February 22, 2021
According to a recent study titled ‘Global Network Attached Storage (NAS) Market Size study with COVID-19 Impact, by Component (Hardware and Software), by Deployment Mode (On-Premises, Remote and Hybrid), by End-User (Banking, Financial Services, and Insurance (BFSI),Consumer goods and retail, Telecommunications and ITES, Healthcare, Energy, Government, Education and research, Media and entertainment, Manufacturing, Business and consulting and Others), by Design (1Bay to 8 Bays, 8 Bays to 12 Bays, 12 Bays to 20 Bays and More than 20-bays), by Storage (Scale-up NAS and Scale-out NAS), by Product (Enterprise NAS Solutions and Midmarket NAS Solutions) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global network attached storage (NAS) market was appraised USD 20.1 billion in 2019 and is projected to register a healthy growth rate of 15.7% over 2020-2027, subsequently amassing a valuation of USD 64.5 billion by the end of the forecast period.
Upsurge in digital data volumes owing to rising government focus towards digitization and increasing penetration of smartphones, tablets, and laptops is fueling the growth of global network attached storage (NAS) market. Moreover, rapid adoption of 4G and 5G technologies facilitating the creation of high-volume digital content is adding considerable traction to the industry expansion.
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Furthermore, introduction of advanced products and services by key players will further promote global network attached storage (NAS) market development. For instance, Western Digital Corp., on 24th October 2019, launched several purpose-built storage solutions for small businesses and home offices that leverage NAS environments. It consists of WD RedA(R) SSDs, which boosts performance and caching competencies in a hybrid NAS environment, with a 14TB capacity for the WD Red and WD Red Pro HDDs.
For those unversed, network attached storage (NAS) is utilized for storing and retrieving data from a centralized disk capacity. It is connected to a local area network and can be used simultaneously by multiple users to safely store or access their data. These devices are operated by browser-based utilities and offer high flexibility and scalability if additional storage is required. This solution is faster, user-friendly, and proved high capacity at an affordable cost.
Speaking of the recent developments, the Covid-19 pandemic has drastically contributed to global network attached storage (NAS) industry remuneration. With temporary shutdown of offices and employees working from home, the demand for NAS has surged to ensure efficient functioning of business operations.
Despite the positive industry outlook, concerns regarding data security when stored at a remote location is a major factor hindering the product adoption and industry altogether.
From a geographical standpoint, North America, Latin America, Europe, and Asia Pacific are the key contributors to the overall network attached storage (NAS) market growth. Among these regions, Asia Pacific currently accounts for majority industry share and is touted to showcase robust growth in the coming years, owing to strong presence of small and medium-sized enterprises in the region.
Considering the competitive dashboard, top contenders in global network attached storage (NAS) market sphere are QNAP Systems, Inc., Buffalo Americas, Inc., Synology, Inc., Netgear, Inc., Seagate Technology plc, Western Digital Corp., Hitachi, Ltd., Hewlett Packard Enterprise Co., NetApp, Inc., and Dell Technologies Inc.