Network Attached Storage Market to reach $20bn by 2024 - PowerPoint PPT Presentation

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Network Attached Storage Market to reach $20bn by 2024


More Information @ The consumer NAS market is projected to grow at around 25% CAGR during the forecast period due to the increasing popularity of NAS solutions for data sharing, backup, and recovery purposes among consumers. The system provides a scalable and affordable mechanism to backup multimedia content from personal devices such as smartphones, PCs, laptops, smart TVs, and home automation systems. – PowerPoint PPT presentation

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Title: Network Attached Storage Market to reach $20bn by 2024

Network Attached Storage Market to reach 20bn by
2024 Global Market Insights Inc.
Industry Overview
  • Network Attached Storage (NAS) Market to exceed
    USD 20 billion by 2024, driven by increase in Big
    Data analytics and data mining applications. The
    NAS market growth is attributed to the increasing
    adoption of the storage technology by SMEs for
    extended and scalable storage applications along
    with the growing demand for NAS systems from the
    home/consumer market. Also, features such as
    ease-of-installation and automatic backup
    capabilities are further contributing to the
    rising demand for NAS solutions. The
    proliferation of social media content and the
    growing popularity of on-demand entertainment
    services are also expected to contribute to the
    increasing demand for the storage technology from
    the home/consumer sector. For these applications,
    the NAS systems are being used as home backup
    devices, mail servers, media streamers, and video
    surveillance recorders.
  • The traditional architecture segment held a major
    share of the NAS market in 2017 due to the
    large-scale utilization of legacy scale-up
    systems for storage functions by enterprises.
    However, with the growing popularity of scale-out
    NAS systems for affordable and less complex
    network storage, the scale-out architecture
    market is expected to exhibit accelerated growth
    between 2018 and 2024. As scale-out systems
    efficiently support High-Performance Computing
    (HPC) applications as compared to scale-up
    architecture in terms of reduced hardware cost
    for procuring additional data storage resources,
    the demand for scale-up NAS systems is expected
    to exponentially increase over the forecast

  • The 1-bay to 8-bay NAS market is projected to
    register high growth over the forecast period wit
    a CAGR of over 25 due to the growing popularity
    of the storage technology for home-based consumer
    applications. With increasing multimedia data
    being generated from consumer mobile devices,
    home entertainment systems and smart IoT devices
    used for home automation purposes, the storage
    needs of the consumers are expected to increase
    consistently over the next five years.
    Consequently, manufacturers are focusing on
    introducing NAS solutions that are designed to
    address the specific storage requirements for
    these consumer-level applications.
  • Due to the growing adoption of cloud platforms
    for storing enterprise data in a flexible and
    dynamically scalable architecture, the cloud
    deployment segment is projected to register an
    accelerated growth in network attached storage
    market with a CAGR of around 24 between 2018 and
    2024. The businesses that require a powerful,
    agile, and frictionless storage, can benefit from
    cloud-based NAS solutions while reducing their
    data storage costs incurred from the procurement
    of on-premise storage infrastructure. Hybrid
    deployment is projected to register the fastest
    growth deployment model segment in network
    attached storage market during the forecast
    period as it allows users to store critical data
    on-premise while leveraging scalable cloud-based
    storage platform to accommodate dynamic storage


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North America NAS Market Size, By Business
Application, 2017 2024 (USD Million)

Industry Coverage

Network Attached Storage Market

  • With increasing emphasis on digitalization in the
    healthcare sector, the adoption of healthcare
    management systems is increasing steadily in the
    developed as well as the developing economies.
    This has resulted in the growing demand for
    efficient network storage solutions from the
    healthcare sector. Growing popularity of advanced
    systems such as electronic medical records will
    further contribute to the adoption of network
    attached storage market in the healthcare
    industry leading to a robust growth with a CAGR
    of over 20 during the forecast period.
  • North America is projected to hold a major share
    of the NAS market throughout the forecast
    timeline due to the early adoption of the
    advanced storage technology by enterprises in the
    U.S. With the large-scale adoption of cloud
    platforms by enterprises in the region,
    cloud-based and hybrid NAS solutions are expected
    to garner a high demand over the forecast period.

  • Europe is projected to be the second largest
    network attached storage market by 2024 due to a
    growing data center ecosystem in the region along
    with large-scale adoption of the storage
    technology by SMEs. As the major global players
    are aggressively extending their presence in the
    European market through distribution agreements
    with local companies, the adoption of NAS systems
    is likely to increase steadily between 2018 and
  • The companies operating in the network attached
    storage market are involved in aggressively
    expanding their global presence by introducing
    their products in untapped regional markets by
    partnering with local online and offline
    distribution channels. The companies are also
    focusing on diversifying their product portfolio
    by introducing NAS systems that are tailor-made
    for SMBs and home enterprise customers. Some of
    the key players operating in the NAS market are
    Netgear, Buffalo Americas, QNAP, Western digital,
    Thecus Technology, Hitachi Data Systems
    Corporation, Synology, DELL EMC, Seagate, D-Link,
    NetApp, Zyxel, SoftNas, Avere Systems, Asustor,
    Infortrend, Pansas, Broadberry, and Cisco.

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