(MENAFN- GlobeNewsWire - Nasdaq) Network Attached Storage market size was valued at USD 25.5 billion in 2022 and is poised to grow from USD 28.64 billion in 2023 to USD 72.44 billion by 2031, growing at a CAGR of 12.3% during the forecast period (2024-2031).Westford, USA, Nov. 29, 2024 (GLOBE NEWSWIRE) -- Growing demands for increased access to data from anywhere, at any time, both on the internet and the business network, drive a significant factor in the growth of the network attached storage market . As remote offices, virtual offices, continuity planning, and opening companies' networks to employees remotely grow, so has the requirement for NAS technology. Every business operation requires backups of confidential data, and the machines required are the NAS machines. The trending dependency of SMEs on the digital material stored over cloud environments is one of the main contributing elements in the market expansion of network connected storage. Increasing usage of material on social media and invention of high-speed data transmission technologies such as 4G and 5G result in increased growth of the network connected storage market. Several video monitoring applications are the causes of demand in the market. This fact has made small and medium enterprises apply the solution for sharing data and storing applications.
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Browse in-depth TOC on the“Network Attached Storage Market”
Pages- 165
Tables- 119
Figures- 77
Network Attached Storage Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 28.64 Billion |
| Estimated Value by 2031 | USD 72.44 Billion |
| Growth Rate | Poised to Grow at a CAGR of 12.3% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Storage Solution, Deployment Type, End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Network Attached Storage and its Applications Across Sectors |
| Key Market Opportunities | Growth in Cloud Integration |
| Key Market Drivers | Increase in Data Generation and Storage Needs |
Reasons Behind the Dominance of On-Premises Deployment in the Network Attached Storage Market
On-premises implementation is still the dominant segment of the Network Attached Storage market according to current trends. The preference for on-premises solutions comes from the need for better data protection, control, and compliance since they let enterprises store sensitive data within their premises. Moreover, compared to remote or cloud-based options, NAS has improved performance and dependability, with rapid data access and lower latency when one is using it on-premises. This has made the on-premises solutions, especially for the companies that look at predictable pricing, very attractive since they follow an investment path.
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Exploring Rapid NAS Adoption in Healthcare and Its Implications
The fastest-growing segment in the NAS market is the healthcare industry. This sudden rise is due to demands for secure and efficient management of large volumes of medical data, including EHRs, imaging files, and patient data. Due to this reason, NAS systems in operations are being adopted by healthcare businesses to enhance patient care and assure data availability while maintaining such strict standards as HIPAA. While most industries, such as BFSI and retail, are witnessing NAS growth, this industry is growing at a rapid pace as every organization dealing with voluminous data needs reliable, scalable systems for critical data management, along with fast access and backup of such data.
North America Maintains Dominance in the Global NAS Market Due to Innovation, Investments, and Industry Leader
North America dominated the share of the global network attached storage market in 2021 and is predicted to continue in the same manner during the forecast period. This can be attributed to various key players operating in the market, such as Dell Technologies Inc., Hewlett Packard Enterprise Company, Buffalo Americas Inc., Western Digital Corporation, among others. Increased investment in wireless technology by the public and private sectors in the region is anticipated to boost the market. Several telecommunication companies plan to develop 5G networks nationwide. Based on this, the demand for better storage solutions develops in managing the volumes of data coming from wireless technology-based connected devices.
Network Attached Storage Market Insights
Drivers
Increase in Data Generation and Storage Needs Advancements in Technology Cost Efficiency
Restraints
Data Security and Privacy Concerns Integration Challenges Complexity in Scalability
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Segments covered in Network Attached Storage Market are as follows:
Design 1–8 Bays, 8–12 Bays, 12–20 Bays, More Than 20 Bays
Product Enterprise NAS Solutions, Midmarket NAS Solutions
Storage Solution Scale-Up NAS, Scale-Out NAS
Deployment Type On-Premises, Remote/Cloud, Hybrid
Component End-User Industry Banking, Financial Services, And Insurance (BFSI), Consumer Goods & Retail, Telecommunications & ITEs, Healthcare, Energy, Government, Education & Research, Media & Entertainment, Manufacturing, Business & Consulting, Others
Key Questions Covered in the Global Network Attached Storage Market Report
What are the major factors driving the growth of the global network attached storage market? What is the estimated growth rate by 2031? What are the major players operating within the market?
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This report provides the following insights:
Analysis of key drivers (advancements in technology and cost efficiency), restraints (complexity in scalability and data security & privacy concerns) opportunities (emergence of AI and ML), and challenges (intense competition and cybersecurity threats) influencing the growth of the network attached storage market Market Penetration: Comprehensive information on the product portfolios offered by the top players in the network attached storage market Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the network attached storage market Market Development: Comprehensive information on lucrative emerging regions Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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