With 12.1% CAGR, Network Attached Storage Market Growth to Surpass USD 51.0 billion

The Network Attached Storage (NAS) market is projected to grow from USD 25.7 billion in 2022 and is projected to reach USD 51.0 billion by 2028; it is expected to grow at a CAGR of 12.1% from 2022 to 2028.

The growth of this market is driven by factors such as increasing adoption of hybrid cloud storage, growing use of 5G technology, and rising data generation with surge in use of mobile computing devices.

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Developments in Linux and Windows-based NAS solutions has created new revenue streams for the players in the NAS ecosystem. Linux is an open-source operating system released under the GNU General Public License (GPL) based on the Linux kernel. In contrast, Windows is a commercial operating system developed and marketed by Microsoft Corporation (US). The NAS devices require a dedicated processor and an operating system (OS) to run applications and offer the intelligence required for files to be easily shared with authorized clients/users. The operating systems help to manage the network connection and allow access to data through network file-sharing protocols. Several players are emphasizing continuous product developments and launches to stay competitive in the market. For instance, in August 2022, QNAP Systems, Inc. (Taiwan) launched a dual port 100GbE PCIe 4.0 expansion card. The new solution will provide 200 Gbps total throughput for Windows and Linux OS and all-flash NAS devices.

The market for enterprise NAS solutions segment is expected to grow at a significant during the forecast period. Enterprise NAS solutions provide rapid data access and clustering capabilities to address issues related to traditional NAS. These solutions exhibit features such as data deduplication, flash storage, multiprotocol access, and replication. Therefore, they ensure faster data transfer across the network. The increased digital content with rise in use of internet has led industry participants to focus on new product development launches to gain a competitive edge in the market. For instance, in June 2022, StorCentric, Inc. (US) launched Nexsan EZ-NAS, network attached storage (NAS). The new system features an easy-to-configure 1U form factor and four drives with up to 72 TB of raw capacity and 1.5 GB/s of throughput. The new EZ-NAS array is ideal for large enterprises' edge deployments. Such new product developments strategies implemented by industry participants will boost the segment growth over the forecast period.

The healthcare segment will grow at a faster rate in NAS market during the forecast period. Several healthcare facilities are focusing on effective data storage and management for analytics purposes. Effective data storage makes it easy to record, analyze, and track any patient's medical history or details. This data is useful while treating a particular person or if another patient shows the same symptoms. The data can be accessed by authorized users such as doctors, surgeons, specialists, and other concerned healthcare professionals from multiple locations worldwide. Therefore, the healthcare sector has switched to electronic records for efficient storage, which is expected to support the growth of network attached storage (NAS) market over the forecast timeframe.

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In terms of geographic coverage, the NAS market has been segmented into four regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The market in Asia Pacific is expected to record the highest growth rate during the forecast period. The market growth is driven by deployment of robust network infrastructure to meet the growing demand for the internet among users across the region. According to China Internet Network Information Center (CNNIC) statistics, the number of internet users in China surpassed 1.03 billion in December 2021. The internet penetration reached 73%, with over 158 million teenage netizens. The ever-rising number of internet users has led regional telecom operators to deploy high-speed telecom infrastructure and adopt 5G communication technology. This will significantly increase the adoption of network attached storages by telecom and data center operators in the region over the forecast period.

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This release was published on openPR.