Network-Attached Storage Market Expected to Reach $96.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Network-Attached Storage Market, The network-attached storage market size was valued at $25.6 billion in 2022, and is estimated to reach $96.1 billion by 2032, growing at a CAGR of 14.6% from 2023 to 2032".

The increased need for data backup and redundancy is expected to increase the usage of network-attached storage (NAS) systems. Furthermore, as network-attached systems offer greater data management and scalability for managing and storing data, the need for network-attached storage (NAS) solutions has increased. Owing to supply chain interruptions and increasing global import & export activities, the demand for network-attached storage (NAS) hardware devices has fallen. This implies that exports were constrained due to the global shutdown that different nations implemented.

The demand for network-attached storage (NAS) solutions is driven by the increase of unstructured data, the expansion in use of scale-out NAS in commercial IT systems, and the emphasis on network virtualization & software-defined NAS. For businesses that wish to use NAS as a full-fledged data management solution, vendors create specialized network-attached storage (NAS) solutions. As a result, network-attached storage (NAS) solution sales in corporate settings have increased quickly.

Moreover, the prevalence of remote work and cloud-based services emphasises the importance NAS is for data sharing, backup, and teamwork. The Network-Attached Storage Industry is anticipated to grow as demand for dependable, scalable, and reasonably priced storage solutions rises, meeting the changing data management requirements of various users and sectors.

NAS systems are now essential to data backup plans in addition to enabling remote work. A strong and dependable backup solution is crucial given the growing amounts of vital data that both individuals and enterprises are producing. Version control, data recovery, and automated backups are all available in NAS, which serves as a centralised location for data storage and backup. In today's data-driven society, ensuring data integrity and reducing the chance of data loss are crucial.

The network-attached storage market analysis development is further complemented by the proliferation of cloud-based services. A dependable on-premises storage solution is frequently needed for cloud services in order to manage and store data locally, improve data privacy, lower latency, and guarantee data availability in the event of internet failures or cloud service disruptions. 

A hybrid storage strategy that combines the benefits of local and cloud storage is created when NAS systems are seamlessly integrated with cloud platforms. This enables users to manage, sync, and backup data between their NAS devices and cloud storage services.

NAS systems are always developing to satisfy the needs of people and organisations looking for trustworthy, scalable, and affordable storage solutions. They are a popular option for home users, small companies, and enterprises because to their adaptability, affordability, and ease of use. The market for network access systems (NAS) is expected to increase steadily due to the changing nature of data and the growing dependence on digital assets. NAS systems are essential for meeting the changing data management requirements of various sectors and users.

The network-attached storage market growth is analyzed across storage solution, product, industry vertical, and region. By storage solution, the market is classified into scale up and scale out. By product, it is bifurcated into enterprise and midmarket. By industry vertical, it is divided into BFSI, healthcare, retail & e-commerce, IT & telecom, automotive, and others. 

On the basis of region, the network-attached storage market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

KEY FINDINGS OF THE STUDY

• In 2022, the scale out segment accounted for maximum revenue and is projected to grow at a notable CAGR during the forecast period.
• China contributed for the major share in the network-attached storage market, accounting for highest revenue share in 2022.
• The key network-attached storage market leaders profiled in the report include Dell Technologies, NetApp, Inc., Hitachi Ltd., Western Digital Corporation, Seagate Technology PLC, Netgear Inc., Synology Inc., IBM Corporation, Buffalo Technology, and Hewlett Packard Enterprise Development LP.

These key players adopt several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the network-attached storage market share during the forecast period.