Network-attached storage is gaining higher grounds with the expansion of semiconductor industry backing it properly. Market Research Future suggests that the global network-attached storage market could achieve 20.08% growth rate during the forecast period of 2018 to 2023. It is ongoing developments going on in data storage methods are the major factors fueling the growth of global network-attached storage market.
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Market Drivers & Trends
A rapid rise in the volume of data as well as advancements in technology has motivated the market for network-attached storage growth at substantial rate. The network-attached storage uses the data storage devices that are usually connected to a network using USB or Ethernet ports. These devices allow the user to access data at the file level and ensures secure management of data. Such ability of the network-attached storage is catering outstandingly to the market’s growth and ensures to expand during the forecast period.
Other factors boosting the market to expand its size are growing demand for secured data storage devices for various applications in different end-user industry. The increasing popularity of these devices is also to fuel the network-attached storage demand especially for a residential and small office or home office (SOHO) environments.
Apart from this, the global market for network-attached storage also seeks opportunities from the rising BYOD trend which has spread across the world in many organizations, which is yet another factor letting the market to score well in its development period. On the flip side, the factor of security issues associated with data stored at remote locations is posing as a hindrance to the growth of the market during the forecast period.
The global network-attached storage market, in MRFR’s study, has been segmented by the elements of product, storage solution, organization size, deployment, and vertical.
In terms of product: High-end/enterprise NAS, midmarket NAS, and low-end/desktop NAS are the segments. Wherein, the high-end/enterprise NAS segment had the largest market share in 2017, in parallel to the midmarket NAS segment, which is also likely to register the highest CAGR during the forecast period.
In terms of storage solution: Scale-up NAS and scale-out NAS. Out of which, the scale-out architecture comes out to be beneficial in several ways by offering large-capacity without any limitation, meets the performance demands of significant workloads, simplifies deployment and management of resources thereby enhancing the users’ productivity.
In terms of organization size: SMEs and large enterprises are the segments. According to the analysis, the SMEs are likely to lead the NAS market, since NAS enables SMEs to create their storage solution which streamlines costs of data management and optimizes recurring operational.
In terms of deployment: Cloud, on-premise, and hybrid are the segments, among which, the on-premise segment has the largest Network Attached Storage Market Size share in 2017, which is now likely to register the highest CAGR during the forecast period 2018–2023.
In terms of vertical: BFSI, retail, media & entertainment, government, IT & telecommunication, healthcare, manufacturing, energy & utilities and, others are the segments. Among these, the IT & telecommunication segment led the global NAS market after BFSI and retail verticals.
The global network-attached storage (NAS) market is analyzed regionally among North America, Europe, Asia-Pacific, and the rest of the world.
Among these, North America is leading the network-attached storage (NAS) market owing to the rise in the need for next-generation storage devices to competently extract and store the data. Also, the advent of start-ups which require stable and highly efficient storage solutions for their work operations is a significant factor fueling the growth of NAS market in this region.
Asia-Pacific region was also the second-largest market in 2017 and is now projected to record the highest CAGR of 22.9%. It is the higher adoption of SSD drives and NAS for increased security and protection of data against any breach that drives the NAS market in this region.
The well-known players in the global Network-Attached Storage (NAS) market are listed as Buffalo Americas Inc. (Japan), HPE (US), IBM Corporation (US), Dell EMC (US), Netapp Inc. (US), Seagate Technology Public Limited Company (Ireland), Cisco Systems Inc. (US), Hitachi Vantara Corporation (US), Netgear Inc. (US), QNAP Systems Inc. (Taiwan), Synology Inc. (Taiwan), Western Digital Corp. (US), and Space Monkey (US).
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