By the end of 2024, the Consumer Network Attached Storage (NAS) Market CAGR is Anticipated to Reach 11.6%
The inefficiency of traditional storage methods, particularly for the preservation of essential consumer-centric data, has made the usage of superior storage options conceivable. For greater amounts of data flow to be managed, such data storage devices must be integrated into a network. People and company owners are becoming more interested in setting up network attached storage (NAS) servers as opposed to using a single computer for storage.
When improving operational effectiveness and reducing storage costs are priorities, customers prefer remote access to such servers. According to Persistence Market Research, the global market for consumer network attached storage would be worth US$4,088.7 Mn by the end of 2024. The report examines the adoption prospects for such consumer-based NAS systems.
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Apropos the report, titled "Consumer Network Attached Storage (NAS) Market: Global Industry Analysis and Forecast, 2016-2024," the global consumer NAS market is presently valued a little over US$ 1,545 Mn, and will exhibit a healthy 11.6% CAGR during the forecast period.
Factors such as rising demand for speedy transference of bulk data, growing need for efficient data backup plans, and increasing implementation of cost-effective storage options have been identified as the key drivers for the global consumer network attached storage market. Nevertheless, a steadfast adoption of consumer NAS systems across the globe is facing challenges such as competitive advantage of cloud-based storage services, and complex nature of expensive consumer network attached storage systems.
Higher Demand for Consumer NAS in Middle East & Africa
Even though a majority of global consumer NAS revenues emanate from North America, the Middle East & Africa region is being perceived as highly lucrative. Adoption of consumer network attached storage systems is expected to be rapid in this region.
The MEA consumer NAS market is also being projected to exhibit the highest value CAGR - 14.2%. With North America at the forefront, the global consumer network attached storage market will also witness substantial growth across Europe and Latin America. Meanwhile, the Asia-Pacific consumer network attached storage market will expand at 10.6% CAGR through 2024.
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Rising Adoption of Standalone Consumer NAS Solutions among SMEs
Based on the report findings, the global market for consumer network attached storage will be showcasing a greater contribution from small & medium enterprises (SMEs). In 2017 and beyond, SMEs will remain as the largest end-users of consumer network attached storage systems in the world.
The demand for consumer NAS is also expected to remain substantial among residential end-uses, revenues from which are likely to reach US$ 1,315.2 Mn by 2024-end. Likewise, these end-users are actively adopting standalone consumer network attached storage system, as opposed to rackmount.
The design of consumer NAS will continue to play a pivotal role in growth of the global market. By the end of 2024, more than US$ 2,700 Mn worth of standalone consumer NAS systems will be sold in the world. And, leading tech companies that will be catering to such surging global demands include, D-Link Corporation, NEC Corporation, Seagate Technology PLC, Netgear Inc., Western Digital Corporation, Synology Inc., EMC Corporation, ASUSTOR Inc., QNAP Systems, Inc., and Drobo Inc.
Key Segments Covered
By End User
Small & Medium Enterprises
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