availability of technology in this region. In the MEA region, the market is limited due to the lack of technological advancement.

Latest Industry News

• Launched by Synology, DiskStation DS419slim is a 4-bay Network Attached Storage (NAS). It is equipped with 2.5″ drive support. 26 JUNE 2019

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