Consumer Network Attached Storage (NAS) Market Is Expected To Witness CAGR Of 9.5% During The Forecast Period (2019-2027)

The network attached storage (NAS) is a file server that can be opened from a home or enterprise network as opposed to a single computer storage. NAS devices are flexible and scale out, i.e. additional storage can be added whenever it is required. In layman's term, NAS is similar to cloud in the office, which means it is faster, less expensive, and provides all the benefits of public cloud on site, thereby providing complete control. NAS system allows continuous access to data, easy for employees to collaborate and respond to consumers in a timely fashion and quickly follow up on sales and other issues.

The global Consumer Network Attached Storage (NAS) market was valued at US$ 2318.9 Mn in terms of value in 2019

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Market Driver

Increasing adoption of cost-effective storage solutions in various enterprises is expected to propel the global consumer network attached storage (NAS) market over the forecast period
Growing utilization of network attached storage systems can enable reduction in total cost of ownership for enterprises and small business owners. Managing centralized storage location is more convenient and cost-effective than managing client/server storage models. Moreover, NAS architecture removes the potential disk failure or space going unused since storage devices are consolidated. This further reduces overall storage costs. Thus, Benefits such as lower cost of ownership and a Higher Return on Information Management (ROIM) offered by network attached storage devices are expected to boost the global consumer network attached storage (NAS) market growth over the forecast period.

Market Opportunity

Proactive initiative by government to increase digitalization of data is expected to pose lucrative business opportunity

Governments of various countries are focused on digitalization of data, which in turn, has increased adoption of NAS systems. For instance, in July 2015, the Government of India launched an initiative Digital India Platform (DIP) to provide digital services for scanned document images or physical documents of any organizations. The primary objective of this initiative is to digitize and make usable all the existing content in different formats, media, and languages. Hence, such initiatives are expected to pose lucrative business opportunity for market players over the forecast period.

Market Trends

North America Trends

o High growth of IT sector in North America after several years of fiscal obscurity. IT enterprises are proactively investing on services and hiring new workforce. Moreover, they are preparing to stay ahead of the market with various projects across the cloud, big data, and mobile.
o North America has outperformed its contemporary region Europe though it is still behind Asia Pacific, Latin America, and MEA. This slow but steady movement of economy towards positive growth is giving enterprises the confidence to encourage and reinforce their IT expenditure.
o In March 2015, the U.S. Government proposed to increase IT spending (by US$ 2 Bn) for the third year in a row, in the next fiscal year. A prominent aspect of this proposal is that IT spending will continue the upward trend of the past three years after witnessing a small trough in 2011.

Asia Pacific Trends

o Expenditure in IT sector in Asia Pacific region is expected to slow down during the first half of the forecast period. This is owing to emerging countries such as India, China, Japan, Vietnam, and Malaysia facing economic issues due to global economic crisis.
o IT enterprises in emerging economies such as India and China are facing challenges for the usage of low average broadband connection speed. Public cloud service providers are focused on investing in network infrastructure, in order to overcome this problem.
o Other countries such as New Zealand, Australia, South Korea, and Singapore are witnessing steady growth with increasing demand for automation in business processes and analytics to improve businesses

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Competitive Section

Key companies operating in the global consumer network attached storage (NAS) market are D-Link Corporation, Seagate Technology Public Limited Company, Synology Inc., Netgear, Inc., Drobo Inc., Western Digital Corporation, QNAP Systems, Inc., NEC Corporation, ASUSTOR Inc., and EMC Corporation.

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