Pune, India., Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to a new report published by The Insight Partners on “Network Attached Storage (NAS) Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Storage Solution (Scale-up NAS, Scale-out NAS); Deployment (On-premise, Remote, Hybrid); Organization Size (SMEs, Large Enterprises); Product (High-end Enterprise NAS, Midmarket NAS, Low-end NAS); End-user (BFSI, Consumer goods and retail, Telecommunications and ITeS, Healthcare, Energy, Government, Education and Research, Media and Entertainment, Manufacturing, Business and Consulting, Others), and Geography” the market in terms of revenue was estimated to be worth $26.38 billion in 2022 and is poised to reach $96.54 billion by 2030, growing at a CAGR of 17.6% from 2022 to 2030.
The growth of the network attached storage (NAS) market is driven by rising mobile computing devices and increasing IoT devices. However, rising BYOD trend is emerging as a future trend in the industry.
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Global Network Attached Storage (NAS) Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 26.38 Billion in 2022 |
| Market Size Value by | USD 96.54 Billion by 2030 |
| Growth rate | CAGR of 17.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Storage Solution, Deployment, Organization Size, Product, End-user, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Growing Digitalization Provides Lucrative Opportunities for Global Network Attached Storage (NAS) Market:
Adopting digital technologies helps businesses increase the overall efficiency of all operations, reduce operation costs, and minimize human errors. In addition, it has the potential to enhance broad and sustainable growth by stimulating innovation, generating efficiencies, and improving services. It is also an important tool in helping countries confront and recover from the COVID-19 pandemic that has disrupted economies and societies globally. Government initiatives such as Digital India, the US’s Digital Government Strategy, and Germany’s Digital Strategy 2025 help to bring digitalization in the various businesses across industry verticals such as BFSI, consumer goods and retail, telecommunications and ITeS, healthcare, energy, government, education and research, media and entertainment, manufacturing, business and consulting, and others to improve operational efficiencies. As companies are transitioning their business, operations, and data to digital platforms, a large volume of data is generated. To handle the large amount of data, NAS solutions can provide a scalable and reliable platform to centralize, store, and process digital data efficiently. The network attached storage (NAS) solution ensures easy access, backup, and data sharing efficiently across various networks and digital platforms. Thus, the rise in digitalization can create an opportunity for businesses to adopt digital solutions to grow their business, which can further act as a catalyst for NAS market growth.
The advent of various technologies, including the Internet of Things (IoT), big data, machine learning (ML), and artificial intelligence (AI), is propelling the NAS market growth. These technologies generate massive amounts of data, require low latency processing, and demand localized computing resources. IoT devices are expected to surpass 15 billion in 2023, a 55% increase from 2020. Additionally, these devices are expected to generate 79.4 zettabytes (ZB) of data in 2025, according to IoTExpress Technologies Pvt. Ltd. IoT generates a huge amount of data that must be processed, stored, and analyzed. IoT devices are becoming increasingly prevalent, connecting various physical objects and enabling data collection and communication. Thus, the proliferation of IoT devices generates huge data volume, further generating the need for robust storage solutions to manage the data effectively and efficiently. As NAS provides a cost-effective centralized platform for data storage, the rise in IoT technology propels NAS market growth.
The potential drivers of the network attached storage (NAS) market are the mounting need to access data anytime, anywhere by the market players across several industries. The rise in the adoption of remote & virtual office environments and business continuity planning during the pandemic and post-pandemic scenario has further fueled the NAS market growth. The need to secure and maintain confidential and sensitive data in the corporates generates the NAS solutions requirement. In addition, the government initiatives and investment to strengthen the SMEs business encourage the SMEs to adopt digital solutions, generating the need for cost-effective solutions such as NAS for efficient data storage.
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Global Network Attached Storage (NAS) Market: Segmental Overview
Based on product, the network attached storage (NAS) market is segmented into high-end enterprise NAS, midmarket NAS, and low-end NAS. The midmarket NAS segment held the largest network attached storage (NAS) market share as it accommodates businesses with hundreds of client systems in need of hundred terabytes of data. Based on the storage solution, the network attached storage (NAS) market is bifurcated into scale-up NAS and scale-out NAS. Based on deployment, the network attached storage (NAS) market is segmented into on-premise and remote hybrid). Based on organization size, the network attached storage (NAS) market is classified into SMEs and large enterprises. Based on end-user, the network attached storage (NAS) market is divided into BFSI, consumer goods and retail, telecommunications and ITeS, healthcare, energy, government, education and research, media and entertainment, manufacturing, business and consulting, and others.
Global Network Attached Storage (NAS) Market: Competitive Landscape
Dell Inc, IBM Corporation, Fujitsu, Hewlett Packard Enterprise Development LP, Hitachi Vantara LLC, NETGEAR, Oracle Corporation, Quantum Corporation, and Western Digital Corporation are a few of the key companies operating in the Network Attached Storage (NAS) Market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- In September 2023: Huawei launched OceanStor Pacific 9920, a network-attached storage (NAS) array in Europe that can offer up to 92TB raw capacity in 2U of rack space.
- In February 2020: Stellus Technologies unveiled a network-attached storage (NAS) system that can process unstructured data at 10 times the speed of existing systems.
- In June 2023: Cobalt Iron Inc., a SaaS-based enterprise data protection provider, launched Compass NAS Protector for the backup and recovery of network-attached storage (NAS) systems. It also speeds up backups, makes easier management of NAS data, and enhances and consolidates backup operations of enterprise NAS and backup administrators.
Go through further research published by The Insight Partners:
Network Attached Storage (NAS) Solutions Market - Global Analysis and Forecast to 2030
Consumer and SMB NAS Market - Global Analysis and Forecast to 2030
Data Center Storage Market - Global Analysis and Forecast to 2030
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