The global network attached storage market (NAS) is projected to grow from USD 23.2 billion in 2020 to USD 48.0 billion by 2025, at a CAGR of 15.7%. The key factors fueling the growth of this market are the rapid adoption of 4G and 5G technologies, creating high-volume digital content and the increased use of smartphones, laptops, and tablets resulting in the generation of large volumes of data.
1-bay to 8-bay NAS solutions accounted for largest network attached storage market share in 2019
In 2019, NAS systems with 1 bay to 8 bays held the largest market share, and a similar trend is likely to be observed during the forecast period owing to the growing adoption of 1-bay to 8-bay NAS solutions by small and medium-sized businesses, homes, education and research centers, media and entertainment companies, and business and consulting service providers. An increase in the volume of data generated across these industries is leading to the increased demand for 1-bay to 8-bay NAS solutions.
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Network attached storage market of midmarket NAS solutions captured larger market share than enterprise NAS solutions in 2019
Midmarket NAS solutions held a larger market share in 2019, and a similar trend is likely to be observed in the near future. The increased use of smart devices such as smartphones and tablets led to the rise of digital media. Consumers use NAS systems for home surveillance solutions, backup systems, and media streaming devices. Moreover, midmarket NAS solutions are ideal and inexpensive solutions for small- and mid-sized businesses.
Network attached storage market of scale-up NAS solutions held larger market share than scale-out NAS solutions in 2019
In 2019, scale-up NAS solutions held a larger market share. These solutions are usually deployed in small and medium-sized offices, homes, educational institutions, and hotels, wherein a moderate volume of data is generated, and the only requirement is to store this data. Also, these solutions are available at a lower cost compared to scale-out solutions.
Hybrid segment is expected to record highest CAGR in network attached storage market during forecast period
The hybrid segment is expected to register the highest CAGR in the network attached storage market during the forecast period. The inclination toward such deployment models is increasing day by day as companies need to keep a backup of the crucial data to avoid the loss of critical information in the case of any disaster. One of the benefits of hybrid cloud storage is that it combines on-premises control over infrastructure, security, and data with the flexible nature of cloud technology.
Network attached storage market in APAC is expected to grow at highest CAGR during forecast period
The network attached storage market in APAC is expected to grow at the highest CAGR during the forecast period owing to the presence of numerous small and mid-scale companies in the region. Also, the increasing investments by these companies in the development of IT infrastructure are driving the growth of the NAS market in these countries.
Key Market Players
Dell Technologies Inc. (US), NetApp, Inc. (US), HEWLETT PACKARD ENTERPRISE COMPANY (HPE) (US), Hitachi, Ltd. (Japan), and WESTERN DIGITAL CORPORATION (US) are a few major companies operating in the NAS market. These companies have adopted both organic and inorganic growth strategies, such as product launches expansions, partnerships, contracts, collaborations, agreements, and acquisitions, to strengthen their position in the network attached storage market.