DUBLIN--(BUSINESS WIRE)--The "Network Attached Storage Market by Design (1-8 Bays, 8-12 Bays, 12-20 Bays, more than 20 Bays), Product (Enterprise, Mid-market), Storage Solution (Scale-up NAS, Scale-out NAS), Deployment Type, End-user Industry & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The NAS market is projected to grow from USD 25.7 billion in 2022 and is projected to reach USD 51.0 billion by 2028; it is expected to grow at a CAGR of 12.1% from 2022 to 2028.
The market for more than 20 bays segment to grow at a high CAGR during the forecast period.
The more than 20 bays segment of the NAS market is projected to record the highest CAGR during the forecast period. The availability of more bays in the NAS system enables storing of more data generated through daily business activities.
The generation of increased data across all industries in the world is creating a need for NAS solutions with improved storage capacity. NAS solutions with more than 20 bays are customized products offered by NAS providers to the end-user industries in this market. Large-scale organizations mostly use these solutions requiring huge data storage, processing, and recovery capacity.
With the advent of a large IT industry, technological advancements, and initiatives by the governments of developing countries, including India, Malaysia, and China, toward the digitalization of data and records on a large scale, the demand for these systems is expected to rise during the forecast period.
The scale-up NAS segment held high market share in 2021.
The scale-up NAS segment held a high market share in 2021. The high market share is credited to the growing adoption of these solutions across educational institutions, homes, mid-sized offices, hotels, and retail stores, where a moderate level of data is generated, and the only requirement is to store this data.
A scale-up NAS is a conventional standalone type of NAS system with limited storage and memory. The solution offers low-cost benefits compared to the scale-out solution. These features increase its adoption across NAS market over the forecast timeframe.
Asia Pacific will be the fastest-growing region in NAS market during the forecast period.
Asia Pacific is expected to be the fastest-growing region in the NAS market during the forecast period. Rapid urbanization and increased investments in R&D by NAS solution providers in Asia Pacific contribute significantly to the increasing demand for NAS systems in the region. To remain competitive in increasing operational efficiency, operational outcomes, and financial profitability, companies in this region are investing a lot in upgrading their IT capabilities.
Also, a few major players offering NAS products and services, such as Synology, Inc. (Taiwan) and QNAP Systems, Inc. (Taiwan), are headquartered in this region.
The market in this region is expected to grow at a significant pace, mainly led by the growing economies and an increasing number of small and medium-scale businesses, along with mandatory regulations pertaining to digital transformation imposed by the government.
Market Dynamics
Drivers
- Rising Data Generation with Surge in Use of Mobile Computing Devices
- Surging Adoption of Internet of Things (Iot) Technologies and Connected Devices
- Growing Use of 5G Technology
Restraints
- Performance-Related Issues Associated with Network-Attached Storage (Nas) Systems
- Data Security Concerns
Opportunities
- Increasing Adoption of Hybrid Cloud Storage
- Growing Requirement for Real-Time Data
Challenges
- Lack of Proper Infrastructure to Secure Data
- High-Latency Issues Associated with Connecting Storage Devices Over Internet
Companies Mentioned
- Asuator Inc.
- Buffalo Americas, Inc.
- Buurst Inc.
- D-Link Corporation
- Dell Technologies Inc.
- Drobo, Inc.
- Hewlett Packard Enterprise Company
- Hitachi, Ltd.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Infortrend Technology Inc.
- Ixsystems, Inc.
- Microsoft Corporation
- Nasuni Corporation
- Netapp, Inc.
- Netgear, Inc.
- Panasas
- Promise Technology Inc.
- Pure Storage, Inc.
- Qnap Systems, Inc.
- Seagate Technology Holdings Public Limited Company
- Spectra Logic Corporation
- Synology Inc.
- Thecus Technology Corp.
- Western Digital Corporation
For more information about this report visit https://www.researchandmarkets.com/r/esz9g4
