Press release
Network Attached Storage Market 2024-2033: Growth Trends, Forecast & Competitive Landscape
The network attached storage market size is expected to see rapid growth in the next few years. It will grow to $76.04 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to data proliferation and big data, remote work and collaboration, security and data protection, rise in media and entertainment consumption, small and medium enterprises (smes) adoption.. Major trends in the forecast period include disaster recovery and backup solutions, sme and home usage, media and entertainment industry demands, ai and analytics workloads, edge computing integration..
Market Overview -
Network-attached storage refers to a file storage device connected to a network and allows retrieval and storage of data for authorized multiple network users in a central location. Network-attached storage supports business analytics, data logging, and accounting databases.
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5G Technology Boosts Network-Attached Storage Market
The growing use of 5G technology is expected to propel the network-attached storage market. Fifth-generation wireless (5G) is the most recent iteration of cellular technology, designed to improve wireless networks' speed and responsiveness significantly. The increasing use of 5g has led to immense data generation. The generated data is handled and stored by network-attached storage, increasing demand. For instance, in 2022, according to a report by Global Wireless Solutions, a US-based telecommunication company, the number of customers who used 5G networks increased from just 43% in 2021 to 61% in 2022 in the US. This indicates that 42% more users used 5G networks in 2022 than in 2021, a considerable increase compared to the 7% increase in 5G access the previous year in the single digits (2020-2021). Therefore, the rising data generation is driving the network-attached storage market.
Competitive Landscape -
Major companies operating in the network attached storage market report are Dell Technologies Inc., Western Digital Corporation, Synology Inc., QNAP Systems Inc., NetApp Inc., Hewlett Packard Enterprise Company, Hitachi Ltd., Seagate Technology Holdings Public Limited Company, NETGEAR Inc., Buffalo Americas Inc., ASUSTeK Computer Inc., International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd., Drobo Inc., Cisco Systems Inc., Zyxel Communications Corporation, D-Link Corporation, Nasuni Corporation, SoftNAS Inc., Panasas Inc., Infortrend Technology Inc., Thecus Technology Corp., Promise Technology Inc., LenovoEMC, Open-E Inc., Syneto S.R.L., Overland Storage Inc., Nexsan Corporation., Super Micro Computer Inc., Oracle Corporation, NEC Corporation, Fujitsu Limited .
Product Innovation Driving Network-Attached Storage Market
Product innovation is a key trend in the network-attached storage market. Major companies operating in the network-attached storage market are focused on developing new NAS solutions to strengthen their position. For instance, in June 2022, StorCentric, a US-based data-centric security company, launched Nexsan EZ-NAS for the edge deployments of large organizations and small and medium-sized businesses (SMBs). Advanced enterprise-class capabilities, including in-line compression, AD support, and data-at-rest encryption, are offered by the Nexsan EZ-NAS platform. Nexsan EZ-NAS product stands out from all other products in its category because of its usability, functionality, and cost.
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Key Segments -
The network attached storage market covered in this report is segmented -
1) By Product Type: High-End Or Enterprise, Midmarket, Low-End
2) By Storage Solution: Scale-Out, Scale-Up, Other Solutions
3) By Deployment Model: On-Premise, Cloud, Hybrid
4) By Application: Home Or Consumer, Business
5) By End User: BFSI, Healthcare, Retail And E-Commerce, IT And Telecom, Automotive, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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