With 20.3% CAGR, Network Attached Storage Market Worth USD 91.23 Billion by 2028
Fortune Business Insights
7 min read
Fortune Business Insights
According to Fortune Business Insights, the global Network Attached Storage Market size is projected to reach USD 91.23 Billion in 2028, at a CAGR of 20.3% during the forecast period
Pune, India, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The Global Network Attached Storage Market size was valued at USD 21.75 billion in 2020. The market is expected to grow from USD 25.08 billion in 2021 to USD 91.23 billion in 2028, exhibiting a CAGR of 20.3% during the forecast period. Growing demand for data backup and rising adoption of Internet-of-Things devices is expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled “Network Attached Storage Market, 2021-2028.”
Increasing cloud and hybrid storage deployment are expected to boost network attached storage adoption. The software's higher scalability and data manageability are expected to boost product sales. Furthermore, the rising demand for data backup is expected to increase the adoption of digital storage options. Moreover, the rising utilization of smartphones and IoT devices is expected to boost the adoption of the software. These factors may propel market development in the upcoming years.
Industry Development
January 2021: Buffalo Americas announced its LinkStation 700 and LinkStation SoHo Network Attached Storage (NAS) solution to offer high-speed storage for small office and home users at affordable costs.
Rapid Deployment of Next-generation Wireless Internet Technology Is Expected to Aid the Market Growth
Concerns Regarding Cyber-attacks and Data Breaches on Servers and Hard drives to Impede Market Growth
Rising Adoption of Digitization to Foster Industry Development
This Network Attached Storage Market is expected to be impacted positively during the pandemic because of the rising adoption of digitization. An alarming spike in COVID cases increased dependence upon the internet and digital solutions. The rising adoption of work from the home strategy is expected to bolster the network attached storage industry. Furthermore, the rising adoption of internet-powered devices may foster industry growth. In addition, the rising adoption of smartphones, laptops, and tablets is expected to bolster industry growth.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
Rapid Adoption of Next-Generation Wireless Internet Technology to Fuel Market Progress
Increasing investments in 5G infrastructure is expected to boost the product’s adoption from consumers. Developing smart city infrastructures and rising smart connected devices adoption is expected to boost network-attached storage. As per the report published by the IDC in 2020, connected device adoption increased to 75 billion devices by 2025. This sales figure is expected to create remunerative opportunities for the network attached storage industry. Furthermore, several organizations' rising product adoption for secure data storage and management may propel market development. These factors may drive the network attached storage market growth.
However, increasing concerns regarding data breaches and cyber-attacks are expected to hinder the market’s progress.
Segmentation
By product type, the market is segmented into low-end, midmarket, and high-end/ enterprise. As per the storage solution, it is bifurcated into scale-up NAS and scale-out NAS. Based on end-user, it is classified into automotive, IT & telecom, retail & e-commerce, healthcare, banking, financial services, and insurance (BFSI), and others. Regionally, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Presence of Several Major Players to Boost Market Growth in North America
North America is projected to dominate the network attached storage market share because of the presence of several major players in the market. The market in North America stood at USD 8.52 billion in 2020 and is expected to grow rapidly in the upcoming years. Further, significant investments by public and private companies for wireless technology are expected to bolster market progress.
In Europe, a rapid surge in data volume and increasingly connected devices adoption is expected to boost network-attached storage. Furthermore, increased digitization and fixed broadband connection adoption are expected to foster market development.
In the Asia Pacific, rising smartphone and connected device adoption are expected to boost network attached storage adoption. These factors may propel market progress during the upcoming years.
Competitive Landscape
Manufacturers Launch Novel Products to Boost Brand Presence
Prominent companies operating in the market launch novel products to satisfy consumer demand and boost brand presence. For example, QNAP Systems Inc. launched its TS-x53DU product range in July 2020. It supports multimedia playback backup, hybrid backup sync (HBS), and snapshot for local, cloud storage, and offsite. This strategy may enable the company to satisfy consumers’ demand and boost brand presence. Furthermore, research and development, mergers, acquisitions, and partnerships boost market position.
Companies Operating in Network Attached Storage Market Analysis Report
How much is the network attached storage market worth in the year 2028?
The market is expected to reach USD 91.23 billion by 2028.
Which region is expected to hold the highest market share?
North America is expected to hold the highest global share in the market.
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