Network Attached Storage Market Size to Reach USD 162.74 Billion by 2033 | Straits Research
New York, United States, Oct. 07, 2024 (GLOBE NEWSWIRE) -- NAS enables several users and their respective devices to obtain data from a centralized storage capacity. Users on a local area network (LAN) can access the shared storage using a conventional Ethernet connection while using NAS. NAS devices are typically configured and managed through a web browser rather than a keyboard and mouse. The IP address of each NAS on the LAN identifies it as an autonomous network node. NAS is distinguished by its easy accessibility, great capacity, and comparatively inexpensive cost. It offers a platform for consolidating storage in a single location and supporting functions such as archiving and backup and a cloud layer.
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Market Dynamics
Growing Promotion by Digitization Across Various Sectors by Governments Drives the Global Market
In the past decade, the rate of digitization in numerous industries has accelerated significantly. The digitization of a government necessitates various factors, including the essential capabilities for engaging citizens and enterprises and the organizational enablers that support these capabilities. This constitutes a foundation for establishing digital priorities. In addition, governments are enhancing their relationships with residents and businesses through digital tools. Most organizations begin by digitizing a few high-volume tasks. For instance, the United Kingdom began its digital transformation initiative by digitizing 25 important services, including voter registration. Moreover, providing services on mobile platforms is another way governments can match individuals' digital interests and behaviors. Some provincial administrations in China accept applications for passports and visas via WeChat, a popular smartphone application.
Rising Adoption of Hybrid Cloud Storage Solutions Creates Tremendous Opportunities
A hybrid cloud infrastructure incorporates public clouds, on-premises computing, and data center-based private clouds. The key benefit of hybrid cloud storage is its ability to facilitate a rapid digital company transformation. The hybrid cloud's primary advantage is its agility. Several firms must blend public clouds, private clouds, and on-premises resources to achieve the agility required to acquire a competitive edge. Red Hat's 2020 State of Enterprise Open Source report polled 950 IT leaders, and 56% said they intended to use containers more frequently in the upcoming year. Hybrid cloud storage solutions necessitate using NAS systems to store vast data on their servers. This creates an opportunity for the market to expand over the forecast period.
Regional Analysis
North America is the highest contributor to the global network attached storage market and is anticipated to grow at a CAGR of 19.54% during the forecast period. As a result of the early adoption of technologically advanced products in end-user industries, the network-attached storage market in North America is predicted to expand fast over the forecast period. In addition, the expanding use of network-attached storage and linked devices drives the growth of the network-attached storage market in North America. North America's large automotive, industrial, aerospace, and electronic industries will create tremendous market opportunities for IoT sensors over the forecast period. The presence of significant essential players operating in network-attached storage in the United States, such as Dell EMC, Cisco Systems Inc., Google, and Box Inc., is driving the expansion of the market for network-attached storage in North America.
Europe is estimated to grow at a CAGR of 18.85% over the forecast period. Germany held the most significant share among European nations and is anticipated to maintain its dominance during the projection period. In the upcoming years, the BFSI industry in the region is predicted to be a prospective consumer. For instance, Hitachi Data Systems Company collaborated with Santander Bank and Telephonica to develop 5G use cases for the European banking industry. One of the use cases includes a Hitachi Content Platform-based 5G storage and low-latency storage solution. Furthermore, the radio spectrum policy of the European Commission helps maximize the use of airwaves. The EC's collaborative approach to 5G uses a toolbox that sets best practices, such as realistic ways to allot radio frequency for 5G networks under investment-friendly conditions. The Commission's objective is to assist in implementing extremely high-capacity wired and wireless networks.
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Key Highlights
- Based on deployment, the global network attached storage market is divided into cloud and on-premises. The cloud segment is responsible for the largest market share and is anticipated to grow at a CAGR of 14.63% over the forecast period.
- Based on storage type, the global network attached storage market is segmented into scale-out NAS and scale-up NAS. The scale-up NAS segment owns the highest market and is estimated to grow at a CAGR of 14.93% during the forecast period.
- Based on the end-user, the global network attached storage market is segmented into BFSI, IT and telecom, healthcare, retail, media and entertainment, and others. The BFSI segment is the highest contributor to the market and is projected to grow a CAGR of 25.15% over the forecast period.
- North America is the highest contributor to the global network attached storage market and is anticipated to grow at a CAGR of 14.54% during the forecast period.
Competitive Players
- Drobo Inc.
- NetApp
- Hewlett Packard Enterprise Co.
- Hitachi Ltd.
- Dell Technologies Inc.
- IBM Corp.
- Cisco Systems Inc.
- Microsoft Corporation
- Western Digital Corp.
- Alphabet Inc.
Recent Developments
- February 2023- Arrotrack Technologies introduced Storaxa, a new fully configurable remote NAS cloud storage system. The proposed home cloud storage system will provide consumers with RAID 0, 1, 5, 6, and 10, WiFi 6, and a 2.5 gigabits per second (Gbps) connection in an open-source system powered by TrueNAS-SCALE and OpenWRT, according to Arrotrack.
- February 2023- Synology introduced the DiskStation DS223 network-attached storage (NAS) system, a new two-bay storage solution in its "Value" range of basic storage servers for home and small office applications. It offers a suite of intuitive, user-friendly data management tools that will assist consumers in gaining control over their rapidly expanding data.
Segmentation
- By Resin
- Cloud
- On-Premises
- By Storage Type
- Scale-out NAS
- Scale-up NAS
- By End-User
- BFSI
- IT and Telecom
- Healthcare
- Retail
- Media and Entertainment
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East And Africa
- Latin America
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