Network Attached Storage Market Size Worth $138.03 Billion by 2033 – Rising Investment in 5G Technology to Propel Growth

The network-attached storage market size is anticipated to grow from USD 22.09 billion in 2023 to USD 138.03 billion in 10 years: The market is expanding due to the increasing demand for network-attached storage among different industries that are adopting digital transformation. The increasing focus on hybrid cloud technology promotes network-attached storage.

Newark, Feb. 13, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the network attached storage market will grow from USD 22.09 Billion in 2023 to USD 138.03 Billion by 2033. Throughout the projection period, data-driven businesses adopting innovative technology will propel the network-attached storage market.

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Key Insight of the Network Attached Storage Market

North American region will account for the largest market size during the forecast period.

The North American region will hold a significant market share due to the growth of small & medium, and large enterprises. Increasing investment in 5G technology and hybrid cloud storage in these industries has positively impacted the regional market. The USA is at the forefront of digital transformation, especially in the transportation and discrete manufacturing industry. Further, the market participants are present in the regional countries.

The enterprise NAS solutions segment is expected to augment the market during the forecast period.

The type segment is divided into enterprise NAS solutions and midmarket NAS solutions. The enterprise NAS solutions segment is expected to augment the market during the forecast period. High storage volume, virtualization, and other cutting-edge capabilities are available on enterprise-level NAS systems. The enterprise-class NAS servers support over a thousand clients or users at once. They feature several bays to hold several high-capacity storage discs.

The scale-up segment is expected to augment the market during the forecast period.

The storage segment is divided into scale-up and scale-out. The scale-up segment is expected to augment the market during the forecast period. The most popular type of traditional block and file storage platform is scale-up. Two controllers and several drive shelves make up the system. Scale-up architecture has long been the norm in the storage industry. However, as data volume increases, it gets harder to overlook the numerous drawbacks and shortcomings of scale-up storage.

The hybrid segment is expected to augment the market during the forecast period.

The deployment type segment is divided into on-premises, cloud and hybrid. The hybrid segment is expected to augment the market during the forecast period. A network-attached storage appliance that blends cloud-based storage with on-premises storage is known as a hybrid NAS. Data that is more likely required for the company and in an emergency is stored on the hybrid NAS device.

The media and entertainment segment is expected to augment the market during the forecast period.

The end-use segment is divided into healthcare, media and entertainment, I.T. and telecommunication, BFSI, automotive, gaming and others. The media and entertainment segment is expected to augment the market during the forecast period. The digital music, images, and videos can be stored and streamed in the facility and abroad using network-attached storage. NAS is also useful for synchronizing and backing up data between PCs and mobile devices.

Report Scope and Segmentation –

Report Coverage Details
Forecast Period 2024-2033
Forecast CAGR 25.99%
2033 Value Projection USD 22.09 Billion
Market Size in 2023 USD 138.03 Billion
Historical Data 2020-2022
No. of Pages 238
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered by Type, Deployment Type, End-use, Regions
Regions Covered The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Network Attached Storage Market Growth Drivers Increasing demand for data storage

Browse Detailed Summary of Research Report with TOC:

Market Dynamics

Driver: Adoption of digitalization practices among SMEs

The practical application of the web in design, marketing, manufacturing, sales, and promotion is known as digital transformation, a data-oriented management paradigm. As a result, businesses’ capabilities grow, and their procedures improve. The pace at which firms are going digital has increased recently. Businesses of all sizes are providing their employees with digital tools more frequently. Employment of various technologies for various purposes and repurposing of various strategic assets are all part of the multifaceted digitalisation process. SMEs that digitalize their business processes frequently outsource solutions, in part to offset inadequate internal resources and also due to financial constraints. Digital platforms, such as social media and e-commerce sites, can optimise specific tasks, such as data analytics and business intelligence services, at a very cheap cost.

Restraint: Slow performance with an increase in traffic

Performance may be slowed as the number of users rises if there is a significant increase in LAN traffic. Large file sizes in some applications, like video editing, may worsen performance problems. Lower-end NAS systems are simple for organisations to manage. However, they can operate slowly when the volume increases. There may be delays, congestion, or interference from other LAN users. Large-scale NAS performance is typically inferior to SAN, and increased traffic might result in latency.

Opportunity: Adoption of hybrid cloud storage

Due to the events of the last two years and the growing demand for remote solutions for both consumers and enterprises, cloud adoption has accelerated. The cost-effective hybrid cloud solution effortlessly and seamlessly links on-premises infrastructure with public and private cloud environments. The flexibility to connect resources and work with colleagues saves users the most time, according to one in two of them who utilise hybrid cloud storage. The hybrid cloud storage’s capacity to restore backups more quickly during outages was judged by 37% of users as saving them the most time. By adopting a hybrid cloud strategy, industries can benefit from the public cloud while profiting from the large investments they have made in on-premises infrastructure and services, including legacy technology.

Challenges: Security risks

As the user exposes more data and devices to the network, a third scaling concern for NAS is to safeguard the network and data from malicious assaults or unauthorised access. The user runs the danger of corruption, data loss, or theft if the NAS device or network is insecure.

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Some of the major players operating in the Network Attached Storage market are:

• Synology Inc.
• Seagate Technology PLC
• NetApp, Inc.
• IBM Corporation
• Dell Technologies
• Hitachi Ltd.
• Western Digital Corporation
• Netgear Inc.
• Hewlett Packard Enterprise Development L.P.
• Buffalo Technology

Key Segments Cover in the Market:

By Type:

• Enterprise NAS Solutions
• Midmarket NAS Solutions

By Storage:

• Scale Up
• Scale-Out

By Deployment Type:

• On-Premises
• Cloud
• Hybrid

By End-use:

• Healthcare
• Media and Entertainment
• I.T. and Telecommunication
• Automotive
• Consumer Goods and Retail
• Government
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed on value (USD Billion). All the segments have been analysed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

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