Network Attached Storage (NAS) Market to reach US$ 115.2 Billion by 2032

Network attached storage is an ideal solution for offices that need to share data effectively between multiple workstations or departments. Mobile data drives efficiency and productivity within a company and team and empowers all processes in an organization. NSA offers a solution that supports sharing data among multiple systems, enabling multiple clients to access data from the same NAS storage facility at the same time.

Apr 10, 2024 - 14:33
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Network Attached Storage (NAS) Market to reach US$ 115.2 Billion by 2032

Global network attached storage (NAS) industry revenue stood at US$ 26.9 Billion in FY 2021, and is forecast to reach US$ 31.1 Billion, registering a Y-o-Y expansion rate worth 15.61% in 2022. The market is poised to embark on a positive trajectory, documenting a 14% value CAGR from 2022–2032. The market is projected to reach US$ 115.2 Billion by 2032.

The Network Attached Storage (NAS) market has witnessed remarkable growth in recent years, driven by the increasing demand for efficient and secure data storage solutions across various industries. NAS systems have become integral components of modern IT infrastructure, offering a centralized and easily accessible storage platform for businesses and individual users alike.

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Top Key Players are:
Dell Technologies Inc.
NetApp, Inc.
Hitachi, Ltd
Synology, Inc.
Buffalo Americas, Inc.
QNAP Systems, Inc.
Drobo, Inc.

Market Segmentations:
By Solution :

By Design :
NAS from 1 to 8 Bays
NAS from 8 to 12 Bays
NAS from 12 to 20 Bays
NAS of more than 20-Bays

By Product :
Enterprise NAS
Midmarket NAS

By Storage Solution :
Scale-up NAS
Scale-out NAS

By Deployment Type :
On-premises NAS
Remote NAS
Hybrid NAS

One of the key factors contributing to the expansion of the NAS market is the exponential growth of data generated by businesses and individuals. With the digital transformation of industries and the proliferation of multimedia content, there is a rising need for scalable and cost-effective storage solutions. NAS devices provide a flexible and scalable option, allowing users to expand storage capacity as their data requirements grow.

Security concerns and the need for data accessibility have also fueled the adoption of NAS systems. These devices offer features such as data encryption, user access controls, and remote accessibility, ensuring that stored data remains secure while being easily accessible by authorized users from anywhere in the world. This is particularly crucial for businesses with remote or distributed teams.

Moreover, the evolution of NAS technology has led to the integration of advanced features and functionalities. High-performance processors, RAID configurations for data redundancy, and compatibility with various file systems are some of the features that make modern NAS systems versatile and capable of meeting diverse storage needs. Additionally, the integration of NAS with cloud services has become a common trend, allowing users to benefit from both on-premises and cloud-based storage solutions.

The small and medium-sized enterprises (SMEs) segment is a significant driver of the NAS market, as these businesses increasingly recognize the importance of efficient data management. NAS solutions offer SMEs a cost-effective alternative to traditional storage solutions, empowering them to manage and protect their data without the need for extensive IT infrastructure.

The NAS market is also witnessing innovation in terms of product design and user experience. User-friendly interfaces, easy setup procedures, and mobile apps for remote management contribute to the appeal of NAS solutions for a broader audience, including those with limited IT expertise.

In conclusion, the NAS market is experiencing substantial growth due to the escalating demand for scalable and secure data storage solutions. With technological advancements, increased awareness of data management needs, and the growing adoption by SMEs, the NAS market is poised to continue its upward trajectory, playing a pivotal role in the evolving landscape of data storage solutions.

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Competitive Landscape
Prominent providers of network-attached storage services rely on the continual introduction of innovative services, strategic partnerships, acquisitions of small to medium-sized players, and the pursuit of patents or regulatory approvals to maintain a competitive edge in the market.

Noteworthy developments in this dynamic sector include:
In October 2021, Dell Technologies unveiled significant enhancements to its PowerScale portfolio. Designed to eliminate data silos and optimize the utilization of unstructured data, Dell’s NAS solution enhances flexible consumption, data management, and security capabilities. The introduction of PowerScale and Archive nodes represents key features, with Dell asserting that these changes will result in a 75% improvement in performance.

Also in October 2021, Hitachi Vantara targeted the medium-sized business segment with its NVMe flash systems. The company introduced the 2u E590 and E790 models to its Virtual Storage Platform (VSP) E Series lineup. These new storage arrays from Hitachi support raw NVMe flash capacities of 360 TB each, differing primarily in the number of cores, with the E790 featuring 64 cores and the E590 featuring 24 cores.

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