Network Attached Storage (NAS) Market will reach at USD 121.34 billion by 2032

The global network attached storage market (NAS) is projected to grow from USD 29.34 billion in 2021 to USD 121.34 billion by 2032, at a CAGR of 15.7%. The key factors fueling the growth of this market are the rapid adoption of 4G and 5G technologies, creating high-volume digital content and the increased use of smartphones, laptops, and tablets resulting in the generation of large volumes of data.

Network Attached Storage Market, By Design:
1Bay to 8 Bays
8 Bays to 12 Bays
12 Bays to 20 Bays
More than 20-bays
Network Attached Storage Market, By Product:
Enterprise NAS Solutions
Midmarket NAS Solutions
Network Attached Storage Market, By Storage Solution:
Scale-up NAS
Scale-out NAS
Network Attached Storage Market, By Deployment Type:
On-premises
Remote
Hybrid
Network Attached Storage Market, By End-user Industry:
Banking, Financial Services, and Insurance (BFSI)
Consumer goods and retail
Telecommunications and ITES
Healthcare
Energy
Government
Education and research
Media and entertainment
Manufacturing
Business and consulting
Others (aerospace & defense, automotive, food processing, and logistics)
Essential components of NAS Solutions
Hardware
Software

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It is estimated that more than 80% of midmarket and enterprise organizations are using NAS for some tier of storage in exceeding capacity when compared to other storage types, such as DAS (Direct Attached Storage) and SAN (Storage Area Network). The major factors driving the market include - explosion in unstructured data, increasing the footprint of scale-out NAS in enterprise IT systems, and focus on network virtualization and software-defined NAS.
The increasing adoption of NAS systems in enterprise environments is driving vendors toward creating customized NAS solutions for businesses aiming at NAS as a full-fledged data management solution.
The integration of on-premise NAS with cloud storage is expected to gain traction in the future, facilitating total control over the data in the NAS and in backing up and archiving data in the cloud. Several vendors are involved in integrating the existing NAS system with the popular cloud storage services, like Amazon S3 especially, for storage provisioning.
The ease of access, reasonably low cost, and high capacity are some of the significant features attracting the enterprise. It also provides a performance advantage over DAS in many cases, especially when multiple devices need to access storage. NAS may also be more effective than SAN for some workloads depending on network traffic factors and storage communication protocol preferences.

Network attached storage market of scale-up NAS solutions held larger market share than scale-out NAS solutions in 2019
In 2019, scale-up NAS solutions held a larger market share. These solutions are usually deployed in small and medium-sized offices, homes, educational institutions, and hotels, wherein a moderate volume of data is generated, and the only requirement is to store this data. Also, these solutions are available at a lower cost compared to scale-out solutions.

Hybrid segment is expected to record highest CAGR in network attached storage market during forecast period
The hybrid segment is expected to register the highest CAGR in the network attached storage market during the forecast period. The inclination toward such deployment models is increasing day by day as companies need to keep a backup of the crucial data to avoid the loss of critical information in the case of any disaster. One of the benefits of hybrid cloud storage is that it combines on-premises control over infrastructure, security, and data with the flexible nature of cloud technology.

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Competitive Landscape
The network-attached storage market is highly fragmented. Earlier, the big players dominated the NAS market. However, the growing demand from enterprises for data storage is also attracting many new players into the market, making the market competitive. Some key players include ZyXEL Communications Corporation, Thecus Technology Corporation, Drobo Inc., Asustor Inc., Dell EMC, Buffalo Technology Inc., Hewlett-Packard Development Company, Hitachi Data Systems Corporation, NetApp Inc., International Business Machines (IBM) Corporation, Seagate Technology PLC, among others.

March 2021 - HITACHI VSP 5000 was launched. It is the world's fastest NVME flash array. It has workload diversity that supports all workloads from mainframe to container. It comes with the right size capacity and service levels. It is implemented with mixed NVMe and SAS, which helps optimize performance and workload cost. Powerful virtualization adds capability to legacy systems. It is a fast and easy upgrade to NVMe and SCM over Fabrics (NVMe-oF).
June 2021 - Dell EMC's Unity XT hybrid storage systems have the raw performance to ensure that controllers don't become the limiting factor, enabling users to scale as needed to keep pace with application IOPS, latency, and capacity growth and are designed for 5-9's availability. Unity XT hybrid array IO is accelerated with FAST Cache or SSD Read Cache to deliver the performance of flash with lower-priced MLC flash drives.

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Increasing Adoption of Cloud Hindering the Growth of the Market
The deployment of these solutions over the cloud offers greater convenience, as the service vendor is responsible for providing maximum uptime, data security, and periodic updates, thus decreasing the total cost of ownership.
These network-attached storage devices have been providing a convenient means of offloading and creating data backups from the computers while maintaining remote access to the files. These units are storing information in a centralized location and providing access for authorized on-site and network access using secure dedicated IP addresses. These devices offer various features that are handy and versatile to meet the needs of home users and small and large businesses.
The current market trends, including the delivery of these solutions on the pay-as-you-go model and SaaS models, wherein the service vendors also assume the responsibility of maintaining data and application information, are further driving the adoption of these solutions.
Moreover, this mode has recorded an increase in deployment in small-/medium-scale businesses, as it cuts down the capital expenditure involved in building the required infrastructure on their premises. This continuing trend is significantly hindering the growth of the market.
In Jan 2020, QNAP also announced its new budget-friendly two-bay NAS aimed at home users supporting hardware accelerated media playback. The TS-251D stores up to 32 TB of data and can be further expanded with a PCIe card to add SSD caching or other options.

North America to Hold Highest Share in the Market
North America holds the largest market share due to its early adoption of advanced analytics solutions involving huge data storage requirements. They make use of Network-attached storage when it is attached to a network with the help of ethernet ports or USB. These are allocated to an IP address so that the end-user can directly access it.
The United States is projected to hold the highest share within the region. The United States accounts for 30% of the global market share in digital transformation led by the professional services, discrete manufacturing, and transportation industries.
The usage of digital solutions in these sectors has resulted in the generation of significant amounts of unstructured data, because of which companies are deploying more NAS systems to accommodate the high number of files and users in this region.
The NAS systems are being adopted rapidly due to the increasing development of hybrid cloud storage. It is resulting in an increase in the demand for redundancy, data back-up, manageability, superior data scalability. The increasing use of smart devices like laptops and smartphones is creating a massive volume of data, expanding the market demand and growth.
The presence of market incumbents, such as IBM Corporation, HP Development Company, and Seagate Technology, in the storage segment is another factor that is expected to promote the growth of the NAS market.

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